NV Energy Inc.
) fourth-quarter 2012 earnings per share were 7 cents, in line
with the Zacks Consensus Estimate and beating the year-ago loss
of 11 cents per share.
2012 earnings were $1.35 per share, up 95.6% from the year-ago
earnings of 69 cents per share. 2012 earnings were also in line
with the Zacks Estimate Consensus Estimate.
The favorable earnings resulted from positive rate changes and
lower interest expense partially offset by soft weather
Total operating revenue for the quarter was $600.6 million,
down 1.5% from $609.6 million in the prior-year quarter.
Quarterly revenue fell below the Zacks Consensus Estimate by
For 2012, the company clocked revenue of $2,979.2 million
compared with $2,943.3 million in 2011. The top line for 2012
also lagged the Zacks Consensus Estimate by 5.8%.
Total operating expenses for the quarter declined 5.4% to
$504.0 million from $532.9 million in the year-ago period. This
was due to a sharp 25.5% drop in gas purchases and a 2.06%
decline in energy efficiency program costs.
For 2012, total operating cost and expenses declined 5.9% to
$2,194.1 million from $2,332.6 million in the year-ago quarter.
This stemmed from a 40.5% and 16.9% fall in gas purchase and fuel
Total operating income for the fourth quarter stood at $96.5
million, up 25.8% from $76.7 million in the year-ago quarter. The
greater decline in operating cost relative to the revenue fall
led to the jump in profits.
Interest expense was $73.3 million in the fourth quarter
versus $89.9 million in the corresponding year-ago period.
The board of directors approved a 12% hike in the quarterly
dividend to 19 cents per share payable on Mar 20, 2013 to
shareholders of record on Mar 5, 2013.
NV Energy expects earnings in 2013 in the range $1.25 to $1.35
per share. The company anticipates dividend growth of 10% when it
reaches a payout ratio of 60%-65%.
Other Utility Company Releases
) posted operating earnings of 22 cents per share for the fourth
quarter of 2012 as against the Zacks Consensus Estimate as well
as the year-ago figure of a loss of 3 cents.
DTE Energy Company
) reported fourth-quarter operating earnings of 85 cents per
share, in line with the Zacks Consensus Estimate.
) reported fourth-quarter earnings of 75 cents per share compared
with 53 cents per share in the year-ago quarter. ALLETE's
earnings were in line with the Zacks Consensus Estimate.
NV Energy ended the year with mixed results as the top line
missed our expectation while the bottom line equaled it. We
believe expansion in the consumer footprint, expectation of a
rise in natural gas prices and cost control efforts would shore
up returns in the upcoming quarters. Moreover, the company's
renewable asset basket is expected to contribute to
profitability, going forward.
However, weather variations and unplanned outages are risks
the company needs to watch out for. Currently, NV Energy carries
a Zacks Rank #3 (Hold).
Based in Las Vegas, Nev. NV Energy and its subsidiaries engage
in the generation, transmission, distribution and sale of
electric energy in Nev.
ALLETE INC (ALE): Free Stock Analysis Report
CALPINE CORP (CPN): Free Stock Analysis
DTE ENERGY CO (DTE): Free Stock Analysis
NV ENERGY INC (NVE): Free Stock Analysis
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