Puget Energy Profit Jumps

Power sales rise.
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Puget Energy

(PSD)

, a provider of transmission, distribution, and generation of electric energy, said Thursday its third-quarter earnings jumped 169.36% from the year-ago period, thanks to higher power sales.

The Bellevue, Wash.-based company earned $15.92 million, or 14 cents a share, in the quarter, compared with $5.91 million, or 6 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $10.1 million, or 8 cents a share.

Third-quarter operating revenue rose 5.93% from a year ago to $519.46 million as against analysts' expectation of $494.14 million.

Third-quarter operating income rose 9.94% from a year ago to $52.25 million and operating margin increased to 10.06% from 9.69%, a year ago.

By segment, third-quarter operating revenue from electric segment increased 6.45% from a year ago to $399.25 million, from gas segment it increased 7.72% to $119.61 million from a year ago and from other segments it declined 85.9% from a year ago to $607 million.

The company expects earnings of $1.40 to $1.55 a share for full year as against analysts' expectations of $1.46 a share.

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