NV Energy posts good earnings, reports debt reduction moves
NV Energy, Inc. announced financial results Friday that included $17 million in net income for the final quarter of 2012 and seven cents in diluted earnings per share in that three-month period.
The quarterly results compared with a net loss of $25.2 million and a loss of 11 cents in diluted earnings per share for the same quarter at the end of 2011.
Net income for 2012 nearly doubled the amount for 2011, reaching $321.9 million compared with $163.4 million in the earlier year. Diluted earnings per share hit $1.35 for 2012, up from 69 cents in 2011.
Key factors, the company said in a news release, included a rate decision by Nevada’s Public Utilities Commission beginning Jan. 1, 2012, lower interest expense and other factors.
Michael Yackira, company president and chief executive officer, said the 2012 earnings were in line with company guidance
Among other notable accomplishments claimed by the utility were debt reduction of more than $120 million since 2011 and an increase in the common stock dividend earlier this month by 12 percent. That boost followed a 31 percent dividend increase in May of 2012
NV Energy said it also expanded the firm’s renewable energy portfolio by more than 300 megawatts since 2011 and provided 90 percent of customers with smart meters via NV Energize.