Washington Water Power Company Reports Improved Earnings for 1995
The Washington Water Power Company, a utility company in the Pacific Northwest, reported slightly higher earnings for both the first quarter of 1995 and for the 12 months ended March 31, 1995. The company attributed the improvement to strong customer growth on its electric and natural gas systems, increased availability of lower-cost hydropower, and gains from the sale of Itron common stock.
Key Takeaways:
- The company's first quarter earnings were $0.48 per share, compared with $0.46 per-share earnings for the first quarter of 1994, representing a 4.3% increase.
- Earnings for the 12 months ended March 31, 1995, were $1.30, compared with $1.25 for the same period one year ago, representing a 4% increase.
- The company reported first quarter net income for common stock of $26.2 million, an increase of $1.5 million over the first quarter of 1994.
- Retail revenues in the first quarter of 1995 were higher by nearly $13 million, but were offset by increased interest expense, reduced non-cash earnings, and an increase in purchased natural gas costs.
- The company added approximately 10,000 customers to its system through the acquisition of PacifiCorp's electric properties in northern Idaho.
- The company's customer growth on its consolidated natural gas system was in excess of 7.3%, while electric customer growth numbers included the acquisition of PacifiCorp's electric properties in northern Idaho.
Statistics:
- First quarter earnings per share: $0.48 (1995) vs. $0.46 (1994)
- 12-month earnings per share: $1.30 (1995) vs. $1.25 (1994)
- Net income for common stock - first quarter: $26.2 million (1995) vs. $24.7 million (1994)
- Retail revenues - first quarter: $197.9 million (1995) vs. $184.9 million (1994)
- Customer growth - natural gas: 7.3% (exceeding 1994 levels)
- Customer growth - electric: 10,000 additional customers through acquisition of PacifiCorp's properties
Sources:
- Washington Water Power Company press release dated April 20, 1995.