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Enron Mail |
UtiliCorp United reported a 75% jump in earnings per share for the third
quarter led by strong results from its Aquila Energy subsidiary and an increased contribution from international businesses. "The energy merchant business continues to be strong," said CEO Richard C. Green. "Aquila's performance and the continued unleashing of value in our international businesses resulting from the initial contribution of our recent electric network acquisition in Canada and the successful initial public offering of our telecom business in Australia enabled us to exceed last year's third quarter results." Reliant Energy beat Wall Street estimates by several cents per share during the third quarter with a 37% increase in earnings to $389 million, or $1.36 per share. Strong performance from the company's unregulated domestic wholesale generation operations and growth in its regulated electric customer base were the primary reasons for the earnings increase. "Our strong commercial management of generating assets and commercial gas and power positions in attractive regions of the U.S. has allowed us to break out of the traditional role of a local energy provider," said CEO Steve Letbetter. The wholesale energy unit reported a 642% increase in third-quarter operating income to $319 million compared to 3Q99. Gross margins increased by $372 million. Reliant attributed the growth primarily to the expansion of commercial assets and trading in several regions, as well as higher energy sales and energy prices due to unique seasonal dynamics in the Western markets. Subsidiary HL&P's operating income jumped 13% to $500 mil lion. Reliant's three gas distribution companies reported an operating loss of $15 million compared to an operating loss of $5 million for the same period of 1999.
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