PacifiCorp, the diversified energy company seeking to merge with Utah Power & Light Co, reported earnings per share of $1.43 for the quarter ended March 31, up 30 percent from $1.10 in the like period a year ago.
All four of PacifiCorp's businesses - electric utility, mining and resource development, telecommunications and financial services - produced improved earnings contribution, with the major increase stemming from $45 million included in revenues from coal contract settlements.Consolidated revenues for the quarter were $584 million, up 7 percent. PacifiCorp's electric utility segment, Pacific Power, had virtually flat revenues due, in part, to the effect of savings passed on to customers from lower federal taxes.
Sales to residential, commercial and industrial customers rose 5 percent to 5.7 billion kilowatt-hours although revenue from this sector decreased slightly, 1 percent, to $265 million, reflecting tax savings.
Revenue related to sales of electricity to other utilities increased 10 percent to $40 million, although volume sales declined 13 percent to 1.4 billion kilowatt hours. The wholesale market was stronger in the quarter as lower-than-normal hydro conditions in the Northwest resulted in less competitive pressure.
Revenues for NERCO, the company's mining subsidiary, were ahead 23 percent at $175 million, bolstered by the $45 million in settlements.
Telecommunications-related revenues increased to $126 million with the majority of the 4 percent change coming from Pacific Telecom's non-regulated communications activities.
PacifiCorp's consolidated net income was $104 million, vs. $79 million a year ago.
The average number of common shares outstanding increased 2 percent to 69.7 million.