The company said that the 2006 results included earnings of $0.44 per diluted share from the discontinued operations of former subsidiary InfrastruX Group, which was sold in May 2006.
Puget Energy also reported fourth-quarter 2007 earnings of $55.4 million, or $0.46 per diluted share, compared to $57.2 million, or $0.49 per diluted share, in 2006.
Puget Energy said that its 2007 net income reflects Puget Sound Energy’s (PSE’s) earnings of $191.1 million, or $1.62 per share, offset by expenses totaling $6.4 million, or $0.06 per share, primarily related to the merger announced on October 26, 2007.
Stephen Reynolds, chairman and CEO, said: Our 2007 utility results demonstrate that our strategy of continuing to focus on the growth in our core business and make investments for the future is sound. PSE’s earnings in 2007 benefited from increased sales volumes and favorable hydroelectric conditions, while we focused on bringing online a second wind-power project with a solar component and a 277MW combined-cycle natural gas-fired power-generating facility.
