Energy East Earnings Fall

A mild winter hits the quarter.
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Energy East

(EAS)

, an energy services and delivery company, said its first-quarter earnings fell 13.7% from a year ago due to higher operating and maintenance costs, higher interest costs and lower electricity sales due to mild winter weather.

The company earned $133.2 million, or 90 cents a share, in the quarter, compared with $154.4 million, or $1.05 a share, a year ago. From continuing operations, the company earned 90 cents a share. Analysts polled by Thomson First Call were expecting earnings of 96 cents a share in the most recent quarter.

First-quarter revenue rose 3.6% to $1.7 billion.

Operating profit fell 8.2% to $294.4 million and operating profit margin declined 220 basis points to 17.4% due to higher operating costs caused by storm-related repairs and maintenance.

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