RENO (AP) " NV Energy Inc. officials on Wednesday said mild winter weather, slowed customer growth and investments in new power plants not yet reflected in consumer rates contributed to a $22.2 million first-quarter loss, or 9 cents per share.
The loss for the period ending March 31 compares with a net profit of $24.1 million, or 10 cents a share, in the same quarter last year, and fell short of the expectations of Wall Street.
Four analysts surveyed by Thomson Reuters had projected earnings of 3 cents per share on revenue of $726 million.
Shares closed Wednesday at $9.95, up 23 cents, or 2.3 percent. In the past year shares have traded between $6.90 and $14.26.
Company executives said costs associated with three new generating plants are included in a general rate case pending before the Nevada Public Utilities Commission. It would boost annual revenue by about $310 million, officials said. A decision by the regulatory board is expected in June.
"The regulatory lag, as a result of the significant investments NV Energy completed in 2008, has had a meaningful impact on our earnings," Michael Yackira, company president and chief executive officer, said in a conference call with analysts. "Moreover, the national recession has affected the growth rate of our local economy and our company."
Reno-based Sierra Pacific posted a net income of $19.1 million.
In Northern Nevada, the number of residential customers were unchanged from the same period in 2008, while the number of commercial and industrial customers rose 1.7 percent and 4.6 percent, respectively.