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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based utility Vectren Corp.’s first-quarter profit rose 12 percent, to $72.8 million, despite lower energy consumption from its commercial customers, the company reported yesterday.
Earnings per share of 90 cents beat analysts’ estimates by 7 cents, and were 6 cents higher than at the same time last year.
Revenue declined 13.4 percent, to $795.2 million.
Vectren expects earnings this year to be $1.65 to $1.95 per share, which is consistent with earlier estimates, the company said.
“We are very pleased with first-quarter results from our operating companies, especially given the economic environment impacting all customers,” Vectren CEO Niel Ellerbrook said in a written statement.
Lower electricity and gas usage, and lower wholesale power margins caused profit from utility operations to dip 3 percent. Profit from non-utility operations, however, jumped nearly 62 percent.
Non-utility operations include energy marketing and infrastructure services, as well as coal mining operations.
Vectren has 568,000 natural gas customers in central and southern Indiana and about 141,000 electric customers and 111,000 gas customers in southwestern Indiana.
Shares of Vectren were up 3 percent, to $22.04, in mid-morning trading.
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