Vectren, an energy holding company, has reported net income of $64 million, or $0.84 per share, for the first quarter of 2008, compared to $66.7 million, or $0.88 per share, for the same period in 2007.
For the first quarter ended March 31, 2008, the company reported utility earnings of $58 million, or $0.76 per share, compared to $50.9 million, or $0.67 per share, for the same period of 2007.
First quarter non-utility earnings were $6.3 million, or $0.08 per share, compared to $15.6 million, or $0.21 per share, for the same period of 2007.
Niel Ellerbrook, chairman and CEO of Vectren, said: We are very pleased with the performance of our utility business. Base rate changes implemented in three of our service territories beginning in the second half of 2007 have further stabilized margins while providing the necessary capital to maintain a safe and reliable distribution system for our customers.
The successful execution of these regulatory strategies has also enabled us to reach out to our customers and promote energy efficiency and conservation through our conservation connection program.