NV Energy Inc. 's ( NVE ) first-quarter
2013 earnings per share were 9 cents, a penny higher than the Zacks
Consensus Estimate and up 80% from the year-ago results. The
increase in earnings was driven by favorable weather conditions,
decline in operations and maintenance expenses, as well as lower
interest costs.AMER ELEC PWR (AEP): Free Stock Analysis ReportENTERGY CORP (ETR): Free Stock Analysis ReportEXELON CORP (EXC): Free Stock Analysis ReportNV ENERGY INC (NVE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment
Operating revenues were $584.2 million, missing the Zacks
Consensus Estimate by 5.2% and decreasing 4.4% year over
Total operating expenses declined 7% year over year to $479
million primarily owing to decrease in energy efficiency program
costs and maintenance expenses.
Despite decrease in revenues, minimization of total operating
expenses enabled the company to improve its operating income by 9%
year over year to $105.2 million.
As of Mar 31, 2013, NV Energy had cash balance of $251 million
compared with $298.3 million as of Dec 31, 2012.
Long-term debt as of Mar 31, 2013 was $4.5 billion versus $4.7
billion as of Dec 31, 2012.
Net cash provided by operating activities during the first three
months of 2013 was $88.9 million, up 32.1% year over year.
NV Energy expects full-year 2013 earnings in the range of $1.25 to
$1.35 per share.
Other Utility Company Releases
American Electric Power Co. Inc. ( AEP ) reported first
quarter earnings of 80 cents per share, in line with the Zacks
Entergy Corporation ( ETR ) reported first
quarter operational earnings of 94 cents per share that came at par
with the Zacks Consensus Estimate.
Exelon Corporation ( EXC ) announced first
quarter operating earnings of 70 cents per share, beating the Zacks
Consensus Estimate by 2 cents.
NV Energy continues to make strategic investments to strengthen
its generation and transmission capacities. The company intends to
invest $520 million in 2013 primarily to boost its low cost clean
generation assets. NV Energy's NV Energize smart grid project is
95% complete and its One Nevada transmission project is on
As a major portion of NV Energy's generation comes from natural
gas sources, this helps the company to lower its environment
In addition, the company projects an annual increase in customer
count by 1.2% in 2013 and a decline in interest expenses due to
repayment of debts. We believe all these will lead to improvement
in results for the company.
However, weather variations and unplanned outages, may to some
extent, restrict NV Energy's future performance.
Las Vegas, Nev.-based NV Energy and its subsidiaries engage in the
generation, transmission, distribution and sale of electric energy
in Nevada. The company currently has a Zacks Rank #3 (Hold).