Great Plains Profit Falls

It misses targets.
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Great Plains Energy

(GXP)

said Thursday its first-quarter earnings fell 39% from the year-ago period.

The Kansas City, Mo.-based company earned $54.75 million, or 68 cents a share, in the quarter, compared with $90.46 million, or $1.21 a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $71 million, or 87 cents a share.

The difference in earnings for the third quarter of 2006 compared to the third quarter last year was driven primarily by increases to 2005 earnings of $16.7 million of tax benefits and $3.5 million due to pension benefits that were not present in 2006.

Third-quarter revenue rose 4.56% from a year ago to $818.54 million as against analysts' expectation of $783.71 million.

First-quarter operating income rose 26.4% from a year ago to $92.37 million and operating margin decreased to 11.28% from 16.03%, a year ago.

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