U.S. Markets closed

Cleco earnings slip in 2nd quarter

PINEVILLE, La. (AP) -- Cleco Corp. said Tuesday that its earnings dropped for the second quarter from the same period of 2011, but the Pineville-based utility raised its quarterly dividend.

The company said that it earned $46.7 million, or 77 cents a share, for the quarter, compared with $70.2 million in the year-ago period.

President and CEO Bruce Williamson said milder weather negatively affected earnings. Still, he said, the company would reaffirm its earnings guidance for the full year.

Cleco's board also increased its quarterly dividend by 8 percent, from 31.25 cents to 33.75 cents per share.