Earnings: NV Energy, Inc., (NYSE: NVE) Reports 2009 Earnings
NVE misses by $0.05 ----- NV Energy NVE $0.02 analysts average $0.07 same period last year -$0.01
NV Energy, Inc. (NYSE: NVE) announced consolidated net income of $182.9 million, or 78 cents per share, for the year ended December 31, 2009, compared with consolidated net income of $208.9 million, or 89 cents per share, for the same period in 2008.
The decrease in 2009 fiscal year earnings as compared with 2008 was primarily due to costs related to the Higgins Generating Station and the Clark Peaking Units not included in rates prior to July 1, 2009.
The company earned consolidated net income of $4.2 million, or 2 cents per share, for the fourth quarter ended December 31, 2009, compared with a consolidated net loss of $2.1 million, or 1 cent per share, for the same period in 2008.
The increased earnings in the fourth quarter 2009, compared with 2008 was primarily due to higher general rates as a result of the general rate case effective July 1, 2009 at our southern Nevada utility, partially offset by severance costs.
"We are satisfied with the results we achieved this year when considering the economic conditions we faced," Michael Yackira, president and chief executive officer of NV Energy, said. "Much of the year over year decline is attributable to expenses related to investment in new generating facilities, which are now accounted for in rates, partially offset by cost discipline throughout the company."
Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.
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