El Paso Electric 2Q profit climbs

El Paso Electric 2Q profit tops expectations on hot weather, higher summertime rates

Associated Press

EL PASO, Texas (AP) -- Hot weather and peak summertime rates boosted second-quarter profit at El Paso Electric Co. above expectations.The company said Wednesday that power sales hit a record in June due to hotter than normal weather, and it benefited from new summer rates that took effect last year and run from May through October.Retail sales measured in the amount of power sold increased 6.2 percent, but operating revenue jumped 14.8 percent, reflecting the higher rates.El Paso said that net income rose to $33 million, or 78 cents per share, compared with $21.5 million, or 49 cents per share, a year earlier.Analysts expected 60 cents per share, according to FactSet.Revenue climbed to $165 million from $141.1 million a year earlier.The shares closed Tuesday at $34.16, near their 52-week high of $34.37.

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