Sierra Pacific Net Falls

Shares rise.
Author:
Publish date:

Sierra Pacific Resources

(SRP)

' fourth-quarter earnings fell 20.5% from the year-ago period, hurt by fees on early debt conversion and other fees.

The Las Vegas-based utility earned $21.7 million, or 11 cents a share, in the quarter, compared with $27.3 million, or 15 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 7 cents a share.

Fourth-quarter revenue rose 10.2% from a year ago to $721.1 million. Analysts were expecting revenue of $708.0 million in the most recent quarter.

In the most recent quarter, the Nevada-based company earned $20.3 million, an increase of 1.5% from a year ago, on revenue of $402.6 million, an increase of 7.6% from a year ago, from its subsidiary Nevada Power. And from its other subsidiary, Sierra Pacific Power Company, it earned $12.2 million, a 40% drop from a year ago, on revenue of $318.1 million, an increase of 13.6% from a year ago.

''The 2005 financial results demonstrate our company's continuing progress toward achieving our goals of restoring Sierra Pacific to investment grade status and improving shareholder value. This improving financial strength has given us better access to financial markets which ultimately benefits all of our customers by allowing us to invest in generation and other activities which reduce our reliance on volatile energy markets," the company said.

On Friday, the stock rose 25 cents to $14.32.

This story was created through a joint venture between TheStreet.com and IRIS.