LAS VEGAS (AP) — NV Energy Inc., an electricity company that serves Las Vegas and other parts of Nevada, said Friday that net income rose sharply, boosted by warm weather, an investment in a power station and proceeds from a settlement.
NV Energy, formed by the combination of Nevada Power, Sierra Pacific Power and Sierra Pacific Resources in 1999, serves 2.4 million residents.
Warm weather, which leads to higher use of air conditioners and fans, among other factors, boosted net income by 11 cents per share during the quarter. Results were also helped by an investment in a power generating station, the Harry Allen Generating Station, and proceeds from a settlement, the company said.
Net income for the April to June quarter totaled $69.4 million, or 29 cents per share. That compares with $13.6 million or 5 cents per share last year. Analysts expected 18 cents per share, according to FactSet.
Revenue rose 10 percent to $740.7 million from $674.9 million last year. Analysts expected $570.3 million.
Despite beating earnings expectations, NV Energy did not raise its guidance due to the unpredictability of weather. The company reiterated guidance of net income between $1.15 and $1.25 per share for 2012. But it said if weather is normal in the second half of the year, it expects results will be at the high end of its guidance. Analysts expect net income of $1.20 per share.
Shares rose 41 cents to $18.43. The stock is up 10 percent for the year.