Indiana-based energy holding company Vectren Corporation has reported net income of $17.1 million, or $0.23 per share, for the third quarter of 2007, compared to $12 million, or $0.16 per share, in the same period in 2006.
Synfuel-related results included in net income for the quarter were earnings of $3.5 million, or $0.05 per share in 2007, compared to $0.6 million, or $0.01 per share, in 2006.
The increase in 2007 results, exclusive of the non-recurring synfuel-related results, is attributable to higher utility operating results, including the impact of favorable weather on electric cooling load, the benefit of increased customer usage including lost margin recovery and the implementation of the first electric base rate increase in 12 years.
Niel Ellerbrook, chairman and CEO, said: The strong year to date performance of our primary nonutility businesses has helped improve our overall return. Looking forward, we believe our nonutility business will continue to complement our strong utility foundation.
The utility group’s 2007 earnings for the quarter ended September 30, 2007, were $10.7 million, compared to $6.5 million in 2006 and $69.6 million for the nine months ended September 30, 2007, compared to $57 million in 2006.