El Paso Electric Q3 Profit Down, Misses Street - Quick Facts

(RTTNews) - El Paso Electric (EE), Wednesday reported a slight decrease in the third-quarter net income, that missed the Street estimates, significantly due to increased property tax accruals reflecting both increased property values and estimated assessment rates. Further, the company raised the lower range of its full-year earnings guidance.

For the three-month period, the company said it earned $50.6 million or $1.26 per share, compared with $51.8 million or $1.29 per share last year. Taxes other than income taxes were $18.1 million, compared with $15.3 million last year.

On average, three analysts polled by Thomson Reuters expected the company to report earnings per share of $1.29 for the quarter. Analysts' estimates typically exclude one-time items.

Operating Revenues, net of Energy Expenses, dropped to $195.9 million, from prior year's $194.6 million.

Looking forward, the company said it is revising 2013 earnings guidance to a range of $2.25 to $2.40 per basic share from a range of $2.20 to $2.50 per basic share previously anticipated. Analysts expect the company to report earnings of $2.38 for the year.