Sierra Pacific Profit Jumps

Earnings triple.
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Sierra Pacific Resources

(SRP)

said its third-quarter earnings rose.

The Nevada-based company earned $222.2 million, or $1.05 a share, in the quarter, compared with $61 million, or 33 cents a share, a year ago. Adjusted for one-time, non-recurring items, earnings were $106 million, or 50 cents a share in the most recent quarter. Analysts surveyed by Thomson First Call were expecting earnings 53 cent a share in the most recent quarter.

Third-quarter revenue rose 12.8% from a year-ago period to $1.08 billion as against analysts' expectation of $1.09 billion.

"We are continuing to realize the effects of strong customer growth throughout the state of Nevada and we expect a near record year for new customer hookups at both of our utilities. This growth will require a major investment in new power generation and transmission facilities. Our goal is to reduce Nevada's dependence on purchased power from sources outside the state and to diversify our fuel mix, including renewable sources of energy. Facilities such as our planned Ely Energy Center in eastern Nevada and the other new generation facilities we have recently built or acquired will, in the long run, result in more stable energy rates for our customers," the company said.

The company said its subsidiary Nevada Power earned $211.1 million in the third quarter compared with $99.5 million, a year ago. Adjusted for items, earnings were $94.9 million in the most recent quarter. Third-quarter revenue of NPC rose 15% from a year-ago period to $776.2 million.

The company's shares were trading up 5 cents at $15.33 Friday.

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