UtiliCorp United Reports First Quarter Earnings of $31.7 Million

Strategic Insights -

UtiliCorp United, a utility company based in Kansas City, Missouri, announced its earnings for the first quarter of 1995. According to the company's statement, earnings available for common shares were $31.7 million, down from $37.4 million in the same quarter of 1994. The decline was attributed to extremely mild winter weather, which reduced natural gas distribution volumes. Despite the lower earnings, the company is targeting 4 to 6 percent growth in earnings per share for the year. UtiliCorp's primary earnings per average common share for the 1995 quarter were $0.71, down from $0.88 in the same period last year.

Key Takeaways:

  • UtiliCorp United's earnings available for common shares were $31.7 million for the first quarter of 1995, down from $37.4 million in the same quarter of 1994.
  • The decline in earnings was primarily due to extremely mild winter weather, which reduced natural gas distribution volumes.
  • The company is targeting 4 to 6 percent growth in earnings per share for the year.
  • Primary earnings per average common share for the 1995 quarter were $0.71, down from $0.88 in the same period last year.
  • Income from operations for the quarter was $82.3 million, compared to $83.6 million in the same period a year earlier.
  • Revenues for the quarter were $463.8 million, down from $497.3 million in the 1994 first quarter.
  • Average common shares outstanding increased nearly 6 percent, from 42.3 million in the 1994 first quarter to 44.7 million in the current period.
  • The company is committed to investing for future growth, with most of the increase in interest expense related to recent acquisitions.

Statistics:

  • Earnings available for common shares: $31.7 million (down from $37.4 million in the 1994 quarter)
  • Primary earnings per average common share: $0.71 (down from $0.88 in the same period last year)
  • Income from operations: $82.3 million (down from $83.6 million in the same period a year earlier)
  • Revenues: $463.8 million (down from $497.3 million in the 1994 first quarter)
  • Average common shares outstanding: 44.7 million (up from 42.3 million in the 1994 first quarter)
  • Increase in interest expense: $6 million compared to the same period a year earlier

Sources:

  • BUSINESS WIRE, April 25, 1995
  • UtiliCorp United, Kansas City
  • Sally McElwreath, Media Contact
  • Dale Wolf, Investor Contact
  • Ellen Fairchild, Investor Contact