Wednesday, April 29, 2009 | 7:47 a.m.
NV Energy Financial Information
| 1Q 2009 | 1Q 2008 | % Change | 4Q 2008 | |
|---|---|---|---|---|
| Revenue | $755.3 million | $805 million | -6 % | $766.1 million |
| Net income | ($22.2 million) loss | $24 million | N/A | ($2.1 million) loss |
| Net income per share | 10 cents | (1 cent) loss | N/A | ($1.77) |
Sun Archives
- NV Energy to sell Lake Tahoe-area assets (4-23-2009)
- Nevada utility seeks rate increase (4-7-2009)
At a glance...
+Weather, slower customer growth affected revenue
+Power plant construction expenses reduced earnings
+Operations, maintenance and depreciation expenses rose
+++
NV Energy Inc. today reported a first quarter loss of $22.2 million, or 9 cents per share, as the economy slowed growth in its customer count while it continued to invest in new power plants.
The loss compares to a profit in the year-ago quarter of $24.1 million, or 10 cents per share.
The company reported higher operating and maintenance expenses, higher depreciation expenses and higher financing expenses primarily for power plant investments; and lower revenue due to milder weather. Other income was less in 2009 due to recognition of one-time items in 2008.
"Much of the first quarter-to-quarter decline is attributable to expenses associated with new generating facilities in Southern Nevada that have yet to generate a return to shareholders, which we expect will be addressed in our current general rate case," Michael Yackira, chief executive officer, said in a statement. "In addition, growth in both our Northern and Southern Nevada service territories continued to slow, demonstrating that our company is not immune to the economic challenges that have gripped our state and nation."
NV Energy's two utilities contributed gross margin of $283.9 million in the first quarter 2009, $7.7 million higher than the first quarter 2008.
The average number of residential, commercial and industrial electric customers in Southern Nevada increased by 0.6 percent, 0.4 percent and 3.3 percent, respectively, in the first quarter 2009, compared with the average customer counts for the same period in 2008. In Northern Nevada, the average number of residential customers remained unchanged while commercial and industrial electric customers increased by 1.7 percent and 4.6 percent, respectively, in the first quarter 2009, compared with the first quarter 2008.
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