Energy services company Vectren has reported a net income of $37.1m, or $0.46 per share, for the fourth quarter of 2008, compared to $39.9m, or $0.53 per share, for the same period of 2007.
Vectren has reported total operating revenues of $707.3m for the fourth quarter of 2008, compared to $644.8m for the same period of 2007.
The company has reported a net income of $129m, or $1.65 per share, for the year 2008, compared to $143.1m, or $1.89 per share, for the year 2007. For the year 2008, the company has reported total operating revenues of $2.48 billion, compared to $2.28 billion for the year 2008.
Niel Ellerbrook, chairman and CEO of Vectren, said: Our 2008 results were down as compared to 2007 due to lower performance by our non-utility group. We are pleased with the improved utility results even as we continued to implement additional maintenance and reliability programs that were contemplated in recent base rate cases.
The nonutility businesses reflect lower results from Coal Mining and, to a lesser extent, ProLiance. Coal Mining results were negatively impacted by lower production and increased costs. Looking forward to 2009, Coal Mining results are expected to significantly improve as contracts representing 70 percent of 2009 expected production have been updated to higher prices.
