NVE reports fall in income and earnings
NV Energy reported Friday that quarterly income in July through September dropped by $36 million, and diluted earnings per share decreased by 15 cents compared with the same quarter last year.
NVE announced net income of $187.2 million for the third quarter, which compares with $223.2 million in the same quarter of 2012. It announced earnings per share of 79 cents, which compares with 94 cents for the same period of 2012.
Factors cited for the earnings decrease included a regulatory disallowance and reserves related to September decisions by the Pubic Utilities Commission, as well as milder weather than in the same three-month period of 2012 and costs related to the planned merger with MidAmerican Energy Holdings, a subsidiary of Warren Buffett’s Berkshire Hathaway conglomerate.
“Our cost-control efforts are on track,” said Michael Yackira, NVE president and chief executive officer, “with operating expenses virtually unchanged for the year to date.” He also said an important milestone in the pending merger was reached when shareholders in the third quarter approved the plan.
The NVE news release revised earnings guidance downward for all of 2013, cutting it from $1.22 to $1.18, and saying that came largely due to the regulatory disallowance and reserve matters.