US-based electric and gas utility Aquila has reported net income of $40.5 million for the third quarter of 2007, or fully diluted per share earnings of $0.11, compared to net income of $115.7 million, or fully diluted per share earnings of $0.31, in the same quarter of 2006.
Repositioning activities in the third quarter of 2006, including gains on the sale of gas utilities, were the primary reasons for the decline in third quarter earnings. Sales for the third quarter of 2007 were $358 million, compared to $317 million in the same quarter of 2006.
Richard Green, chairman and CEO, said: We are pleased with our third quarter results and the strong utility performance. It’s evident that Aquila employees remain dedicated to delivering energy and service to our customers even while preparing for the transition of our businesses to Great Plains Energy and Black Hills.
For the first nine months of 2007, net income was $1.5 million, or fully diluted earnings of less than $0.01 per share, compared to a 2006 year-to-date net loss of $40.4 million, or $0.11 per fully diluted share.
Year-to-date sales increased to $1.1 billion, an increase of $70 million over 2006 sales of $1.03 billion. The company reported year-to-date earnings before interest, taxes, depreciation and amortization of $181.6 million in 2007, compared to $132 million in the same period of 2006.