El Paso Electric Q3 Results Miss Estimates; Tightens Annual Profit Outlook

(RTTNews) - El Paso Electric Co.'s (EE) third-quarter earnings increased from last year, helped by lower tax costs, hurt by a decline non-fuel revenues. Earnings, however, missed analysts' estimates, as did revenues.

Net earnings rose to $52.48 million or $1.30 per share, from $50.56 million or $1.26 per share a year ago, the utility company said Wednesday.

On average, four analysts polled by Thomson-Reuters estimated earnings to be $1.31. Analysts' estimates typically exclude one-time items.

Operating revenues increased modestly to $283.64 million, from $282.66 million last year, shy of the $299.30 million analysts expected.

The company narrowed its annual earnings guidance to $2.20 - $2.35 per basic share, from the previous guidance range of $2.15 - $2.40 per basic share.