NV Energy Inc (NVE)

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NV Energy Reports Financial Results for Third Quarter 2013, Revises Earnings Guidance
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NV Energy, (NYSE:NVE)
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Today : Friday 1 November 2013


LAS VEGAS, Nov. 1, 2013 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three and nine months ended September 30, 2013 as shown in the table below.


Net Income


EPS


($ in millions)


(diluted)


2013



2012


2013


2012

Three Months

$

187.2



$

223.2



$

0.79



$

0.94


Nine Months

$

271.9



$

304.8



$

1.15



$

1.28


(Logo: http://photos.prnewswire.com/prnh/20100825/LA55163LOGO)

Factors contributing to the earnings decrease in the third quarter of 2013 compared to the same period a year ago included:

a regulatory disallowance and reserves related to September 2013 decisions by the Public Utilities Commission of Nevada ($32.4 million pre-tax, or $0.09 per share after tax);
milder weather compared to the third quarter a year ago; and
costs related to the planned merger with MidAmerican Energy Holdings, a subsidiary of Berkshire Hathaway.
Factors benefiting earnings for the third quarter of 2013 included growth in the number of customers. For further information regarding drivers of financial results, see the Earnings Report to the Financial Community posted on www.nvenergy.com.

"Our cost control efforts are on track, with operating and maintenance expenses virtually unchanged for the year to date," said Michael Yackira, president and chief executive officer of NV Energy, Inc. "We also reached an important milestone in our proposed merger, receiving shareholder approval in the third quarter, and we continue to work on obtaining regulatory approvals for the transaction. Our fundamental mission will remain unchanged: providing our customers with safe, reliable, affordable energy."

Revised Earnings Guidance

In its last earnings guidance statement, made on July 26, 2013, the company said it expected to earn between $1.25 and $1.35 per share for the year 2013. The company now expects to earn between $1.18 and $1.22 per share for the year 2013. The reduction in earnings guidance is largely due to the regulatory disallowance and reserves recorded in the third quarter of 2013. Revised earnings guidance is based on ongoing, normalized earnings for the fourth quarter of 2013, assuming normal weather in the fourth quarter and excluding any unexpected events. For further information on assumptions reflected in earnings guidance, see the Earnings Report to the Financial Community posted on www.nvenergy.com.

Webcast Scheduled for 7 a.m. PDT today, Friday, November 1, 2013

Senior management will review the company's financial performance and outlook during a conference call and live webcast today, Friday, November 1 at 7 a.m. Pacific Daylight Time. The webcast will be accessible on the NV Energy website at www.nvenergy.com. A taped replay will remain on the company's website for approximately 30 days. To listen to the replay by telephone, call [phone]. International callers should dial [phone]. Use the conference call access code: 303842.

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