NV Energy Inc
) third quarter 2013 operating earnings per share were 90 cents,
a cent higher than the Zacks Consensus Estimate. However,
earnings were 4 cents or 4.2% lower than the comparable year-ago
figure of 94 cents.
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GAAP earnings in the quarter were 79 cents compared with 94 cents
in the comparable year-ago period. The difference between
operating and GAAP earnings was due to regulatory disallowance
and reserves related to the Sep 2013 decision by the Public
Utilities Commission of Nevada of 9 cents and merger related cost
of 2 cents.
Operating revenues were $1,009 million, falling short of the
Zacks Consensus Estimate of $1,013 million by 0.4%.
Total operating expenses increased 5.9% year over year to $651
million primarily owing to an increase in the cost of fuel used
for power generation.
The decline in revenue and increase in expenses impacted the
operating margins of the company. Operating margin in the
reported quarter contracted 437 basis points year over year.
As of Sep 30, 2013, NV Energy had a cash balance of $0.4 billion
compared with $0.3 billion as of Dec 31, 2012.
Long-term debt as of Sep 30, 2013 was $4.79 billion versus $4.7
billion as of Dec 31, 2012.
The company continues to generate cash. Free cash flow in the
first nine months of 2013 was $285.9 million, up 11.5% from the
NV Energy revised its full-year 2013 earnings downwards to the
range of $1.18 to $1.22 per share from $1.25 to $1.35. The cut in
the earnings guidance was primarily due to the regulatory
disallowance and reserves recorded in the reported quarter.
Other Company Releases
American Electric Power Co. Inc.
) reported third quarter earnings of $1.10 per share, beating the
Zacks Consensus Estimate of $1.08 by 5.19%.
DTE Energy Company
) reported third quarter 2013 earnings per share of $1.13,
lagging the Zacks Consensus Estimate of $1.24 by 8.9%.
NV Energy continues with its positive earnings streak,
registering positive earnings surprises in six out of the last
During the second quarter the company entered into a definite
agreement to merge with MidAmerican Energy Holdings Company, a
Berkshire Hathaway Inc.
). The company has succeeded in securing its shareholders'
approval for the merger. This is an important step for the
completion of the transaction.
The company currently has a Zacks Rank #3 (Hold).