Cleco, which is engaged in the generation, transmission, distribution and sale of electricity, has reported net income applicable to common stock of $22.1 million for the first quarter of 2008, up $13.9 million from the $8.2 million recorded in the first quarter of 2007.
On an earnings per share basis, Cleco recorded earnings of $0.37 per diluted share, up $0.23 per share from the $0.14 per share recorded in the first quarter of 2007.
Results were driven mainly by $0.18 per share of higher allowance for funds used during construction from Cleco Power associated with the Rodemacher Unit 3 project.
Michael Madison, president and CEO of Cleco, said: Construction of our Rodemacher Unit 3 project remains on budget and on schedule to begin commercial operations in October 2009. As of March 31, 2008, we have spent roughly $714 million of the billion-dollar budget.