GMP Announces First Quarter Earnings
03 Mai 2006 - 3:11PM
Business Wire
Green Mountain Power Corporation (NYSE: GMP) today announced
consolidated earnings of $0.68 per share of common stock, diluted,
for the first quarter of 2006, compared with consolidated earnings
of $0.56 per share, diluted, for the same period in 2005. "First
quarter earnings reflected the sale of excess energy into a strong
wholesale market that offset the impact of reduced retail sales to
customers," said Christopher L. Dutton, President and Chief
Executive Officer. "Gross margins improved as we managed our power
portfolio well, selling excess power while wholesale market prices
were high. We expect diluted earnings per share from continuing
operations for 2006 to range between $2.00 and $2.19, about flat
compared with the previous year." Company operating revenues
increased by $2.7 million while power supply expenses increased by
$86,000 in the first quarter of 2006 compared with the same period
last year. The increase in operating revenues resulted from the
sale of excess electricity at prices above our underlying costs to
purchase or generate the energy. The Company's power supply
resources exceeded customer demand during the first quarter of 2006
due to an unusually mild and wet winter and because the Company
elected to exercise contract rights to increase deliveries at below
market prices from one of its suppliers during 2006. The minimal
increase in power supply costs in 2006 resulted from added
precipitation-based production by Company hydro power plants (which
produced low-cost electricity) that replaced higher priced market
purchases made during the first quarter of 2005, and offset most of
the increased costs from other energy contracts in 2006. Total
operating revenues increased by $2.7 million in the first quarter
of 2006, compared with the same period last year, as a $3.2 million
increase in wholesale revenues was offset slightly by a $470,000
decrease in retail revenues. Wholesale revenues increased because
the Company sold the excess supplies discussed above in the
wholesale energy market. The Company sold some of its expected
energy deliveries for March 2006 late last year when prices were
very high, which added an estimated $0.12 to earnings in the first
quarter of 2006. Retail revenues declined, reflecting reduced
residential and commercial/industrial sales of electricity that
decreased by 2.6% when compared to the same period in 2005 as a
result of the mild winter. The decrease in retail revenues was
partially offset by a 0.9 percent rate increase previously
authorized by the Vermont Public Service Board that generated
$500,000 in additional revenues during 2006. In the first quarter
of 2006, power supply expenses increased by $86,000 compared with
the first quarter of 2005. Additional purchases from independent
power producers and under our contract entitlements in 2006 were
offset by greater production from Company-owned hydro facilities
that replaced energy purchased in the wholesale energy markets
during 2005. Increased transmission and other operating expenses in
2006 offset some of the benefits of higher gross margins (revenues
less power supply expenses) in 2006, compared with 2005.
Transmission expenses increased by $759,000 during the first
quarter of 2006 compared with the first quarter of 2005 due to
increases in Vermont transmission investment and in our share of
Vermont transmission expenses because our loads have increased
relative to other Vermont utilities. Other operating expenses
increased $575,000 in the first quarter of 2006 compared with the
same period last year as a result of higher distribution and
customer account expenses. -0- *T Green Mountain Power Corporation
Quarterly Earnings Summary Three Months Ended March 31 2006 2005
------------------- ------------- in thousands except per share
amounts Retail revenues $53,950 $54,420 Wholesale revenues 7,026
3,828 ------------------- ------------- Total operating revenues
$60,976 $58,248 ------------------- ------------- Net income $3,612
$2,979 Net income-continuing operations 3,536 2,981 Net
income(loss)-discontinued operations 76 (2) Basic earnings per
share-continuing operations $0.68 $0.58 Basic earnings per
share-discontinued operations 0.01 - -------------------
------------- Basic earnings per Common share $0.69 $0.58
=================== ============= Diluted earnings per
share-continuing operations $0.67 $0.56 Diluted earnings per share-
discontinued operations 0.01 - ------------------- -------------
Fully diluted earnings per common share $0.68 $0.56
=================== ============= Dividends declared per share
$0.28 $0.25 Weighted average shares of common stock
outstanding-Basic 5,243 5,160 Weighted average shares of common
stock outstanding-Diluted 5,319 5,301 *T Certain statements in this
press release may be forward-looking in nature, or
"forward-looking" statements as defined in the United States
Securities Litigation Reform Act of 1995. Actual results may differ
from those expressed or implied in forward-looking statements. The
forward-looking statements contained in this press release are
subject to a number of factors and uncertainties, including
regulatory and judicial decisions or legislation, changes in
regional market and transmission rules, energy supply and demand
and pricing, contractual commitments, availability, terms and use
of capital, general economic and business environment, changes in
technology, nuclear and environmental issues, industry
restructuring and cost recovery (including stranded costs, and
weather), and other factors and uncertainties disclosed from time
to time in our filings with the Securities and Exchange Commission.
Any forward-looking statements in this press release should be
evaluated in light of these important factors and uncertainties.
The Company disclaims any obligation to update any information in
this press release.
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