10-year

10-Year Anniversary Promotion (20% off)

Join GuruFocus Premium Membership Now for Only $279/Year

Once a decade discount

Save up to $500 on Global Membership.

Don't Miss It !

Free 7-day Trial
All Articles and Columns »

NV ENERGY, INC. Reports Operating Results (10-Q)

August 03, 2012 | About:
10qk

10qk

18 followers
NV ENERGY, INC. (NVE) filed Quarterly Report for the period ended 2012-06-30.

Nv Energy, Inc. has a market cap of $4.34 billion; its shares were traded at around $18.15 with a P/E ratio of 18 and P/S ratio of 1.5. The dividend yield of Nv Energy, Inc. stocks is 3.7%. Nv Energy, Inc. had an annual average earning growth of 5.1% over the past 5 years.

Highlight of Business Operations:

For the three months ended June 30, 2012, NVE recognized net income of $69.4 million, compared to $12.9 million for the same period in 2011. The increase in net income is primarily due to an increase in gross margin of $78.5 million (pre-tax) as a result of warmer weather and an increase in BTGR rates, effective January 1, 2012. See the Utilities respective Results of Operations, for further discussion of gross margin. Also contributing to the increase in net income was a $6.6 million (pre-tax) decrease in interest expense, excluding AFUDC-debt, partially offset by an increase in interest on regulatory items. Further contributing to the increase in net income was a $5.8 million (pre-tax) adjustment recorded in the second quarter of 2011, as a result of an order from the PUCN adjusting EEIR revenue recorded in 2010 and a $4.9 million (pre-tax) construction contract settlement related to the Harry Allen Generating Station. For further discussion of the EEIR adjustment, reference Note 3, Regulatory Actions, EEIR, of the Notes to Financial Statements in the 2011 Form 10-K. These increases were partially offset by an increase in depreciation expense and a reduction in AFUDC (debt and equity) of $6.7 million (pre-tax) and a $2.1 million (pre-tax), respectively, primarily due to the completion of the Harry Allen Generating Station in May 2011.

NPC s retail revenues increased approximately $81.3 million for the three months ended June 30, 2012, as compared to the same period in 2011. Approximately $36.4 million of the increase was due to the increase in BTGR rates, as a result of NPC s 2011 GRC (see Note 3, Regulatory Actions, of the Notes to the Financial Statements in the 2011 Form 10-K). Also contributing to the increase was approximately $73 million due to an increase in usage primarily due to an increase in cooling degree days during the second quarter of 2012, as outlined in the table above. Further contributing to the increase was approximately $21 million due to the implementation of EEPR rates effective July 1, 2011 (See Note 3, Regulatory Actions, of the Notes to the Financial Statements in the 2011 Form 10-K). These revenue increases were offset by approximately $51.0 million of rate decreases as a result of NPC s various BTER and DEAA quarterly updates and the Deferred Energy case effective October 1, 2011.

NPC s retail revenues increased $89.2 million for the six months ended June 30, 2012 compared to the same period in 2011. Similar to the three month period discussed above, approximately $68.4 million of the increase is due to an increase in BTGR rates, approximately $79 million is due to an increase in usage, primarily due to an increase in cooling degree days, and approximately $37 million is due to the implementation of EEPR rates. These revenue increases were offset by approximately $94.9 million of rate decreases as a result of NPC s various BTER and DEAA quarterly updates and Deferred Energy case effective October 1, 2011.

Retail revenue increased by $4.7 million for the three months ended June 30, 2012 as compared to the same period in 2011. Approximately $3.4 million of the increase is attributable to the implementation of EEPR rates effective July 1, 2011 and $1.7 million is due to an increase in EEIR revenue. Further contributing to the increase was $1.7 million attributable to an increase in customer usage, particularly by a large mining customer. These increases were partially offset by a $6.8 million decrease as a result of SPPC s annual Deferred Energy case effective October 1, 2011 and various BTER and DEAA quarterly updates which decreased rates (see Note 3, Regulatory Actions of the Notes to Financial Statements in this Form 10-Q and the 2011 Form 10-K).

Retail revenue decreased by $2.8 million for the six months ended June 30, 2012 as compared to the same period in 2011. Approximately $19.2 million of the decrease was due to SPPC s annual Deferred Energy case effective October 1, 2011 and various BTER and DEAA quarterly updates (as discussed above). This decrease was offset by $7.0 million attributable to the implementation of EEPR rates effective July 1, 2011 and $1.1 million due to an increase in EEIR revenue (see Note 3, Regulatory Actions of the Notes to Financial Statements in the 2011 Form 10-K). Further offsetting the decrease was an increase in customer usage of approximately $3.3 million, particularly due to a large mining customer and approximately $1.1 million due to customer growth.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 0.0/5 (0 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK