El Paso Electric Q2 Profit Up, Beats Estimates; Cuts FY14 EPS Forecast

(RTTNews) - El Paso Electric Co. (EE) Wednesday reported second-quarter net earnings of $30.1 million or $0.75 per share, up from $29.2 million or $0.72 per share last year. Quarterly earnings were positively impacted by higher miscellaneous income and deductions, primarily due to gains recognized on the sale of assets in 2014. On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items. Operating revenue for the quarter rose to $164 million from $162.77 million last year.

The company slashed its annual basic earnings per share guidance to $2.15 - $2.40 from the previous range of $2.10 - $2.50. Analysts expect earnings per share of $2.33. Further, the board proposed a quarterly cash dividend of $0.28 per share, payable on September 30 to shareholders on record September 15.