El Paso Electric Co. Q4 Earnings Decrease

(RTTNews) - El Paso Electric Company (EE), a company that generates and distributes electricity in west Texas and southern New Mexico, Monday reported a decline in earnings and operating revenues for the fourth quarter. Earnings were negatively impacted by increased operations and maintenance expenses, higher interest on the secured notes issued in December 2012, and lower retail non-fuel base revenues due to milder weather in October, as well as the effects of federal government sequestration and shutdown in that month.

Earnings declined to $1.19 million or $0.03 per share, from $4.82 million or $0.12 per share a year earlier.

On average, 3 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.12 for the quarter. Analysts' estimates typically exclude one-time items.

For the three months to December, EBITDA decreased to $28.11 million from $34.01 million a year earlier.

Operating revenues net of energy expenses decreased to $122.45 million from $125.91 million a year earlier.

For the full-year 2013, earnings were $88.58 million or $2.20 per share, compared with $90.85 million or $2.26 per share in 2012. Annual operating revenues net of energy expenses were nearly flat at $601.23 million, compared with $601.55 million last year.

For 2014, the company expects earnings of $2.10 to $2.50 per basic share.