Sierra Pacific Resources 3Q Profits Dip

RENO, Nev. (AP) - Sierra Pacific Resources says third-quarter profits dipped because of a slowing economy and milder summer weather, but still exceeded Wall Street expectations.

The Reno-based holding firm of Nevada's two main electric utilities said net income for the quarter ended Sept. 30 was $150.8 million, or 64 cents per share, compared with $152.2 million, or 69 cents per share, for the same period last year.

Analysts surveyed by Thomson Reuters had projected earnings of
62 cents per share on $1.3 billion in revenue.

The company says for the first nine months of the fiscal year, earnings rose to $211 million, or 90 cents a share, up from $193.6 million, or 87 cents per share, because of general rate increases allowed by regulators.

Sierra Pacific shares rose 63 cents, or 7.6 percent, to close Monday at $8.92.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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