LAS VEGAS (AP) -- NV Energy Inc.'s net income fell about 9 percent in the second quarter, hurt by lower revenue and costs related to its planned sale to a utility owned by billionaire Warren Buffett.
MidAmerican Energy, a unit of Buffett's Berkshire Hathaway Inc., issued an application earlier this month with the utility regulators in Nevada to buy NV Energy.
The Las Vegas utility reported net income of $63.2 million, or 27 cents per share, for the three months ended June 30. That compares with net income of $69.4 million, or 29 cents per share, the same period last year.
The latest results beat analysts' average forecast of 26 cents per share, according to FactSet.
NV Energy's operating expenses edged higher in the quarter compared with a year earlier. In addition to $13.6 million in costs related to its sale to MidAmerican, NV energy also spent more to buy fuel for power generation, among other costs.
Revenue slipped to $731.6 million from $740.7 million.
The company expects full-year earnings per share will range from $1.25 to $1.35. The estimate assumes normal weather in the second half of the year and also includes costs related to its sale to MidAmerican. Analysts are anticipating earnings of $1.31 per share.
Shares of NV Energy added a penny to $23.62 in afternoon trading. The stock is up about 30 percent this year.
- Utility Industry
- NV Energy
- Warren Buffett