Allegheny Energy profit swells
Pittsburgh Business Times - by Jennifer Curry
Net income for Allegheny Energy Inc. leapfrogged from $63 million, or 40 cents per share, in 2005 to $319 million, or $1.89 per share in 2006.
Greensburg-based Allegheny Energy (NYSE:AYE), which operates power plans and delivers electricity to customers in four states, including Pennsylvania, attributes the growth to improved plant performance, reduced costs and lower interest expense.
Operating revenues for the year rose from $724 million in 2005 to $737 million in 2006.
For the fourth quarter, net income was $64.6 million, or 38 cents per share, in 2006 up from $3.1 million, or 2 cents per share, in 2005.
"We delivered strong earnings growth in 2006, aided by a solid fourth quarter," said Paul Evanson, chairman, president and CEO of the Allegheny Energy. "Improved performance at our power plants, reduced costs and lower interest expense more than offset the effect of lower market prices and mild weather in the fourth quarter. Looking ahead, we remain focused on growing earnings and building shareholder value through improving operations, managing the transition to market-based rates and expanding our transmission rates."
jcurry@bizjournals.com | (412) 208-3820
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