El Paso Electric Q2 Profit Down - Quick Facts

(RTTNews) - El Paso Electric (EE), Tuesday reported a decrease in second-quarter net income, on lower revenues, that reflected milder weather conditions, and impact of the reduction in non-fuel base rates for its Texas customers. The company also updated its guidance for full year 2013.

For the three-month period, the company reported net income of $29.2 million or $0.72 per share, compared with $30.9 million or $0.77 per share during the same quarter last year.

On average, four analysts polled by Thomson Reuters expected earnings per share of $0.73 for the quarter. Analysts' estimates typically exclude one-time items.

Operating Revenues, net of Energy Expenses decreased to $162.7 million, from $164.3 million a year ago.

Looking forward, for the year, the company narrowed its earnings guidance range and now expects earnings per of $2.20-$2.50 per share, lower than $2.20-$2.60 per share projected earlier.