CH Energy Group Inc. (CHG, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ch Energy Group Inc. has a market cap of $642.7 million; its shares were traded at around $40.64 with a P/E ratio of 19 and P/S ratio of 0.7. The dividend yield of Ch Energy Group Inc. stocks is 5.3%. Ch Energy Group Inc. had an annual average earning growth of 0.9% over the past 10 years.CHG is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Earnings for CH Energy Group totaled $1.30 per share for the first quarter of 2010, down $0.17 per share as compared to the first three months of 2009. Central Hudson s contribution to earnings increased $0.26 per share. However, this increase was more than offset by the decrease of $0.38 per share in earnings at Griffith and the decrease of $0.05 per share in earnings at CH Energy Group s other businesses and investments.
Griffith contributed $0.26 to earnings per share in the first quarter of 2010, a $0.38 per share reduction over the first quarter of 2009, primarily due to the partial divestiture in December 2009. Excluding the impact of this partial divestiture, earnings were $0.10 lower in the first quarter of 2010 relative to the same period last year. This decrease was due primarily to lower margins resulting from rising wholesale prices and warmer winter weather.
The growth of CH Energy Group's retained earnings in the three months ended March 31, 2010, contributed to the increase in the book value per share of its Common Stock from $33.76 at December 31, 2009, to $34.51 at March 31, 2010. Common equity comprised 50.2% of total capital (including short-term debt) at March 31, 2010, a decrease from 51.1% at December 31, 2009. Book value per share at March 31, 2009 was $34.09 and the common equity ratio was 52.8%.
Net cash (used in) provided by operations was $(14.0) million and $51.1 million for the three months ended March 31, 2010 and 2009, respectively. Excluding the contributions to Central Hudson s pension and OPEB plans (which totaled $30.7 million and $2.6 million during the three months ended March 31, 2010 and 2009, respectively), cash provided by sales exceeded the period s expenses and working capital needs in both periods. The most significant uses of cash from operations for CH Energy Group were driven by the activity of Central Hudson. In February 2010, Central Hudson experienced the most significant storm event in its history. The incremental costs of the storm restoration efforts have been deferred for future recovery from customers. Approximately $2.9 million of these costs impacted cash flows in the first quarter of 2010. The remaining $16.4 million, totalling $19.3 million of incremental deferred storm costs, is expected to be paid in the second quarter. In March of 2010, Central Hudson paid an additional $8.9 million to the PSC for a new tax surcharge instituted in April 2009; however, only an additional $5.2 million of this surcharge had been collected from customers during the three months ended March 31, 2010. The required payments of the assessment in advance of customer collections increased Central Hudson s working capital needs. Central Hudson s MGP site remediation costs in excess of amounts recovered through rates and other regulatory mechanisms totaling $3.6 million and $0.9 million in the three months ended March 31, 2010 and 2009, respectively, also impacted cash from operations. These amounts have been deferred for future recovery from customers.
Net cash provided by (used in) financing activities was $21.2 million and ($19.4) million in the three months ended March 31, 2010 and 2009, respectively. Financing activities have consistently included dividends paid each quarter of $8.5 million. Short-term borrowings in both periods were used primarily to supplement working capital needs. In January 2009, $20.0 million of Central Hudson s long-term debt was redeemed at maturity primarily due to t
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Ch Energy Group Inc. has a market cap of $642.7 million; its shares were traded at around $40.64 with a P/E ratio of 19 and P/S ratio of 0.7. The dividend yield of Ch Energy Group Inc. stocks is 5.3%. Ch Energy Group Inc. had an annual average earning growth of 0.9% over the past 10 years.CHG is in the portfolios of Jim Simons of Renaissance Technologies LLC.
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This filing resulted in Central Hudson, PSC Staff, and Multiple Intervenors entering into a negotiated three year settlement Joint Proposal ("2010 Joint Proposal") to be considered by the PSC. The PSC may accept, reject, or modify the 2010 Joint Proposal filed with the Commission on February 3, 2010. Under the terms of the 2010 Joint Proposal, an increase to electric delivery revenues of $30.2 million over a three-year term is to be phased in with annual electric delivery rate increases of approximately $11.8 million as of July 1, 2010, $9.3 million as of July 1, 2011 and $9.1 million as of July 1, 2012. A natural gas delivery revenue increase of $9.7 million is to be phased-in over three years with natural gas delivery rate increases of $5.7 million as of July 1, 2010, $2.4 million as of July 1, 2011 and $1.6 million as of July 1, 2012. The impact on customers of the electric rate increase will be moderated by continuing the credit to customers bills that began with the 2009 Rate Order. These credits totaled $20 million in the current rate year and will be reduced to $12 million and $4 million in rate years 1 and 2 of the 2010 Joint Proposal, respectively, after which the credit mechanism will end.Earnings for CH Energy Group totaled $1.30 per share for the first quarter of 2010, down $0.17 per share as compared to the first three months of 2009. Central Hudson s contribution to earnings increased $0.26 per share. However, this increase was more than offset by the decrease of $0.38 per share in earnings at Griffith and the decrease of $0.05 per share in earnings at CH Energy Group s other businesses and investments.
Griffith contributed $0.26 to earnings per share in the first quarter of 2010, a $0.38 per share reduction over the first quarter of 2009, primarily due to the partial divestiture in December 2009. Excluding the impact of this partial divestiture, earnings were $0.10 lower in the first quarter of 2010 relative to the same period last year. This decrease was due primarily to lower margins resulting from rising wholesale prices and warmer winter weather.
The growth of CH Energy Group's retained earnings in the three months ended March 31, 2010, contributed to the increase in the book value per share of its Common Stock from $33.76 at December 31, 2009, to $34.51 at March 31, 2010. Common equity comprised 50.2% of total capital (including short-term debt) at March 31, 2010, a decrease from 51.1% at December 31, 2009. Book value per share at March 31, 2009 was $34.09 and the common equity ratio was 52.8%.
Net cash (used in) provided by operations was $(14.0) million and $51.1 million for the three months ended March 31, 2010 and 2009, respectively. Excluding the contributions to Central Hudson s pension and OPEB plans (which totaled $30.7 million and $2.6 million during the three months ended March 31, 2010 and 2009, respectively), cash provided by sales exceeded the period s expenses and working capital needs in both periods. The most significant uses of cash from operations for CH Energy Group were driven by the activity of Central Hudson. In February 2010, Central Hudson experienced the most significant storm event in its history. The incremental costs of the storm restoration efforts have been deferred for future recovery from customers. Approximately $2.9 million of these costs impacted cash flows in the first quarter of 2010. The remaining $16.4 million, totalling $19.3 million of incremental deferred storm costs, is expected to be paid in the second quarter. In March of 2010, Central Hudson paid an additional $8.9 million to the PSC for a new tax surcharge instituted in April 2009; however, only an additional $5.2 million of this surcharge had been collected from customers during the three months ended March 31, 2010. The required payments of the assessment in advance of customer collections increased Central Hudson s working capital needs. Central Hudson s MGP site remediation costs in excess of amounts recovered through rates and other regulatory mechanisms totaling $3.6 million and $0.9 million in the three months ended March 31, 2010 and 2009, respectively, also impacted cash from operations. These amounts have been deferred for future recovery from customers.
Net cash provided by (used in) financing activities was $21.2 million and ($19.4) million in the three months ended March 31, 2010 and 2009, respectively. Financing activities have consistently included dividends paid each quarter of $8.5 million. Short-term borrowings in both periods were used primarily to supplement working capital needs. In January 2009, $20.0 million of Central Hudson s long-term debt was redeemed at maturity primarily due to t
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