Vectren (VVC) , an energy holding company, said its third-quarter earnings fell 27.3% from a year ago.
The Evansville, Ind.-based company earned $12 million, or 16 cents a share, compared with $16.5 million, or 22 cents a share, a year ago. Excluding the results from synfuels-related activities, the company earned $11.4 million, or 15 cents a share, in the quarter, compared with $13.2 million, or 18 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 22 cents a share in the most recent quarter.
Third-quarter revenue rose 9.6% to $340.5 million.
The company affirmed its full-year earnings guidance of $1.55 to $1.70 a share. Analysts are expecting earnings of $1.64 a share in 2006.
Vectren expects synfuel-related operations to produce a loss of 3 cents a share to 4 cents a share related to 2006 production, and the company is in the process of hedging 2007 expected production.
Operating profit decreased 5% to $28.4 million and operating profit margin declined 130 basis points to 8.3%.
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