Allegheny Energy has reported consolidated net income of $110.41 million, or $0.65 per share, in the fourth quarter of 2007, compared to consolidated net income of $64.60 million, or $0.38 per share, in the fourth quarter of 2006.
The company has reported consolidated net income of $412.2 million, or $2.43 per share in 2007, compared to consolidated net income of $319.3 million, or $1.89 per share, in 2006.
The company reported that adjusted EBITDA for the fourth quarter of 2007 was $243.6 million, an increase of $8.9 million, compared to adjusted EBITDA for the same quarter of 2006. Adjusted net income for the fourth quarter of 2007 increased by $16.8 million compared to the same period in 2006.
Paul Evanson, chairman, president and CEO of Allegheny Energy, said: We increased earnings per share by over 20%, achieved an investment grade credit rating, and reinstated our dividend. As we begin 2008, we remain focused on growing earnings and building shareholder value by improving power plant performance, expanding our transmission system and controlling costs. We are well positioned for strong earnings growth this year and beyond.