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AGL Resources

AGL has the worst long-term dividend and earnings growth prospects of the utilities in our portfolio. We're selling AGL so that we can focus on utilities with stronger growth prospects. 

For reasons related to the Nicor acquisition, AGL paid its March quarter dividend in two parts; $0.099 with a 12/6/11 ex-date and paid on 12/16/11, and $0.351 with a 2/15/12 ex-date that will be paid on 3/1/12. The combined total of $0.45 per share is the same as the previous payout.

Expected FY 12/2012 EPS Growth: -5%  Div/CF Ratio: 34%

Background
Atlanta-based energy services company with operations in natural gas distribution, retail operations, wholesale services, midstream operations and cargo shipping. Overall, AGL distributes natural gas to 4.5 million customers. Through its non-regulated subsidiaries, AGL Resources markets natural gas to retail and wholesale customers, stores and transports gas, and offers asset and risk management services. Acquired Nicor in late 2011. 

Quarterly Reports

March '12: EPS (adjusted) $1.16, down 29% vs. year-ago. Counting Nicor acquisition related expenses, EPS $1.11 vs. year-ago $1.59. Revenues up 60% to $1.404 billion (includes Nicor acquisition). Gross margin 48.8% of sales vs. year-ago 48.2%. In February, dividend up $0.01 (2%) to $0.46 per share. Consequently, the previously declared pro-rate $0.351 per share dividend paid on 3/1/12 was increased to $0.361.

December '11: EPS (continuing) $0.87. Revenues up 19% to $790 million. Numbers include 22 days of Nicor's operations. Gross margin 49.9% vs. 50.1%. Earnings call transcript. Acquired S&P 500 Index member Nicor (GAS), which operated natural gas distributor Nicor Gas, and also owned a containerized shipping business serving the Caribbean region.

September '11: EPS (continuing) $0.02 vs. $0.27. Including Nicor merger expenses, EPS -$0.04. Revenues down 15% to $295 million. Gross margin 62.0% vs. 65.3%. Wholesale business loss -$37 million vs. +$15 million.  Earnings call transcript. Raised $518 million selling 3.5% senior notes due 2021 and 5.85% senior notes due 2041.  

June '11: EPS (continuing) $0.33, up 94%. Including Nicor merger expenses, EPS $0.23. Revenues up 4% to $375 million. Gross margin 64.2% vs. 60.7%.  

March '11: EPS (operating) $1.63, down 6%. Revenues down 12% to $878 million. Gross margin 48.2% vs. 43.1%. Earnings call transcript. Netted $495 million selling 5.875% Senior Notes due in 2041. In February, dividend up 2% ($0.01) to $0.45.    

December '10: EPS $0.81 vs. $0.92. Revenues up 4% to $665 million. Gross margin 50.1% vs. 52.7%. Earnings call transcript.

September '10: EPS $0.29, up 81%. Revenues up 13% to $346 million. Gross margin 65.3% vs. 67.7%. Replaced $1 billion credit facility due to expire in 2011 with a new facility terminating September 2013.

June '10: EPS $0.17 vs. 0.26. Revenues down 3% to $359 million. Gross margin 39.3% vs. 40.3%.  Earnings call transcript. 

March '10: EPS $1.73, up 12%. Revenues up 1% to $1.00 billion. Gross margin 43.1% vs. 40.8%. Earnings call transcript. Sold AGL Networks fiber telecommunications business for undisclosed sum. Sale consistent with strategy of focusing on core business. Partnered with utilities DTE Energy and TECO Energy to form UtilPRO, which will offer home warranty repair programs covering natural gas and electric appliances to consumers. In February, dividend up 2% to $0.44.

December '09: EPS $0.92 vs. $0.97. Gross margin 52.7% vs. 42.7%. Revenues down 21% to $638 million. 

September '09: EPS $0.16 vs. $0.85. Drop triggered by lower gains on wholesale services storage hedges. Revenues down 43% to $307 million. Sold $300 million of 10-year senior notes at 5.25% interest that mature August 2019.

June '09: EPS $0.26 vs. $0.30 (continuing). Including non-recurring, reported year-ago loss. Revenues down 15% to $377 million. Earnings call transcript.  

March '09: EPS $1.55, +34%. Hedging gains accounted for strong showing. Revenues -2% to $995 million. Earnings call transcript. Changed ticker symbol to AGL from ATG on February 9.  

December '08: EPS $0.97, +14%. Revenues +18% to $805 million. Gains from wholesale services and lower interest expenses contributed.  

September '08: EPS (continuing) $0.28 vs. $0.09 (year-ago depressed by trading losses). Earned $0.46 in September '06. Revenues +46% to $539 million.

June '08: EPS (continuing) $0.30, +11%. Revenues -5% to $444 million. Year-ago influenced by one-time events (see June '07). Earnings call transcript.

March '08: EPS 1.16, -11%. Revenues -4% to $1.01 billion. Earnings call transcript. In February, dividend up $0.01 (2%) to $0.42. 

December '07: EPS $0.86, +43%. Revenues -3% to $685 million Earnings call transcript.  Bought an energy commodity supplies and energy procurement consultant. 

September '07: EPS $0.17 vs. $0.46. Revenues -15% to $369 million. Earnings drop triggered by trading losses at Sequent wholesale services division which provides natural gas trading, price hedging, and other services to wholesale customers.

June '07: EPS $0.40, up 60%. Rev +7% to $467 million. Cool weather, low natural gas prices, and lower outside service expenses contributed to earnings.

March '07: EPS 1.30 vs. $1.41. Rev -7% to $973 million. In January, dividend +11% to $0.41.

December'06: EPS $0.60, -25%. Rev -29% to $707 million. Mild weather and low natural gas prices triggered weak results.

September'06: EPS $0.46, +142%. Rev +10% to $434 million.

June'06: EPS $0.25, down from $0.30. Rev +1% to $436 million.

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Allete

5/1/14:  Allete has underperformed the overall portfolio and we're selling Allete to focus on unities with stronger growth prospects. 

In January '14, dividend up 3% to $0.49.

In January, '14 Allete's Clean Energy unit completed its acquisition of wind farms in Minnesota, Iowa and Oregon from AES Corporation. All three wind farms have power purchase agreements in place for their entire electric output.

Expected FY 12/2014 EPS Growth: 9% Div/EPS Ratio: 66%

Background
Allete is a growth-oriented diversified utility whose principal subsidiaries, electric utility Minnesota Power, and electric, natural gas, and water utility, Superior Water, Light and Power, provide regulated utility services to customers in Minnesota and Wisconsin. Also owns BNI Coal, a low cost supplier of lignite, a type of coal used as fuel for steam power generation, and an 8% stake in American Transmission Company, a developer and owner of high-voltage electric transmission infrastructure.

Quarterly Reports    

December '13: EPS $0.82, up 9% vs. year-ago. Revenues up 5% to $268.0 million. Regulated operations earnings up 14% vs. year-ago to $31.9 million. Operating margin 17.5% of sales vs. year-ago 18.7% (higher is better). Forecasts 4% to 12% EPS growth in 2014.

September '13: EPS $0.63 vs. $0.78. Revenues up 1% to $251.0 million. Regulated operations earnings down 16% to $24.6 million. Operating margin 15.3% vs. 18.3%. Plans to spend $345 million to build a 200 MW expansion to its Bison wind farm in North Dakota.

June '13: EPS $0.35 vs. $0.39. Revenues up 9% to $235.6 million. Regulated operations earnings up 13% to $16.3 million. Operating margin 11.6% vs. 10.8%.

March '13: EPS $0.83, up 25%. Revenues up 10% to $263.8 million. Regulated operations earnings up 32% to $32.1 million. Operating margin 16.8% vs. 16.0%. In January, dividend up 3% to %0.475.

December '12: EPS $0.76, up 43%. Revenues up 7% to $239.2 million. Regulated operations earnings up 41% to $28.0 million. Operating margin 18.7% vs. 14.3%.

Avista

10/1/14:  Avista has produced strong returns since added in 2008. However, looking forward, its dividend growth outlook looks weak compared to our other holdings.  

In June, Avista closed its acquisition of privately-held Alaska Energy & Resources that serves 15,900 customers in Juneau, Alaska with $42 million of annual revenues.

In May, Avista sold its Ecova unit, which provides utility bill processing and cost management services, to a French utility company for $335 million. Ecova never contributed more than $0.02 to EPS in any quarter.

Expected FY 12/2014 EPS Growth: 2% Div/EPS Ratio: 68%

Background
Avista serves more than 350,000 electricity customers in Idaho and Washington and 310,000 natural gas customers in Idaho, Oregon and Washington. Its Ecova unit provides utility bill processing and cost management services to customers nationwide. 

Quarterly Reports   

June '14: EPS (continuing) $0.52 vs. year-ago $0.40. Revenues up 2% to $312.6 million. Utilities unit EPS $0.44 vs. year-ago $0.41. Ecova (discontinued) EPS $1.15 vs. $0.02. Losses at other non-utility business units $0.08 vs. -$0.01.

March '14: EPS $0.81, up $0.10. Revenues up 2% to $491.0 million. Utilities unit EPS $0.80 vs. $0.71. Ecova (processing services) EPS $0.02 vs. $0.02. Losses at other non-utility business units -$0.01. In February, dividend up 4% to $0.3175.

December '13: EPS $0.53, up 104%. Revenues up 9% to $447.7 million. Utilities unit EPS $0.54 vs. $0.28. Ecova (processing services) EPS $0.02 vs. $0.01. Losses at other non-utility business units -$0.03. Agreed to pay $170 million to acquire privately-held Alaska Energy & Resources that serves 15,900 customers in Juneau, Alaska with $42 million of annual revenues.   

September '13: EPS $0.19, up 90%. Revenues down 1% to $335.9 million. Utilities unit EPS $0.16 vs. $0.13. Ecova (processing services) EPS $0.05 vs. $0.01. Losses at other non-utility business units -$0.02.

June '13: EPS $0.43, up 39%. Revenues up 2% to $352.0 million. Utilities unit EPS $0.41 vs. $0.31. Ecova EPS $0.03 vs. $0.02. Losses at other non-utility business units -$0.01.

March '13: EPS $0.71, up 9%. Revenues up 7% to $482.9 million. Utilities unit EPS $0.71 vs. $0.67. Ecova EPS $0.02 vs. -$0.01. Losses at other non-utility business units -$0.02.  In February, dividend up 5% to $0.305.

December '12: EPS $0.26, down 38%. Revenues down 6% to $410.5 million. Utilities unit EPS $0.28 vs. $0.38. Ecova EPS $0.01 vs. $0.04. Losses at other non-utility business units -$0.03. 

September '12: EPS $0.10, down $0.08. Revenues down 1% to $340.6 million. Utilities unit EPS $0.13, even. Ecova EPS $0.01 vs. $0.06. Losses at other non-utility business units -$0.04 vs. -$0.01. 

June '12: EPS $0.31 vs. $0.39. Revenues down 5% to $343.6 million. Utilities unit EPS $0.31 vs. $0.36. Ecova EPS $0.02 vs. $0.03. Earnings call transcript. 

March '12: EPS 0.65, down 11%. Revenues down 5% to $452.3 million. Utilities unit EPS $0.67 vs. $0.70. Ecova EPS -$0.01 vs. $0.03. In January, dividend up 5% to $0.29. 

December '11: EPS $0.42, down $0.03. Revenues up 17% to $438.9 million. Utilities unit EPS $0.38 vs. $0.45. Ecova EPS $0.04 vs. $0.03. Advantage IQ energy consulting unit changed name to Ecova, which acquired an energy management consultant with $12 million annual revenues. 

September '11: EPS $0.18 down $0.04. Revenues down 6% to $342.7 million. Utilities unit EPS $0.13 vs. $0.16. Ecova EPS $0.06 vs. $0.05. Blamed poor showing on cooler than usual summer. 

June '11: EPS $0.39, down $0.07. Revenues even at $360.6 million. Utilities unit EPS $0.36 vs. $0.43. Advantage IQ EPS $0.03, even. 

March '11: EPS  $0.73, up 40%. Revenues up 4% to $476.6 billion. Utilities unit EPS up 40% to $0.70. Advantage IQ EPS $0.03, even. Advantage IQ unit acquired Building Knowledge Networks, a small energy management services (annual revenues $1 million). In January, dividend up 10% to $0.275. 

December '10: EPS $0.45, up 13%. Revenues down 7% to $374.4 million. Utilities unit EPS $0.45, up 5%. Advantage IQ EPS $0.03, even. Advantage IQ acquired Minneapolis-based energy procurement and price risk management consultant.

September '10: EPS $0.22, up 47%. Revenues up 17% to $367.2 million. Utilities unit EPS $0.16, up 23%. Advantage IQ EPS $0.05 vs. $0.03. Earnings call transcript. 

June '10: EPS $0.46 vs. $0.47. Revenues up 17% to $360.7 million. Utilities unit EPS $0.43 vs. $0.46. Revenues up 17%, but resource costs (purchased electricity, natural gas, fuel, etc.) up 31%. Advantage IQ EPS $0.03 vs. $0.02.    

March '10: EPS 0.52, down $0.05. Revenues down 6% to $456.4 million. Utilities unit EPS $0.50% vs. $0.56. Advantage IQ EPS $0.03 vs. $0.02. Warmer than usual weather drove weak results. Earnings call transcript. In February, dividend up 19% to $0.25.

December '09: EPS $0.40, up 25%. Revenues down 10% to $403.3 million. Utilities unit EPS up 30% to $0.43. Advantage IQ EPS flat at $0.03. Washington state regulators granted Avista a 2.8% electric rate hike vs. Avista's 8.6% requested increase. Received $20 million from US Department of Energy to upgrade portions of its electric distribution system to "smart grid" standards.

September '09: EPS $0.15, up $0.02. Revenues down 18% to $314.7 million. Utilities unit EPS $0.13 vs. $0.12. Advantage IQ EPS $0.03 vs. $0.02. Earnings call transcript. Advantage IQ acquired Ecos Consulting, a small energy efficiency solutions consultant. In September, raised $250 million by selling mortgage bonds yielding 5.15% and maturing in 2022.

June '09: EPS $0.47, up 7%. Utilities EPS $0.46, up 12%. Advantage IQ EPS $0.02 vs. $0.03. Fitch upgraded corporate credit rating to investment grade. In May, dividend up 17% to $0.21.   

March '09: EPS $0.57, +21%. Utilities EPS $0.56, +27%. Advantage IQ EPS $0.02 vs. $0.03. Revenues -2% to $487.5 million. Number of both electric and natural gas customers up 1%.

December '08: EPS $0.39, +23%. Advantage IQ EPS $0.03, even. Revenues +16% to $447.5 million. Earnings call transcript.

September '08: EPS 0.13 vs. $0.11 loss. Revenues +43% to $382.7 million. Reflecting ownership dilution from recent acquisition (see June '08), Advantage IQ EPS $0.02 vs. $0.04. Earnings call transcript. In August, dividend +9% to $0.18.

June '08: EPS $0.44, +33% vs. year-ago (continuing). Revenues +15% to $350 million. Earnings call transcript. Advantage IQ unit bought expense management consultant Cadence Network. Cadence shareholders get 25% of Advantage IQ.

March '08: EPS $0.47, +81%. Revenues +8% to $496.3 million. Advantage IQ revenues $12.5 million, +14%. Earnings call transcript. In February, dividend up 10% to $0.165.   

December '07: EPS $0.26, -26%. Revenues -9% to $386.9 million Earnings call transcript.

September '07: EPS $0.07 loss vs. $0.20 profit. Revenues -9% to $268 million.

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CenterPoint Energy  

CenterPoint has been underperforming for some time and many analysts thought that a turnaround was at hand. However, CNP pulled its previously published 2020 forecasts without explanation during its June quarter conference call, surprising analysts. Now, the previously unforeseen hurricane Dorian-related expenses adds more uncertainty to CenterPoint's outlook. 

CenterPoint reported June quarter earnings (adjusted) of $0.35 per share, $0.04 above analyst forecasts, and up 17% vs. year-ago. Revenues up 28% to $2.798 billion. Operating cash flow $303 million ($0.60/share) vs. year-ago $609 million ($1.41/share). Except for cash flow, good growth numbers from CenterPoint.

In April 2018, CenterPoint agreed to pay $6 billion to acquire Vectren Corp (VVC), which provides natural gas to more than 1 million customers in Indiana and Ohio, and electricity to 145,000 customers in Indiana. 

Background
CenterPoint's Houston Electric unit serves more than two million customers in the Houston and Galveston, Texas areas. Independent wholesale and retail suppliers pay CenterPoint to deliver electricity over its transmission lines. Its natural gas unit serves more than three million customers in Texas and five other states. In 2014 CenterPoint contributed its natural gas pipeline assets to Enable Midstream Partners (ENBL), a joint venture with OGE Energy and ArcLight Capital Partners. Enable owns interstate pipelines in four states and CenterPoint owns 59% of Enable. CenterPoint intends to pay out as dividends 60% to 70% of its utility sustainable earnings and 90% to 100% of after-tax distributions received from Enable Midstream. 

Quarterly Reports

March '19: EPS (adjusted) $0.46, down 16% vs. year-ago. Revenues up 12% to $3.53 billion. Operating cash flow $271 million ($0.54/share) vs. year-ago $484 million ($1.12/share).

December '18: EPS (adjusted) $0.36, up 9%. Revenues up 15% to $3.036 billion. Utility EPS $0.05 vs. year-ago $1.72. Midstream EPS -$0.13 vs. -$1.27. Operating cash flow $458 million ($0.91/share) vs.  $389 million ($0.90/share). In December, dividend up 4% to $0.2875.

September '18: EPS (adjusted) $0.39, up $0.01. Revenues up 6% to $2.21 billion. Utility EPS $0.25 vs. $0.28. Midstream EPS $0.14 vs. $0.10. Operating cash flow $586 million ($1.35/share) vs. $351 million ($0.81/share). Sold 1.7 million new shares at $27.25 per share.

June '18: EPS (adjusted) $0.30, up $0.01. Revenues up 2% to $2.186 billion. Utility EPS $0.20 vs. $0.20. Midstream EPS $0.10 vs. $0.09. Operating cash flow $609 million ($1.41/share) vs. $360 million ($0.83/share). Agreed to pay $6 billion to acquire Vectren Corp (VVC), which provided natural gas to more than 1 million customers in Indiana and Ohio, and electricity to 145,000 customers in Indiana. 

March '18: EPS (adjusted) $0.55, up 49%. Revenues up 15% to $3.155 billion. Utility EPS $0.43 vs. year-ago $0.27. Midstream EPS $0.12 vs. $0.10. Operating cash flow $484 million ($1.12/share) vs. year-ago $317 million ($0.73/share). In January, dividend up 4% to $0.2775.

December '17: EPS (adjusted) $0.33, up 27%. Revenues up 27% to $2.638 billion. Non-utility (midstream) accounted for 39% of total revenues vs. year-ago 31%. EPS $1.72 vs. year-ago $0.17. Midstream EPS -$1.27 vs. year-ago -$0.06. Operating cash flow $390 million ($0.91/share) vs. year-ago $466 million ($1.07/share).

September '17: EPS (adjusted) of $0.38, down 7%. Revenues up 36% to $2.143 billion. Utility EPS down $0.02 to $0.29. Midstream EPS even at -$0.10. Operating cash flow $351 million ($0.81/share) vs. $404 million ($0.93/share).  .

June '17: EPS $0.31June '17: EPS $0.31 vs. -$0.01 loss. Total revenues up 36% to $2.143 billion. Utility revenues up 4% to $1.222 billion. Non-utility revenues up 132% to $921 million. Operating cash flow $361 million ($0.83/share) vs. $424 million ($0.98/share).

March '17: EPS $0.44, up 22%. Total revenues up 38% to $2.735 billion. Utility revenues flat at $1.546 billion. Non-utility revenues $1.189 billion. Operating cash flow $319 million ($0.74/share) vs. $637 million ($1.47/share). In January, dividend up 4% to $0.2675.

December '16: EPS (adjusted) $0.26, down $0.01. Utility EPS -$0.06 and midstream operations EPS +$0.23. Total revenues up 16% to $2.081 billion. Utility revenues up 7% to $1.437 billion and midstream revenues up 45% to $644 million. Operating cash flow $394 million ($0.91/share) vs. $396 million ($0.92/share).

September '16: EPS $0.41, up 21% (adjusted). Utility EPS $0.31 and midstream operations $0.10. Revenues up 16% to $1.889 billion. Operating cash flow $267 million ($0.62/share) vs. $347 million ($0.81/share).

June '16: EPS (adjusted) $0.17, down $0.01. Counting an unrelated transaction EPS -$0.01. Utility EPS $0.14 and midstream contributed $0.03. Revenues up 3% to $1.574 billion. Operating cash flow $633 million ($1.47/share) vs. $456 million ($1.06/share).

March '16: EPS (operating) $0.32, up 7%. Total revenues down 18% to $1.984 billion. Electric transmission revenues up 8% to $660 million. Natural gas distribution revenues down 25% to $895 million. Energy services revenues down 32% to $439 million. Operating cash flow $634 million ($1.47/share) vs. $666 million ($1.54/share). Agreed to pay $77.5 million to acquire Continuum Energy's retail energy services business that served 24,000 commercial and industrial customers, and 65,000 individual customers in 26 states. In January, dividend up 4% to $0.2575.

December '15: EPS (adjusted) $0.26, vs. $0.41. Total revenues down 24% to $1.791 billion. Utility Electric transmission revenues up 3% to $701 million. Natural gas distribution revenues down 27% to $653 million. Energy services revenues down 45% to $447 million. Operating cash flow $347 million ($0.81/share) vs. $274 million ($0.63/share).

September '15: EPS (adjusted) $0.34, up $0.01. Revenues down 10% to $1.630 billion. Utility operations EPS $0.24, midstream investments EPS $0.10. Operating cash flow $296 million ($0.69/share) vs. $411 million ($0.95/share). 

June '15: EPS $0.18, down 28%. Revenues down 18% to $1.532 billion. Operating cash flow $556 million ($1.29/share) vs. $332 million ($0.77/share).

March '15: EPS $0.30 vs. $0.43. Revenues down 23% to $2.433 billion. Operating cash flow $666 million ($1.54/share) vs. $380 million ($0.88/share). Citing changing market conditions affecting Enable Midstream Partners unit, CNP was no longer predicting 8% to 10% annual dividend growth. In January, dividend up 4% to $0.2475.

December '14: EPS (adjusted) $0.34, up 31%. Revenues up 9% to $2.372 billion. Electric transmission operating income (OI) down 5% to $113 million. Natural gas distribution OI up 10% to $103 million. Income from Enable Midstream -$40 million. Operating cash flow $273 million ($0.63/share).

September '14: EPS $0.33 vs. $0.35. Revenues up 10% to $1.807 billion. Electric transmission operating income (OI) down 3% to $232 million. Natural gas distribution OI -$8 million vs. $5 million. Income from Enable Midstream $79 million vs. $80 million. Operating cash flow $412 million ($0.95/share) vs. $342 million ($0.79/share).

June '14: EPS $0.25 vs. -$0.23. Revenues down 1% to $1.884 billion. Electric transmission operating income (OI) down 12% to $145 million. Natural gas distribution OI up 20% to $30 million. Income from Enable Midstream $71 million, up 92%. Operating cash flow $332 million ($0.77/share) vs. $257 million ($0.60/share).  

March '14: EPS $0.43, up 26%. Revenues up 32% to $3.163 billion. Electric transmission operating income (OI) up 25% to $105 million. Natural gas distribution OI up 17% to $162 million. Operating cash flow totaled $380 million ($0.88/share) vs. $533 million ($1.24/share). In January, dividend up 15% to $0.2375.

December '13: EPS $0.26, down $0.05. Revenues up 2% to $2.184 billion. Electric transmission operating income (OI) up 20% to $119 million. Natural gas distribution OI up $3% to$94 million. Operating cash flow $234 million ($0.54/share) vs. $728 million ($1.69/share).

September '13: EPS $0.35 vs. $0.40 (continuing). Revenues up 4% to $1.705 billion. Electric transmission operating income (OI) up 1% to $242 million. Natural gas distribution OI $5 million, even. Competitive natural gas sales & services -$259 million loss vs. $2 million profit. Interstate pipelines income $48 million. Field services OI $56 million. Operating cash flow $589 million ($1.37/share) vs. $205 million ($0.48/share).

June '13: EPS (adjusted) $0.30, up $0.01. Revenues up 24% to $1.894 billion. Electric transmission operating income down 13% to $131 million. Natural gas distribution operating income $25 million vs. 9 million. Competitive natural gas sales & services income $3 million vs. loss. Interstate pipelines income down 62% to $20 million. Field services down 61% to $20 million. Operating cash flow $257 million ($0.60/share) vs. $503 million ($1.17/share). Bakken Crude Services unit made a long-term deal with XTO Energy, a unit of Exxon Mobil, to gather XTO's crude oil production through a new crude oil gathering and transportation pipeline system in North Dakota's Bakken shale.

March '13: EPS $0.34, even. Revenues up 15% to $2.338 billion. Electric transmission operating income down 21% to $84 million. Natural gas distribution operating income up 15% to $139 million. Competitive natural gas sales & services income $7 million vs. $1 million. Interstate pipelines income down 13% to $52 million. Field services up 13% to $53 million. Operating cash flow $533 million ($1.24/share) vs. $424 million ($0.99/share). Agreed to contribute interstate pipelines and field services businesses to a new midstream master limited partnership to be formed with OGE Energy and ArcLight Capital Partners, who will also contribute interstate pipeline operations. New MLP will own interstate pipelines in Oklahoma, Texas, Arkansas and Louisiana. CenterPoint will own 59% of MLP. Expects deal to close in the June to September timeframe. In January, dividend up 2% to $0.2075.

December '12: EPS $0.31, up 15%. Revenues flat at $2.145 billion. Electric transmission revenues up 9% to $585 million. Natural gas distribution revenues down 3% to $767 million. Competitive natural gas sales & services down 10% to $562 million. Interstate pipelines down 1% to $129 million. Field services up 46% to $156 million. Operating cash flow $411 million ($0.96/share) vs. $509 million ($1.18/share).

September '12: EPS (adjusted) $0.40, up $0.02. Revenues up 10% to $1.881 billion. Electric transmission revenues down 6% vs. year-ago to $707 million. Natural gas distribution revenues up 8% to $364 million. Competitive natural gas sales & services up 50% to $584 million. Interstate pipelines up 11% to $135 million. Field services down 17% to $117 million. Operating cash flow $522 million ($1.21/share) vs. $222 million ($0.52/share).

June '12: EPS $0.29, up $0.01. Revenues down 17% to $1.525 billion. Electric transmission revenues up 12% to $676 million. Natural gas distribution revenues down 19% to $366 million. Competitive natural gas sales & services down 47% to $308 million. Interstate pipelines down 12% to $125 million. Field services up 8% to $104 million. Operating cash flow $503 million ($1.17/share) vs. $530 million ($1.24/share). Paid $275 million to acquire natural gas gathering and processing assets in northeast Texas from Prism Gas Systems, and $89 million to acquire a gas gathering system from Encana Oil & Gas, also located in east Texas.  

March '12: EPS $0.35, up $0.01. Revenues up 24% to $2.587 billion. Electric transmission revenues up 9% to $531 million. Natural gas distribution revenues down 30% to $854 million. Competitive natural gas sales & services down 26% to $525 million. Interstate pipelines down 14% to $127 million. Field services up 17% to $105 million. Operating cash flow $424 million ($0.99/share) vs. $627 million ($1.46/share). In January, dividend up 2.5% to $0.2025. 

December '11: EPS $0.27, down $0.02. Revenues up 2% to $2.098 billion. Electric transmission revenues up 6% to $535 million. Natural gas distribution down 2% to $793 million. Competitive natural gas sales & services up 7% to $635 million. Interstate pipeline down 11% to $129 million. Field services up 11% to $107 million. Operating cash flow $439 million ($1.03/share) vs. $403 million ($0.94/share).  Energy Services unit acquired a natural gas marketing company that supplies natural gas to commercial, industrial, agricultural and residential customers in five states. Good cash flow growth.

September '11: EPS (continuing) $0.90 vs. 0.29. Revenues down 1% to $1.88 billion. Electric transmission operating income (OI) up 20% to $213 million. Natural gas distribution OI loss of -$2 million vs. -$4 million loss. Competitive natural gas OI loss -$10 million vs. +$7 million. Interstate pipeline OI down 10% to $60 million. Field services OI up 53% to $61 million. Operating cash flow $312 million ($0.78/share) vs. $165 million ($0.39/share).

June '11: EPS $0.28, up 40%. Revenues up 5% to $1.84 billion. Electric transmission operating income (OI) up 25% to $153 million. Natural gas distribution OI up 30% to $13 million. Competitive natural gas OI $3 million vs. loss. Interstate pipeline OI down 10% to $60 million. Field services OI up 26% to $39 million. Operating cash flow $510 million ($1.19/share) vs. $383 million ($0.95/share). 

March '11: EPS $0.29, down 17%. Revenues up 17% to $3.023 billion. Electric transmission operating income (OI) up 4% to $71 million. Natural gas distribution OI down 2% to $139 million. Competitive natural gas OI up 50% to $15 million. Interstate pipeline OI down 5% to $72 million. Field services OI down 36% to $23 million. Operating cash flow $627 million ($1.46/share) vs. $435 million ($1.10/share). Sold $250 million of 4.5% notes due in 2021 and $300 million of 5.85% notes due in 2041. In January, dividend up 1% to $0.1975.

December '10: EPS $0.27 down $0.02. Revenues up 10% to $2.30 billion. Electric transmission operating income (OI) up 3% to $61 million. Natural gas distribution OI up 15% to $99 million. Competitive natural gas operating profit $21 million. Interstate pipeline OI down 2% to $62 million. Field services OI down 61% to $22 million. Operating cash flow $401 million ($1.02/share) vs. $403 million ($0.94/share).  

September '10: EPS $0.29 vs. $0.31. Revenues down 17% to $1.58 billion. Electric and transmission operating income (OI) down 3% to $212 million. Natural gas distribution OI -$4 million loss vs. -$15 million loss. Competitive natural gas operating profit $7 million vs. -$8 million loss. Interstate pipeline OI up 6% to $68 million. Field services OI up 74% to $40 million. For first nine months, operating cash flow $1.44 billion ($3.87/share) vs. year-ago $983 million ($2.31/share).

June '10: EPS $0.20, down 17%. Revenues up 7% to $1.76 billion. Electric and transmission operating income (OI) down 2% to $158 million. Natural gas distribution OI $10 million vs. $2 million. Competitive natural gas operating loss -$6 million vs. $6 million profit. Interstate pipeline OI up 10% to $67 million. Field services OI up 35% to $31 million. For first six months, operating cash flow $818 million ($2.03/share) vs. $1,056 million ($2.98/share). Raised $273 million selling 22 million shares at $12.90/share. Made deal with Ecana and Shell to provide natural gas gathering services in northwest Louisiana.  

March '10: EPS 0.29, up 53%. Revenues up 9% to $3.02 billion. Electric and transmission operating income (OI) up 53% to $107 million. Natural gas distribution OI up 18% to $139 million. Competitive natural gas OI up 650% to $15 million. Interstate pipeline OI up 4% to $72 million. Field services OI down 12% to $23 million. In January, dividend up 3% to $0.195.

December '09: EPS 0.27, up 8%. Revenues down 17% to $2.30 billion. Lower income taxes triggered EPS growth. Electric and transmission operating income (OI) up 8% to $95 million. Natural gas distribution OI up 3% to $99 million. Competitive natural gas OI down 19% to $21 million. Interstate pipeline OI down 6% to $62 million. Field services OI down 15% to $22 million. 

Back to Utilities

Dominion Energy 

Quarterly Reports  

December '20: EPS (operating) $0.81, down 21%. Revenues down 10% to $3.52 billion. Gas distribution earnings up 7% to $185 million. Utility earnings up 1% to $505 million. In October, dividend down 33% to $0.63. In October, cut dividend 33% to $0.63 per share.

September '20: EPS (operating) $1.08, down 6%. Revenues down 5% to $3.607 billion. Citing continuing opposition from environmentalists and landowners, Dominion Energy and Duke Energy canceled development of the Atlantic Coast pipeline that would have transported Appalachian shale gas from West Virginia to market areas in Virginia and North Carolina. Dominion acquired the 62.5-megawatt Madison Solar generating facility in Orange County, Va., from Cypress Creek Renewables. Dominion expected the project to enter service in the second quarter of 2022. 

June '20: EPS (operating) $0.82, up 6%. Revenues down 10% to $3.585 billion.

March '20: EPS (operating) $1.09, down $0.01. Revenues up 17% to $4.496 billion. In January, dividend up 2.5% to $0.94.

December '19: EPS (operating) $1.18, up 33%. Revenues up 33% to $4.475 billion. Expects 2020 full year operating EPS around $4.43, up 4% vs. 2019.  Sold a 25% interest in its Cove Point liquefied natural gas export facility to Brookfield Asset Management for $2.0 billion. Dominion sold a 25% interest in its Cove Point liquefied natural gas export facility to Brookfield Asset Management for $2.0 billion.

September '19: EPS (operating) $1.18, up 3%. Revenues up 24% to $4.269 billion. Power Delivery EPS down $0.02 to $0.23. Power Generation EPS down $0.03 to $0.60. Gas Infrastructure (pipelines) EPS down 28% to $0.29. Southeast Energy EPS $0.18.

June '19: EPS (operating) $0.77 per share, down 10%. Revenues (operating) up 29% to $3.970 billion. Power Delivery EPS down 13% to $0.20. Power Generation EPS down 26% to $0.31. Gas Infrastructure (pipelines) EPS down 16% to $0.45.

March '19: EPS (operating) $1.10, down 4%. Revenues up 11% to $3.858 billion. Power Delivery EPS down 21% to $0.19. Power Generation EPS down 28% to $0.39. Gas Infrastructure (pipelines) EPS down 10% to $0.45. Completed acquisition of pipeline MLP, Dominion Energy Midstream. Completed acquisition of SCANA which served customers in South Carolina, North Carolina, and Georgia. In January, dividend up 10% to $0.9175. 

December '18: EPS (operating) 0.89, down 2%. Revenues up 5% to $3.361 billion. Power Delivery EPS down 14% to $0.19. Power Generation EPS down 30% to $0.32. Gas Infrastructure (pipelines) EPS up 30% to $0.57.

September '18: EPS (operating) $1.15, up 11% . Revenues up 9% to $3.451 billion. Power Delivery (operating) EPS up 19% to $0.25. Power Generation EPS up 11% to $0.63. Gas Infrastructure (pipelines) EPS up 38% to $0.40.

June '18: EPS (operating) of $0.86, $0.07 up 28%. Revenues up 10% to $3.088 billion. Power Delivery (operating) EPS up $0.06 to $0.46. Power Generation EPS up $0.16 to $0.96. Gas Infrastructure (pipelines) EPS even at $0.88.

March '18: EPS (operating) $1.14, up 18%. Revenues up 2% to $3.466 billion. Power Delivery EPS up $0.04 to $0.24. Power Generation EPS up $0.13 to $0.54. Gas Infrastructure (pipelines) EPS up $0.08 to $0.50. Cove Point natural gas liquefaction faculty began operating in April.  

December '17: EPS (operating) $0.91, down $0.08. Revenues up 4% to $3.210 billion. Power Delivery EPS up $0.03 to $0.22. Power Generation EPS down $0.05 to $0.48. Gas Infrastructure (pipelines) EPS up $0.05 to $0.24. Corporate (Cove Point Liquefaction project) EPS -$0.23 vs. -$0.12. In November, dividend up 2% to $0.77. In December, dividend up 8% to $0.835.

September '17: EPS (operating) $1.04 vs. $1.14. Revenues up 2% to $3.179 billion. Power Delivery EPS down $0.01 to $0.21. Power Generation EPS down $0.47 to $0.57. Gas Infrastructure (pipelines) EPS up $0.08 to $0.29. Corporate (Cove Point Liquefaction project) EPS -$0.03 vs. -$0.33.

June '17: EPS (operating) $0.67 vs. $0.71. Revenues up 8% to $2.813 billion. Power Delivery EPS up $0.03 to $0.40. Power Generation EPS up $0.11 to $0.80. Gas Infrastructure (pipelines) EPS up $0.11 to $0.68. Corporate (Cove Point Liquefaction project) EPS down $0.28 to $0.24.

March '17: EPS (operating) $0.97, up 1%. Revenues up 17% to $3.384 billion. Dominion Virginia Power EPS even at $0.20. Dominion Energy (including Questar) EPS up 35% to $0.42. Dominion Generation EPS even at $0.41. In January, dividend up 8% to $0.755.

December '16: EPS $0.99, up 41%. Revenues up 21% to $3.082 billion. Completed acquisition of natural gas distributor Questar for $25 per share ($4.4 billion) plus debt. Sold (dropped down) Questar's Pipeline unit to Dominion Midstream, which is Dominion Resources MLP natural gas pipeline unit.

September '16: EPS (operating) of $1.14, up 11%. Revenues up 5% to $3.132 billion.

June '16: EPS (operating) down $0.02. Revenues down 5% to $2.598 billion. Dominion Virginia power EPS down $0.03 to $0.17. Dominion Energy EPS up $0.04 to $0.26. Dominion Generation EPS down $0.14 to $0.28.

March '16: EPS (operating) $0.96, down $0.03. Revenues down 12% to $1.890 billion. Dominion Virginia power EPS down $0.04 to $0.24. Dominion Energy EPS down $0.08 to $0.31. Dominion Generation EPS down $0.03 to $0.41. In January, dividend up 8% to $0.70.

December '15: EPS (operating) $0.70 vs. $0.84. Dominion Virginia power EPS down $0.05 to $0.18. Dominion Energy EPS down $0.07 to $0.29. Dominion Generation EPS down 26% to $0.37. Implementing strategy of exiting business of constructing solar energy projects that contract output to others, sold 33% interest in 15 solar power generating units in five states for $180 million.

September '15: EPS (adjusted) $1.03, up 11%. Dominion Virginia power EPS up $0.01 to $0.21. Dominion Energy EPS also up $0.01 to $0.26. Dominion Generation EPS up 18% to $0.66. Corporate & other EPS -$0.10 vs. -$0.08. Acquired 20-megawatt solar generation facility under construction in San Bernardino, CA. Sold 33% interest in most of its solar power generating units to SunEdison (SUNE) for $300 million, which also has option to buy the remaining 67%. Said focus "shifting from constructing contracted solar to constructing utility solar in Virginia." 

June '15: EPS (operating) $0.73, up 18%. Dominion Virginia power EPS even at $0.20. Dominion Energy EPS also even at $0.22. Dominion Generation EPS up 56% to $0.42. Corporate & other EPS -$0.11 vs. -$0.07.

March '15: EPS (operating) $0.99 vs. $1.04. Paid $493 million to acquire Carolina Gas Transmission which owned and operated almost 1,500 miles of FERC-regulated interstate natural gas pipelines in South Carolina and southeastern Georgia. In February, dividend up 8% to $0.6475. Plans to pay dividends equating to 70% to 75% of earnings, up from its previous 65% to 70%.

December '14: EPS (operating) $0.84, up 5%. Dominion Virginia power EPS $0.23, down $0.01. Dominion Energy EPS $0.34, up $0.05. Dominion Generation EPS $0.52, up $0.09. Corporate & other EPS -$0.25 vs. -$0.14. Acquired a 20-megawatt solar generating facility near Lancaster, California, bringing its total up to 344 megawatts of solar generating capacity. Dominion's new MLP, Dominion Midstream Partners (DM), sold 17.5 million new units at $21 per unit in its IPO, and closed at $26.41, on a day when the Dow dropped 173.

September '14: EPS (operating) $0.93 vs. $1.00. Dominion Virginia power EPS $0.20, down $0.01. Dominion Energy EPS $0.25, down $0.04. Dominion Generation EPS $0.56, down $0.02. Corporate & other EPS -$0.08 vs. -$0.08. U.S. regulators approved construction of Dominion Resources' liquefied natural gas export project in Cove Point, Maryland.

June '14: EPS (operating) $0.62, even. Revenues down 6% to $2.813 billion. Dominion Virginia power EPS $0.20, even. Dominion Energy EPS $0.22, up $0.01. Dominion Generation EPS $0.27, down $0.05. Corporate & other EPS -$0.07 vs. -$0.11. Operating cash flow $583 million ($1.19 per share) vs. $739 million ($1.28 per share). 

March '14: EPS (operating) $1.04, up 25%. Revenues up 3% to $3.630 billion. Dominion Virginia power EPS $0.22, up 10%. Dominion Energy EPS $0.36, up 16%. Dominion Generation EPS $0.53, up 20%. Corporate & other EPS -$0.07 vs. -$0.12. Operating cash flow $753 million ($1.29 per share) vs. $1.052 billion ($1.82 per share). Acquired six solar development projects located in California.In January, Dominion dividend up 7% to $0.60. 

December '13: EPS (operating) $0.80, up 16%. Revenues up 3% to $3.185 billion. Dominion Virginia power EPS $0.22, up 16%. Dominion Energy EPS $0.29, down 12%. Dominion Generation EPS $0.43, up 59%. Corporate & other EPS -$0.14 vs. -$0.10. Operating cash flow $1.295 billion ($2.22 per share) vs. $0.675 billion ($1.17 per share).

September '13: EPS (operating) $1.00, up 9%. Revenues up 3% to $3.342 billion. Dominion Virginia power EPS $0.21, even. Dominion Energy EPS $0.29, up 11%. Dominion Generation EPS $0.58, down 8%. Corporate & other EPS -$0.08 vs. -$0.10. Operating cash flow $2.950 billion ($2.00 per share) vs. $1.064 billion ($1.85 per share). Acquired three solar-power projects under construction near Indianapolis, Indiana.

June '13: EPS (operating) $0.62, up $0.03. Revenues down 1% to $2.988 billion. Dominion Virginia power EPS $0.23, down $0.02. Dominion Energy EPS $0.21, up $0.02. Dominion Generation EPS $0.29, up $0.02. Corporate & other EPS -$0.11 vs. -$0.12. Operating cash flow $739 million ($1.29 per share) vs. $775 million ($1.35 per share).

March '13: EPS (operating) $0.83, down $0.02. Revenues up 4% to $3.523 billion. Dominion Virginia power EPS $0.25, down $0.04. Dominion Energy EPS $0.31, up $0.05. Dominion Generation EPS $0.39, even. Corporate & other EPS -$0.12 vs. -$0.09. Operating cash flow $1,052 million ($1.82 per share) vs. $1,623 million ($2.84 per share). Reaffirmed intention to close and decommission Kewaunee Power Station nuclear power plant in Carlton, WI. by the end of June. Said lower natural gas prices made nuclear power generation no longer economically viable at that location. In January, dividend up 7% to $0.5625.

December '12: EPS (operating) $0.69, up 19%. Dominion Virginia power EPS $0.23, down $0.03. Dominion Energy EPS $0.33, up $0.06. Dominion Generation EPS $0.23, up $0.03. Corporate & other EPS -$0.10 vs. -$0.09. Formed joint venture with Caiman Energy to provide midstream services to natural gas producers in Utica shale in Ohio and portions of Pennsylvania. Dominion will contribute existing Utica midstream assets and Caiman will contribute capital. Raised dividend payout ratio target to 65% to 70% of earnings, up from 60% to 65%.

September '12: EPS (operating) $0.92, down $0.03. Revenues down 4% to $2.086 billion. Dominion Virginia power EPS $0.21, down $0.01. Dominion Energy EPS $0.18, up $0.01. Dominion Generation EPS $0.63, down $0.06. Corporate & other EPS -$0.10 vs. -$0.13. Saying that it gets better returns by serving regulated markets, Dominion decided to sell three "merchant power stations" that sell electricity on the open market.  

June '12: EPS $0.59, even. Revenues down 7% to $3.053 billion. Dominion Virginia power EPS $0.25, up $0.05. Dominion Energy EPS $0.19, up $0.01. Dominion Generation EPS $0.27, down $0.07. Corporate & other EPS -$0.12 vs. -$0.13. Earnings call transcript.

March '12: EPS (operating) $0.85, down $0.08. Revenues flat at $1.754 billion. Dominion Virginia power EPS $0.29, up $0.03. Dominion Energy EPS $0.26, down $0.03. Dominion Generation EPS $0.39, down $0.12. Corporate & other EPS -$0.09 vs. -$0.13. In January, dividend up 7% to $0.5275.

December '11: EPS (operating) $0.58, down $0.05. Counting non-recurring, EPS $0.35 vs. $0.51. Revenues down 4% to $3.08 billion. Dominion Virginia power EPS $0.20, even. Dominion Energy EPS $0.27, up 29%. Dominion Generation EPS $0.20, down 43%. Earnings call transcript.

September '11: EPS (operating) $0.95, down 8%. Counting non-recurring, EPS $0.69 vs. $0.98. Revenues down 4% to $3.08 billion. Dominion Virginia power EPS $0.22, up 22%. Dominion Energy EPS $0.17, up 6%. Dominion Generation EPS $0.69, down 17%. Earnings call transcript.

June '11: EPS (operating) $0.59 vs. $0.72. Revenues flat at $3.34 billion. Dominion Virginia power EPS $0.20, up $0.01. Dominion Energy EPS $1.04, up 21%. Dominion Generation EPS $1.94, down 30%. Corporate & other EPS -$0.75 vs. -$0.48. 

March '11: EPS (operating) $0.93 vs. $0.96. Revenues down 3% to $4.06 billion. Dominion Virginia power EPS $0.26, up 37%. Dominion Energy EPS even at $0.29. Dominion Generation EPS $0.51, down 6%. Corporate & other EPS -$0.13 vs. -$0.06. Said plans to sell Kewaunee, Wisconsin nuclear power plant, which recorded a $19 million loss ($0.03/share) in the quarter. Earnings call transcript. In January, dividend up 7.5% to $0.4925.

December '10: EPS (operating) $0.63, even. Revenues up 15% to $3.67 billion. Dominion Virginia power EPS $0.20, up 33%. Dominion Energy EPS $0.21, down 16%. Dominion Generation EPS $0.35, up 13%. Corporate & other EPS -$0.74 vs. -$0.46. Earnings call transcript. Dominion plans to pay 60% to 65% of earnings in dividends, up from previous 55% target.

September '10: EPS (operating) $1.03, up 4%. Revenues up 9% to $3.95 billion. Dominion Virginia power EPS $0.18, up 13%. Dominion Energy EPS $0.16, even. Dominion Generation $0.83, up 8%. Corporate -$0.14 vs. -$0.10. Earnings call transcript. Raised $250 million by selling notes paying 2.25% and maturing in 2015. 

June '10: EPS (operating) $0.72, up 6%. Counting non-recurring EPS $2.98 vs. $0.76. Revenues down 2% to $3.33 billion. Dominion Virginia power EPS $0.19 vs. $0.14. Dominion Energy EPS $0.14 vs. $0.17. Dominion Generation $0.47 vs. $0.46. Corporate -$0.08 vs. -$0.09. Earnings call transcript. Completed sale of natural gas and oil exploration and production business for $3.5 billion. Said sale reduced commodity sensitivity and eliminated need to issue shares to fund infrastructure growth program through 2011. 

March '10: EPS (operating) $0.96, down $0.02. Counting non-recurring, EPS $0.29 vs. $0.42. Revenues down 9% to $4.168 billion. Dominion Virginia power EPS $0.19 vs. $0.20. Dominion Energy EPS $0.29 vs. $0.30. Dominion Generation $0.54 vs. $0.63. Corporate -$0.06 vs. -$0.15. Earnings call transcript. In January, dividend up 5% to $0.4575. 

December '09: EPS (operating) $0.63 vs. $0.72. Including non-recurring, EPS $0.28 vs. $0.60. Revenues down 22% to $3.268 billion. Dominion Virginia power EPS $0.15 vs. $0.18. Dominion Energy EPS $0.25 vs. $0.24. Dominion Generation $0.31 vs. $0.40. Corporate -$0.08 vs. -$0.09. Earnings call transcript. 

September '09: EPS (operating) $0.99, +5%. Revenues -16% to $3.65 billion. Dominion Virginia power EPS $0.16 vs. $0.15. Dominion Energy $0.16 vs. $0.14. Dominion Generation $0.77 vs. $0.77. Corporate -$0.10 vs. -$0.12. Earnings call transcript. 

June '09: EPS $0.76 vs. $0.51. Revenues +2% to $3.45 billion. Dominion Virginia power EPS $0.14, +$0.01. Dominion Energy $0.17, up $0.05. Dominion Generation $0.46, +$0.10. Corporate -$0.09 vs. -$0.11.  

March '09: EPS $0.42 vs. $1.18. Revenues +10% to $4.78 billion. Dominion Virginia power EPS $0.20, even. Dominion Energy $0.29, -$0.03. Dominion Generation $0.463, +$0.05. Corporate -$0.15 vs. -$0.10.

Back to Utilities

NextEra Energy

Quarterly Reports

December '20: EPS (adjusted) $0.40, up 11%. Revenues down 4% to $4.395 billion. Florida Power & Light EPS up 25% to $0.25. NextEra Energy Resources, its unregulated unit, EPS even with year-ago at $0.17. Gulf Power EPS even with year-ago at $0.03. In October, 4-for-1 common stock split.

September '20: EPS (adjusted) $2.66, up 11%. Revenues down 14% to $4.79 billion. Florida Power & Light EPS up 10% to $1.54. NextEra Energy Resources, its unregulated unit, EPS up 23% to $1.12. Gulf Power EPS up 13% to $0.18. NextEra plans to merge its recently acquired Gulf Power unit into Florida Power & Light during 2021.

June '20: EPS (adjusted) $2.61, up 11%. Revenues down 15% to $4.2 billion. Florida Power & Light EPS up 11% to $1.52. NextEra Energy Resources, its unregulated unit, EPS up 14% to $1.08. Gulf Power EPS down $0.01 to $0.11.

March '20: EPS (adjusted) $2.38, up 8%. Revenues up 13% to $4.61 billion. Florida Power & Light EPS up 7% to $1.31. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 11% to $1.08. Gulf Power EPS even at $0.08. In February, NextEra dividend up 12% to $1.40.    

December '19: EPS (adjusted) $1.44, down $0.05. Revenues up 5% to $4.588 billion. Florida Power & Light EPS down 5% to $0.81. NextEra Energy Resources, its unregulated unit, EPS down $0.01 to $0.66. Newly acquired Gulf Power EPS was $0.05. Agreed to pay $1 billion to acquire Trans Bay Cable, which operates a 53-mile, high-voltage direct current underwater transmission cable system serving the San Francisco Bay Area.  

September '19: EPS (adjusted) $2.39, up 10%. Revenues (including recent acquisition) up 26% to $5.572 billion (excluding acquisition up 16%). Florida Power & Light EPS up 2% to $1.37. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 19% to $0.87. Newly acquired Gulf Power EPS (adjusted) $0.16.  

June '19: EPS (adjusted) $2.35 per share, up 13%. Revenues up 22% to $4.970 billion. Florida Power & Light EPS up 4% to $1.37. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 12% to $0.93. Newly acquired Gulf Power EPS $0.12.

March '19: EPS (adjusted) $2.20, up 12% vs. year-ago. Revenues up 6% to $4.075 billion. Florida Power & Light EPS up 20% to $1.22. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 12% to $0.93. Recently acquired Gulf Power Company EPS $0.08. In February, dividend up 13% to $1.25.

December '18: EPS (adjusted) $1.49,  up 20%. Revenues up 10% to $4.390 billion. Florida Power & Light EPS up 16% to $0.85. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 38% to $0.66.

September '18: EPS $2.18, up 18%. Revenues down 8% to $4.418 billion. Florida Power & Light EPS up 15% to $1.37. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 18% to $0.73.

June '18: EPS (adjusted) $2.11, up 13%. Revenues down 8% to $4.069 billion. Florida Power & Light EPS up 18% to $1.32. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 16% to $0.86. Paid $5.1 billion to add 600,000 new customers in Florida by acquiring utilities Gulf Power and Florida City Gas and other assets from Southern Company. 

March '18: EPS (adjusted) $1.94, up 11%. Revenues down 3% to $3.863 billion. Florida Power & Light EPS (adjusted) up 7% to $1.02. NextEra Energy Resources, its unregulated unit, EPS up 7% to $0.81. Sold Canadian wind and solar portfolio, expects to redeploy proceeds into higher yielding U.S. properties..In February, dividend up 13% to $1.11. Planned to raise dividend 12% to 14% annually through at least 2020.

December '17: EPS (adjusted) $1.25, up 3%. Revenues up 8% to $4.010 billion. Florida Power & Light EPS (adjusted) up 6% to $0.84. NextEra Energy Resources, its unregulated unit, EPS up 20% to $0.49. NEE's renewable energy unit, NextEra Energy Resources, with 20% EPS growth, now accounts for almost 40% of NEE earnings. 

September '17: EPS (adjusted) $1.85, up 6%. Revenues flat vs. year-ago at $4.81 billion. Florida Power & Light EPS (adjusted) up 7% to $1.19. NextEra Energy Resources, its unregulated unit, EPS up 3% to $0.62. Given the weather issues, September numbers don't mean much.

June '17: EPS (adjusted) $1.86, up 11%. Revenues up 12% to $4.404 billion. Florida Power & Light EPS up 17% to $1.12. NextEra Energy Resources, its unregulated unit, EPS (adjusted) up 10% to $0.74.

March '17: EPS (adjusted) $1.75, up 10%. Revenues up 4% to $3.972 billion. Florida Power & Light EPS up 12% to $0.95. NextEra Energy Resources EPS (adjusted) up 15% to $0.76.  Texas regulators voted not to approve takeover of bankrupt Oncor Electric Delivery Company, which supplies power to 3.3 million customers. In February, dividend up 13% to $0.9825. 

December '16: EPS $1.21, up 3%. Revenues down 9% to $3.699 billion. Florida Power & Light EPS $0.79, even. NextEra Energy Resources EPS (adjusted) $0.77, up 126%.

September '16: EPS (adjusted) $1.74, up 9%. Revenues down 3% to $4.805 billion. Florida Power & Light EPS $1.11, up 4%. NextEra Energy Resources, its unregulated unit, reported EPS (adjusted) of $0.60, up 22%. NextEra's acquisition of Hawaiian Electric was rejected by Hawaii's Public Utilities Commission, and consequently, NextEra and Hawaiian Electric canceled the deal.

June '16: EPS (adjusted) $1.67, up 7%. Revenues down 12% to $3.817 billion. Florida Power & Light EPS $0.96, down $0.01. NextEra Energy Resources reported EPS (adjusted) of $0.67, up 18%.  

March '16: EPS $1.55, up 10%. Revenues down 7% to $3.835 billion. Florida Power & Light EPS (adjusted) $0.85, up 6%. NextEra Energy Resources EPS (adjusted) $0.66, up 13%. In March, NextEra was added to the S&P 500. In February, dividend up 13% to $0.87.

December '15: EPS (adjusted) $1.17, up 14%. Revenues down 23% to $4.069 billion. Florida Power & Light EPS (adjusted) $0.79, up 22%. NextEra Energy Resources EPS (adjusted) $0.40, even. Forecast 6% year-over-year adjusted EPS growth and around 14% dividend growth in 2016.

September '15: EPS (adjusted) $1.60, up 3%. Total revenues up 6% to $4.954 billion. Florida Power & Light EPS (adjusted) $1.07, up $0.02, revenues down 1% to $3.274 billion. NextEra Energy Resources EPS (adjusted) $0.48, down 8%, and revenues up 28% to $1.585 billion. NextEra Energy Partners (NEP sold $230 million of its units at $26/unit via IPO. 

June '15: EPS (adjusted) $1.56, up 9%. Total revenues up 8% to $4.358 billion. Florida Power & Light EPS (adjusted) $0.97, up $0.01, revenues up 4% to $2.996 billion. NextEra Energy Resources EPS (adjusted) $0.57, up 19%, and revenues up 22% to $1.265 billion.

March '15: EPS (adjusted) $1.41, up 12%. Florida Power & Light EPS $0.80, up $0.01. NextEra Energy Resources EPS (adjusted) $0.58, up 21%. Hawaii Public Utilities Commission published timetable for deciding on NextEra's proposed takeover of Hawaii Electric. Looks like decision would come September 30 at the earliest. In February, dividend up 6% to $0.77.  

December '14: EPS (adjusted) $1.03, up 8%. Revenues up 28% to $4.664 billion. Florida Power & Light EPS $0.65, up 14%. NextEra Energy Resources, its unregulated unit, reported EPS (adjusted) $0.40. NEE Energy Resources EPS reduced by nuclear unit scheduled refueling outages. Agreed to buy Hawaiian Electric Industries for $4.3 billion, not including Hawaiian's banking unit. Expected the deal to be neutral to earnings in the first year and accretive thereafter.  

September '14: EPS (adjusted) $1.55, up 8%. Revenues up 6% to $4.654 billion. Florida Power & Light EPS $1.05 vs. $0.99. NextEra Energy Resources EPS (adjusted) $0.52 vs. $0.45.

June '14: EPS (adjusted) $1.43 vs. $1.46. Revenues up 5% to $4.023 billion. Florida Power & Light EPS $0.96 vs. $0.92. NextEra Energy Resources EPS (adjusted) $0.48 vs. $0.56.

March '14: EPS (adjusted) $1.26, up 13%. Total revenues up 12% to $3.858 billion. Florida Power & Light EPS up 15% to $0.68. Energy Resources EPS $0.20 vs. loss. Operating cash flow $1.017 billion ($2.40/share) vs. 1.082 billion ($2.55/share). In February, dividend up 10% to $0.725.

December '13: EPS (adjusted) $0.95 vs. $1.03. Total revenues up 8% to $3.630 billion. Florida Power & Light EPS down 7% vs. to $0.57. Energy Resources EPS (adjusted) $0.40, down $0.02.

September '13: EPS (adjusted) $1.43, up 13%. Total revenues up 14% to $4.394 billion. Florida Power & Light EPS up 6% to $0.99. Energy Resources EPS (adjusted) $0.45, up 18%.

June '13: EPS (adjusted) $1.46, up 16%. Total revenues up 5% to $3.833 billion. Florida Power & Light EPS up 8% to $0.92. Energy Resources EPS (adjusted) $0.56 vs. $0.41. Operating cash flow $1.168 billion ($2.75 per share) vs. $1.093 billion ($2.62 per share).  

March '13: EPS (adjusted) $1.12, up 6%. Total revenues down 3% to $3.279 billion. Florida Power & Light EPS up 17% to $0.68. Energy Resources EPS (adjusted) $0.42 vs. $0.44. Operating cash flow $1.082 billion ($2.55 per share) vs. $835 million ($2.01 per share). In February, dividend up 10% to $0.66.

December '12: EPS (adjusted) $1.03, up 11%. Total revenues down 13% to $3.375 billion. Florida Power & Light EPS up 20% to $0.61. Energy Resources EPS (adjusted) up 40% to $0.42. Full-year 2012 EPS $4.57. Expects $4.85 in 2013 and $5.35 in 2014. Florida Light & Power unit won $397 million rate hike from Florida authorities to improve and expand its nuclear power plants.  

September '12: EPS (adjusted) $1.26, down 4%. Florida Power & Light EPS up 12% to $0.93. Energy Resources EPS down 22% to $0.38. Revenues down 11% to $3.843 billion.  

June '12: EPS $1.26 , up 7%. Florida Power & Light EPS $0.85, up 18%. Energy Resources EPS $0.41, up 11%. 

March '12: EPS $1.02 , up 9% Florida Power & Light EPS $0.58, up 18%. Energy Resources EPS $0.44, down 4%. 

NRG Yield

12/1/15:  Share prices for alternative energy wholesalers NRG Yield and Pattern Energy have taken big hits this year, mostly due to negative investor sentiment about the sector rather than their fundamental outlooks, which have remained strong. However, the CEO of NRG Yield's parent company, NRG Energy, recently resigned, and that clouds the outlook for NRG Yield, which depends on its parent to sell it (drop-down) additional power plants for growth.

In October, NRG Yield increased its quarterly dividend by 2% to $0.215 per share (5.8% yield), which was 15% above its year-ago payout.

In May, NRG Yield, in effect, split its shares 2 for 1, but with a twist. The ticker on shares already owned changed to NLYD.A to signify Class A shares, and each holder received one additional share of new Class C shares with ticker NYLD. Thus, existing shareholders ended up with one share of NLYD.A and one share of NYLD for each share of NYLD held prior to the split. Both the A and C shares trade on the NYSE. Both Class A and Class C shares have the same economic rights, but Class C shares have 1/100th of the voting rights of Class A shares. Changes allow NRG Yield to raise capital by selling additional shares while preserving the voting control held by NYLD's parent, NRG Energy, Inc. (NRG). 

Expected FY 12/2015 EPS Growth: -9% CF Payout Ratio: 40%

Background
In July 2013, NRG Energy spun-off certain power generation and other assets into NRG Yield, a separate corporation. The power generation assets included wind and solar powered facilities, and conventional gas/oil fueled power plants. All assets had substantially all of their output contracted for on long-term (18-year) fixed-price agreements to utilities or other credit-worthy parties. Thus, unlike conventional utilities which have large staffs to maintain transmission facilities, interface with consumers, etc., NRG Yield has low ongoing expenses. NRG Yield’s operating strategy is to grow its dividend from 15% to 18% annually by acquiring additional fully-contracted generation assets from NRG Energy as well as from third parties. NRG Yield is externally managed by NRG Energy, its majority shareholder.

Quarterly Reports    

September '15: EPS $0.18, up 80% vs. year-ago. Revenues up 14% to $209 million. Cash available for distribution (CAD) $132 million ($1.35/share) vs. year-ago $94 million ($1.52/share). Agreed to pay $250 million cash plus $145 million of assumed debt to acquire a 75% interest in a portfolio of wind projects from its general partner, NRG, Inc. In July, dividend up 5% to $0.21. Targeting $0.25 per share dividends, a 16% increase, by December 2016.

June '15: EPS $0.15, up $0.02. Revenues up 25% to $217 million. CAD $26 million ($0.74/share) vs. year-ago $43 million ($1.87/share). Sold 28.198 million new shares of Class C (NYLD) at $22.00 per share. Also sold $250 million of convertible senior notes due 2020. Paid $287.4 million for 25% interest in solar farm in Riverside, California.

March '15: EPS -$0.15 loss vs. +$0.18 profit. Revenues up 29% to $180 million. CAD $6 million ($0.17/share) vs. year-ago $5 million ($0.22/share). In February, dividend up 4% to $0.39.

December '14: EPS $0.02 vs. $0.17. Revenues up 25% to $148 million. CAD $10 million ($0.29/share) vs. $22 million ($0.96/share). Acquired one natural gas powered and four wind-powered generating facilities from  parent, NRG Inc. Expects the deal to add $35 million to annual CAD. In November, distribution up 3% to $0.375.

September '14: EPS $0.20, down $0.29. Revenues up 28% to $161 million. CAD $94 million ($3.03/share) vs. $57 million ($2.48/share). Completed acquisition of a wind facility in Tehachapi, California for $2.5 billion. In August, dividend up 7% to $0.365.

June '14: EPS $0.26. Revenues up 63% to $134 million. CAD $38 million ($1.65/share). Acquired three power generation plants from NRG Energy. In May dividend up 6% to $0.35.

March '14: EPS $0.17. Revenues up 108% to $110 million. CAD $24 million ($0.80/share). Agreed to acquire two solar facilities and one gas-fired plant from parent, NRG Energy. Sold $300 million of 3.5% convertible notes due 2019. In January, dividend up 10% to $0.33.

Oneok

1/1/14:  moved to Energy - General Partners portfolio

In November 2013, Oneok said that it expects to pay dividends totaling $2.13 per share in 2014, up 44% vs. $1.48 paid in 2013. That estimate assumes a Jan. 1, 2014, transaction effective date for the separation of Oneok's natural gas distribution segment into ONE Gas, Inc (OGS) (the actual transaction will be completed sometime in the March 2014 quarter). At separation, OKE shareholders will receive 0.25 OGS shares for each OKE share. After the separation, Oneok will be a pure-play general partner. Oneok expects to pay a $0.56 per share dividend after the separation transaction is completed, up from the current $0.38. It then expects to increase its payout by $0.015 per share each subsequent quarter in 2014. It then plans 10% annual increases in 2015 and 2016. 

In July, Oneok said it plans to spin-off its utility business into a separate publicly traded company, ONE Gas, which will operate Oklahoma Natural Gas Company, Kansas Gas Service and Texas Gas Service, and will be headquartered in Tulsa, Oklahoma.

Expected FY 12/2013 EPS Growth: 5%  Div/CF Ratio: 32%

Quarterly Reports  

September '13: EPS (operating) $0.35, up 13% vs. year-ago. Operating income from Oneok Partners MLP $240 million vs. year-ago $248 million. In July, dividend up 6% to $0.38. 

June '13: EPS  (continuing) $0.34, up 17%. Revenues up 32% to $3.349 billion. Operating income from utility operations -$102 million vs. $6 million. Operating income from Oneok Partners MLP $230 million vs. year-ago $228 million. Operating cash flow $531.9 million ($2.55 per share) vs. $211.8 million ($0.86 per share). Planned to close "Energy Services" unit which was in the business of buying natural gas in the summer, storing it, and then selling it in the winter. Said expects to increase annual dividends by 55% to 65% between 2012 and 2015.    

March '13: EPS $0.54, up 6% (continuing). Revenues up 4% to $3.541 billion. Operating income from utility operations $96 million vs. $70 million. Operating income from Oneok Partners MLP, $178 million vs. $256 million. Operating cash flow $256.4 million ($1.22 per share). In January, dividend up 9% to $0.36. 

December '12: EPS $0.53, down $0.02. Revenues down 10% to $3.659 billion. Gross margin 16.5% vs. year-ago 17.2%. Operating margin 8.2% vs. 9.0%. Operating income from utility operations $39 million vs. $48 million. Operating income from Oneok Partners MLP, $231 million vs. $317 million. 2012 full-year operating cash flow $990.9 million vs. $1,360 million. Lower natural gas liquids (ethane, propane, etc.) prices hurt MLP returns, which reduced Oneok's results. Oneok's pipeline MLP, Oneok Partners, canceled a new pipeline construction project.  

September '12: EPS $0.31, up 11%. Revenues down 14% to $3.029 billion. Gross margin 18.3% vs. 15.1%. Operating margin 8.0% vs. 7.1%. Operating income from utility operations and from Oneok Partners MLP, -$5 million, and $248 million, respectively. MLP operating income up 2%. In July, dividend up 8% to $0.33. 

June '12: EPS $0.29, up 16%. Revenues down 27% to $2.529 billion. Gross margin 21.7% vs. 15.1%. Operating margin 9.3% vs. 6.3%. Operating income $234 million, and of that, 97% came from the MLP, Oneok Partners. MLP operating income up 13%. Earnings call transcript. Split stock two-for-one on June 4.

March '12: EPS $1.16 vs. $1.19. Revenues down 9% to $3.415 billion. Gross margin 18.9% vs. 16.8%. Operating margin 9.5% vs. 8.7%. Earnings call transcript. Bought 8.0 million new units issued by natural gas pipeline operator Oneok Partners for $459.8 million. Paid $19.4 million to maintain 2% general partner interest. Oneok is the general partner and owns 43% of Oneok Partners. In January, dividend up 9% to $0.61.

December '11: EPS $1.09, up 45%. Revenues up 24% to $4.071 billion. Gross margin 17.2% vs. 16.5%. Operating margin 9.0% vs. 4.4%. Earnings call transcript. Sold ONEOK Energy Marketing unit to Constellation Energy. 

September '11: EPS $0.55, up 12%. Revenues up 5% to $3.595 billion. Gross margin 14.8% vs. 15.3%. Operating margin 6.9% vs. 6.4%. Oneok's pipeline MLP operation contributed 97% of operating income. Earnings call transcript. In July, dividend up 8% to $0.56. 

June '11: EPS $0.51, up 31%. Revenues up 25% to $3.515 billion. Gross margin 14.8% vs. 16.3%. Operating margin 6.2% vs. 6.4%. Oneok's pipeline limited partnership operation contributed 93% of operating income.

March '11: EPS $1.19, down 17%. Revenues down 1.5% to $3.867 billion. Gross margin 16.4% vs. year-ago 15.8%. Operating margin 8.5% vs. year-ago 8.6%. Earnings call transcript. In January, dividend up 8% to $0.52.

December '10: EPS $0.76 vs. $0.87. Revenues down 10% to $3.36 billion. Gross margin 16.2% vs. 15.6%. Operating margin 7.2% vs. year-ago 7.3%. In October, dividend up 4% to $0.48. 

September '10: EPS $0.51, up 13%. Revenues up 24% to $2.94 billion. Operating margin 6.4% vs. 7.3%. In July, dividend up 5% to $0.46.

June '10: EPS $0.39, even. Revenues up 26% to $2.81 billion. Operating margin 6.4% vs. 6.9%. Earnings call transcript.

March '10: EPS $1.44, up 24%. Revenues up 41% to $3.92 billion. Operating margin 11.5% vs. 10.5%. Operating cash flow $558.7 million ($5.20/share) vs. $790.8 million. Earnings call transcript. Added to S&P 500 Index on March 12. In January, dividend up 5% to $0.44.

December '09: EPS $0.87, up 34%. Revenues up 31% to $3.73 billion. Operating margin 7.3% of sales vs. 7.7%. Earnings call transcript.

September '09: EPS $0.45 vs. $0.55. Revenues down 44% to $2.365 billion. Earnings call transcript.  

June '09: EPS $0.39, even. Operating income $154.8 million, down 11%. Lower realized commodity prices in the ONEOK Partners segment accounted for the drop. In July, dividend up 5% to $0.42.    

March '09: EPS $1.16 vs. $1.36. Operating income -12% to $203 million. Attributed results to lower natural gas prices. Earnings call transcript. 

December '08: EPS $0.65, -34%. Revenues -29% to $2.843 billion. Earnings call transcript.

September '08: EPS $0.55, vs. $0.13. Revenues +51% to $4.239 billion. Credited increased income from Oneok Partners for strong showing. In July, dividend up 5% to $0.40. Earnings call transcript.

June '08: EPS  $0.39, +26%. Revenues +45% to $4.17 billion. Oneok Partners' pipeline unit contributed to the strong results. Earnings call transcript. 

March '08: EPS $1.36, even. Revenues +29% to $4.90 billion. Earnings call transcript. In January, dividend up 5.5% to $0.38.

December '07: EPS $0.98, +48%. Revenues +30% to $3.98 billion Earnings call transcript.

September '07: EPS $0.13 vs. $0.21. Revenues +6% to $2.81 billion. In July, dividend up 6% to $0.36.

June '07: EPS $0.31 vs. $0.38. Revenues +18% to $2.87 billion.

March '07: EPS 1.36, +16%. Rev -1% to $3.80 billion. In January, dividend +6% to $0.34.

December'06: EPS (operating) $0.66, -10%. Rev -35% to $3.07 billion.

September'06: EPS (operating) $0.21, -57%. Rev -17% to $2.64 billion. Re: acquisitions and asset sales, year-ago comparisons not significant. 

June '06: EPS $0.65 vs. $0.25. Revenues +17% to $2.43 billion. EPS increased by sale of pipeline assets to Northern Border Partners. Oneok became Northern Border's master partner and changed name of Northern Border to Oneok Partners.

March '06: EPS $1.17, up 21%. Rev +45% to $3.92 billion. Sold natural gas facilities acquired from Koch Industries (see June '05) to Northern Border Partners for cash and Northern's limited partner units. Bought TransCanada's general partner interest in Northern Border resulting in Oneok owning 100% of general partner of Northern Border and 46% of the MLP.

December '05: EPS (operating) $2.32, +170%. Rev +85% to $4.7 billion.

September '05: EPS (operating) $0.49 vs. $0.15. Rev +93% to $3.18 billion. Sold oil and gas production companies, including natural gas and oil properties in Oklahoma and Texas to cut debt.

June '05: EPS $0.23 +35%. Rev $2.1 million vs. $616,000. Completed acquisition of Koch Industries' natural gas liquids businesses. 

March '05: EPS $0.97, -7%. Rev +167% to $2.75 billion. Dividend up 12% to $0.28. 

December '04: EPS $0.90, +36%. Rev $2.6 billion. 

Back to Utilities

Pattern Energy

12/1/17:  Pattern Energy's recently declared December quarter dividend was only 3% above its year-ago payout compared to double-digit growth in earlier years. The reason, of course, is that Pattern is not generating sufficient cash flow to fund higher dividend growth. We don't see that situation improving much over the next 12- months.

Pattern Energy reported a September quarter loss of -$0.34 per share, $0.20 worse than analyst forecasts, and vs. year-ago -$0.05. Revenues even at $92.03 billion. Cash available for distribution (CAD) $9.462 million ($0.00/share) vs. year-ago $20.202 million ($0.25/share). Electricity sold up 3% to 1.514 MWh. Bad report: PEGI blamed "unfavorable wind conditions." debt associated with acquisitions, etc. for weak report. Still expects 15% year-over-year CAD growth for year 2017.

Pattern increased its dividend 0.5% to $0.422 per share, which was 3% above its year-ago payout.

In October, Pattern Energy completed its sale of 9.2 million new shares at $23.40 per share.

In August, Pattern increased its quarterly dividend by a miniscule 0.5% to $0.42 per share, which was 5% above its year-ago payout.

Expected FY 12/2017 CF Growth: 9% CF Payout Ratio: 82%

Background
Pattern Energy Group, an October 2013 IPO based in San Francisco, constructs, owns and operates wind-powered energy projects in the U.S., Canada, and Chile. It sells the electricity generated by these projects to local utilities. Pattern’s biggest shareholder is Pattern Energy Group, LP, a non-publicly-traded partnership. Growth comes from acquiring or constructing new projects.

Quarterly Reports    

June '17: EPS $0.16 vs. year-ago -$0.04 loss. Revenues up 15% to $107.8 million. Cash available for distribution (CAD) $49.239 million ($0.56/share) vs. year-ago $35.508 million ($0.48/share). Electricity sold up 23% to 2,112 MWh. Gross margin (GM) 19.6% of sales vs. 17.6%. Paid $269 million to acquire two wind energy projects in New Mexico from its general partner, Pattern Energy. In May, dividend up 1% to $0.418 pre share.

March '17: EPS $0.06 vs. -$0.32 loss. Revenues up 15% to $100.8 million. Cash available for distribution (CAD) $45.146 million ($0.52/share) vs. $41.015 million ($0.55/share). Electricity sold up 13% to 2,038 MWh. GM 27.8% of sales vs. 13.7%. In February, quarterly dividend up 1% to $0.41375. 

December '16: EPS  $0.16 vs. $0.03. Revenues down 10% to $81.061 million. Cash available for distribution (CAD) $36.249 million ($0.38/share) vs. $32.851 million ($0.44/share). Electricity sold up 6% to 1,818 MWh. GM 6.8% of sales vs. 18.4%. In November, dividend up 2% to $0.408.

September '16: EPS -$0.05 loss vs. -$0.40 loss. Revenues up 2% to $91.914 million. CAD $20.202 million ($0.25/share) vs. $22.279 million ($0.31/share). GM 18.5%  vs. 24.8%. Pattern said it had discovered September quarter accounting deficiencies that it was correcting, but didn't elaborate. In August, dividend up 3% to $0.40.

June '16: EPS loss -$0.04 vs. +$0.21. Revenues up 10% to $93.438 million. CAD $35.508 million ($0.38/share) vs. $27.987 million ($0.40/share). GM 17.6% vs. 26.5%.  Agreed to pay $269 million to acquire a 324 megawatt wind driven power generation system in New Mexico.

March '16: EPS loss -$0.32 vs. -$0.30. Revenues up 35% to $87.639 million. CAD $41.015 million ($0.62/share) vs. $9.331 million ($0.14/share). GM 13.7% vs. 16.3%. In February, dividend up 2% to $0.381.

December '15: EPS loss -$0.03 vs. -$0.36 loss. CAD $32.851 million ($0.44/share) vs. $17.304 million ($0.27/share). Revenues up 24% to $329.8 million. GM 18.4% vs. 33.1%. Power sold up 87% to 1,714,884 MWh (megawatt hours).  In November, dividend up 2% to $0.372. 

September '15: EPS loss -$0.40 vs. -$0.15. Revenues up 25% to $89.697 million. GM 24.8%  vs. 24.7%. CAD $22.279 million ($0.31/share) vs. $10.943 million ($0.24/share). Power sold up 77% to 1,256,403 MWh (megawatt hours). Sold 6.25 million new shares at $23.00 per share. In July, dividend up 3% to $0.363.

June '15: EPS $0.21, up $0.01. Revenues up 30% to $84.671 million. GM 26.4% vs. 41.5%. CAD $27.987 million ($0.40/share) vs. $16.058 million ($0.39/share). Power sold up 56% to 1,201,940 MWh (megawatt hours). Agreed to acquire three wind power facilities, that taken together, hiked generating capacity by 22%. In May, dividend up 3% to $0.352.

March '15: EPS -$0.30 loss vs. -$0.29 loss. Revenues up 31% to $64.9 million. CAD $9.331 million ($0.14/share) vs. $17.844 million ($0.35/share). Power sold up 70% vs. year-ago to 929,420 MWh (megawatt hours). General partner, Pattern Energy LP, acquired a majority stake in Green Power Investment, headquartered in Tokyo, Japan. Pattern Energy Group sold seven million new shares and its parent, Pattern Energy LP, sold 6.8 million existing shares, all at $29.25 per share. Acquired 200 megawatt wind power project under construction in Texas for $113 million. In February, dividend up 2% to $0.342.

December '14: EPS loss -$0.36 vs.  -$0.17. Revenues up 90% to $79.418 million. CAD $17.304 million vs. $5.630 million. Power sold 888,577 MWh (megawatt hours), up 102% vs. year-ago. In October, dividend up 2% to $0.335.

September '14: EPS loss -$0.15. CAD 10.943 million ($0.19/share) vs. $6.316 million ($0.12). Revenues up 25% to $71.519 million. Power sold 710,325 MWh (megawatt hours), up 94%. Secured 22-year power-purchase contract for first solar power project, Conejo Solar, in Chile's Atacama Desert. In August, dividend up 2% to $0.328.

June '14: EPS $0.20. CAD $16.058 million ($0.24/share) vs. $16.206 million. Revenues up 11% to $65.007 million. Power sold 769,619 MWh (megawatt hours), up 55%. Completed construction of 115 MW El Arrayin wind project in Chile, and paid $45.3 million to acquire an additional 38.5% the project, bringing holdings up to 70%. Paid $125 million for 82% of wind power plant in Carson County, Texas. Sold 13.6 million new shares, and its largest shareholder (Pattern Energy Group LP) sold 7.6 million existing shares, all at $25.75. In April, dividend up 3% to $0.322.

March '14: EPS loss -$0.20, $0.29 below analyst forecasts. CAD $17.844 million ($0.35/share). Revenues up 13% to $49.549 million. Power sold 652,521 MWh (megawatt hours), up 8%.

December '13: EPS  -0.17 loss, CAD $5.630 million ($0.11/share). Revenues up 22% to $41.767 million. Power sold 532,0001 MWh (megawatt hours), up 17%. Initiated $0.3125/share dividend.

Pepco Holdings 

Sell Pepco
Pepco Holdings has underperformed the overall portfolio and for good reason. Pepco last upped its dividend in early 2008.

Expected FY 12/2012 EPS Growth: -4%  Div/EPS Ratio: 90%

Background
Pepco's regulated operating units, Potomac Electric Power, Delmarva Power & Light, and Atlantic City Electric, distribute electricity and natural gas to more than 1.9 million customers in Delaware, Maryland, New Jersey and Washington, DC. In 2010, Pepco sold its Conectiv Energy non-regulated power generation unit in line with its strategy of focusing on the regulated utility business. Pepco's Potomac Capital Investment unit maintains a portfolio of cross-border energy lease investments.

Quarterly Reports  

June '12: EPS (adjusted) $0.25 vs. year-ago $0.43. Revenues down 17% to $1.179 billion. Power delivery revenues down 10% to $984 million. Energy Services revenues down 41% to $185 million.    

March '12: EPS (continuing) $0.30, up 7%. Lower income tax rates accounted for the EPS gain. Pre-tax income down 15%. Revenues down 21% to $1.292 billion. Power delivery revenues down 16% to $1.022 billion. Energy Services revenues down 39% to $228 million. Sold 17.7 million new shares at $19.25.

December '11: EPS (continuing) $0.15 vs. $0.25. Revenues down 19% to $1.234 billion. Power delivery revenues down 11% to $979 million. Energy Services revenues down 39% to $245 million. Earnings call transcript. 

September '11: EPS (continuing) $0.35 vs. $0.52. Revenues down 21% to $1.643 billion. Earnings call transcript.

June '11: EPS 0.42, up 24% vs. year-ago. Revenues down 14% to $1.41 billion.

March '11: EPS $0.27, up 108%. Revenues up 10% to $1.634 billion. Lower interest expenses and lower fuel costs contributed to earnings growth. Earnings call transcript.

December '10: EPS (continuing) $0.17 vs. $0.18. Revenues down 8% to $1.52 billion.   

September '10: EPS (continuing) $0.52, up 49%. Including special items, mostly debt extinguishment, EPS $0.09. Revenues up 1% to $2.067 billion.  

June '10: EPS (continuing) $0.34, up 89%. Revenues down 2% to $1.64 billion. Power delivery revenues up 5% to $1.149 billion. Energy services revenues down 15% to $476 million. Completed sale of Conectiv Energy power generation assets to Calpine for $1.63 billion. Said cash received eliminates need to sell additional shares until at least 2012. Getting $172 million from Department of Energy to implement "Smart Grid" technologies.   

March '10: EPS $0.16, down $0.01 (operating). Revenues down 6% to $2.36 billion. Regulated power delivery revenues down 8% to $1.262 billion. Non-regulated wholesale revenues down 5% to $1.087 billion. Earnings call transcript. Opened two electric vehicle charging stations in Washington, DC. Plans 10 stations in DC, Maryland, Delaware and in southern New Jersey. 

December '09: EPS $0.18 vs. $0.32. Revenues down 13% to $9.26 billion. Regulated power delivery revenues down 12% to $1.428 billion. Non-regulated wholesale revenues down 16% to $1.041 billion.

September '09: EPS (continuing) $0.56 vs. $0.59. Excluding non-recurring EPS $0.44 vs. $0.59. Revenues down 17% to $2.539 billion. Regulated power delivery revenues down 33% to $1.428 billion. Non-regulated wholesale revenues down 20% to $1.099 billion.

June '09: EPS $0.11, up 57%. Revenues down 18% to $2.5065 billion. Regulated power delivery revenues down 16% to $1.095 billion. Non-regulated wholesale revenues down 28% to $958 million.

Back to Utilities

Southern Company

8/1/14: Sell Southern
Southern Company's next 12 months' dividend growth outlook falls below our minimums for this portfolio. 

Southern reported June quarter earnings of $0.68 per share, $0.01 above analyst forecasts and double the year-ago quarter. Total revenues rose 5% to $4.467 billion. Retail revenues up 4% to $3.770 billion. Wholesale revenues up 13% to $515 million. Decent June quarter numbers from Southern Company.

In April, Southern raised its quarterly dividend by 3% to $0.525 per share.

Expected FY 12/2014 EPS Growth: 2%  Div/CF Ratio: 38%

Background
One of the largest electric utilities, with 4.5 million customers, Atlanta, Georgia-based Southern owns electric utilities Alabama Power, Georgia Power, Gulf Power, and Mississippi Power. It merged Savannah Electric & Power into Georgia Power in 2006.

Quarterly Reports 

March '14: EPS of $0.66, up 35% vs. year-ago. Total revenues up 19% to $4.644 billion. Retail revenues up 17% to $3.858 billion. Wholesale revenues up 40% to $604 million.

December '13: EPS $0.47, up 7%. Total revenues up 6% to $3.927 billion. Retail revenues gained 6% to $3.304 billion. Wholesale revenues up 8% to $449 million. 

September '13: EPS (continuing) $1.08, down 0.03 vs. year-ago. Counting non-recurring, EPS $0.97. Total revenues down 1% to $5.017 billion. Retail revenues down 1% to $4.319 billion. Wholesale revenues up 7% to $520 million.

June '13: EPS (adjusted) $0.66, down $0.03. Total revenues up 2% to $4.246 billion. Retail revenues up 1% to $3.620 billion. Wholesale revenues up 9% to $454 million. Bought 139-megawatt solar power system located in Southern California. In April, dividend up 4% to $0.5075. 

March '13: EPS (continuing) $0.49, up 17%. Non-recurring charges (mostly construction related) cut EPS to $0.09. Total revenues up 8% to 3.897 billion. Retail revenues up 7% to $3.298 billion. Wholesale revenues up 24% to $432 million. 

December '12: EPS $0.44, up 47%. Total revenues flat at $3.703 billion. Retail revenues down 1% to $3.12 billion. Wholesale revenues up 6% to $414 million.

September '12: EPS $1.11, up 4%. Total revenues down 7% to $5.049 billion. Retail revenues down 7% vs. year-ago to $4.38 billion. Wholesale revenues down 11% to $497 million. 

June '12: EPS $0.69 vs. $0.71. Total revenues down 8% to $4.181 billion. Retail revenues down 8% to $3.60 billion. Wholesale revenues down 18% to $415 million. Earnings call transcript. In April, dividend up 4% to $0.49.   

March '12: EPS $0.42 vs. $0.50. Total revenues down 10% to $3.60 billion. Retail revenues down 8% to $3.09 billion. Wholesale revenues down 22% to $349 million. Received government approval to construct new nuclear power generating facilities at its existing nuclear plant near Waynesboro, Georgia.  

December '11: EPS $0.30, down 30%. Total revenues down 2% to $3.70 billion. Retail revenues down 2% to $3.14 billion. Wholesale revenues down 5% to $392 million. Earnings call transcript.   

September '11: EPS $1.07, up 9%. Total revenues up 2% to $5.43 billion. Retail revenues up 2% vs. year-ago to $4.96 billion. Wholesale revenues down 9% to $557 million. Earnings call transcript.

June '11: EPS $0.71, up 15%. Total revenues up 8% to $4.52 billion. Retail revenues up 8% to $3.84 billion. Wholesale revenues up 7% to $507 million. Earnings call transcript. In April, dividend up 4% to $0.4725/share. 

March '11: EPS $0.50 vs. year-ago $0.60. Total revenues down 3% to $4.01 billion. Retail revenues down 2% vs. year-ago to $3.40 billion. Wholesale revenues down 17% to $449 million. Year-ago sales helped by exceptionally cold winter. Compared to March 2009, revenues were up 19%.

December '10: EPS (continuing) $0.43, up 39%. Including lawsuit settlement charge, EPS $0.18. Revenues up 7% to $3.77 billion. Retail revenues up 8% to $3.19 billion. Wholesale revenues up 5% to $413 million. Earnings call transcript.

September '10: EPS $0.98 vs. $0.97. Revenues up 14% to $5.32 billion. Retail revenues up 14% to $4.57 billion. Wholesale revenues up 9% to $566 million. Earnings call transcript. Raised $400 million by selling senior notes paying 2.375% maturing September 2015.

June '10: EPS $0.62, up $0.01. Revenues up 8% to $4.21 billion. Retail revenues up 18% to $3.57 billion. Wholesale revenues up 8% to $473 million. In April, dividend up 4% to $0.455. 

March '10: EPS $0.60 vs. $0.42 (continuing). Revenues up 13% to $4.16 billion. Retail revenues up 11% vs. to $3.46 billion. Wholesale revenues up 20% to $542 million. Cold winter weather helped results.  Partnered with Turner Renewable Energy to buy solar energy project in New Mexico, which it expected to begin producing by end of 2010. Department of Energy guaranteeing loans for 70% of estimated cost to build new nuclear power plant near Waynesboro, Georgia. Already operates two nuclear units in same location. Georgia Power unit signed 10-year contract with Waste Management to produce electricity from landfill gas. 

December '09: EPS $0.31, up 29%. Revenues down 8% to $3.51 billion. Retail revenues down 5% to $2.982 billion and wholesale revenues down 24% to $394 million. Georgia Power unit raised $500 million selling notes paying 4.25% maturing in December 2019. Received $165 million from U.S. DOE to upgrade portions of electric distribution system to "smart grid" standards. Acquired Nacogdoches Power and will construct biomass power plant in Sacul, Texas. Commercial operation projected for mid-2012. When completed, plant will be capable of generating 100 megawatts, making it one of the US' largest biomass power plants.

September '09: EPS $0.99, down $0.02. Revenues -14% to $4.68 billion. Retail revenues -11% to $3.997 billion and wholesale revenues -33% to $519 million.

June '09: EPS $0.61 vs. $0.54 (excluding non-recurring $0.63). Revenues -8% to $3.89 billion. Wholesale revenues -26% to $438 million. In April, dividend up 4% to $0.4375. 

March '09: EPS (continuing) $0.42 vs. $0.47. Revenues -1% to $3.67 billion. Wholesale revenues -12% to $451 million.

December '08: EPS $0.24 vs. $0.27. Revenues $3.802 billion, +14%. Wholesale revenues +14% to $520 million.

Back to Utilities

Unitil 

Unitil
Unitil has underperformed the overall portfolio and for good reason. It hasn't announced a payout hike since 1998.

Expected FY 12/2012 EPS Growth: -3%  Div/EPS Ratio: 95%

Background
Serves 101,000 electricity customers and 70,000 natural gas customers in New Hampshire, Massachusetts, and Maine via three operating units: Fitchburg Gas & Electric Light Company, Northern Utilities, and Unitil Energy Systems. Its Granite State Gas Transmission unit operates natural gas pipelines serving its Northern Utilities unit. Unitil Resources provides energy brokering and advisory services to large commercial customers. Acquired Northern Utilities and Granite State Gas Transmission from NiSource in December 2008.

Quarterly Reports  

September '12: EPS $0.03 vs. year-ago -$0.15. Revenues down 3% to $69.8 million. Gas revenues down 1% to $20.3 million. Electricity revenues down 1% to $49.5 million. Gross margin on gas sales 11.2% vs. year-ago 8.2%. Electricity gross margin 19.1% vs.  17.8% Operating cash flow $0.66/share vs. year-ago $0.29/share. As utilities go, this was a good report. 

June '12: EPS loss -$0.03 vs. -$0.08. Revenues down 1% to $68.8 million. Gas revenues down 3% to $22.7 million. Electric revenues up 2% to $44.8 million. Operating cash flow $22.5 million ($1.82/share) vs. $10.2 million ($0.94/share). Sold 2.76 million new shares at $25.25.  

March '12: EPS $0.83, up 2%. Revenues down 1% to $114.2 million. Gas revenues down 2% to $64.2 million. Electric revenues up 1% to $48.7 million. Operating cash flow $30.4 ($2.78/share) million vs. year-ago $36.4 million ($3.35/share).  

December '11: EPS (operating) $0.47, down $0.01. Counting non-recurring credit from legal settlement, EPS $0.92. Revenues down 3% to $94.7 million. Gas revenues down 2% to $46.9 million. Electric revenues down 5% to $46.5 million. Operating cash flow minus -$3.9 million (-$0.36/share) vs. $4.4 million ($0.41/share).  

September '11: EPS loss -$0.15 vs. -$0.01. Excluding non-recurring, EPS -$0.04. Revenues down 6% to $73.2 million. Gas revenues up 22% to $21.2 million. Electric revenues down 12% to $50.5 million. Gas profit margin 38.7% of sales vs. 45.4%. Electric profit margin 35.2% of sales vs. 29.4%. Operating cash flow $3.2 million ($0.29/share) vs. -$5.5 million.

June '11: EPS loss -$0.08 vs. -$0.19 loss. Revenues down 3% to $69.5 million. Gas revenues up 6% to $25.2 million. Electric revenues down 8% to $42.9 million. Gas profit margin 38.9% vs. 39.7%. Electric profit margin 37.1% vs. 28.3%. Operating cash flow $10.2 million ($0.94/share) vs. $2.7 million ($0.25/share).

March '11: EPS $0.81, up 33%. Revenues up 2% to $115.4 million. Gas revenues up 8% to $65.9 million. Electric revenues down 4% to $48.2 million. Gas profit margin 37.6% vs. 34.7%. Electric margin 33.4% vs. 27.8%. Operating cash flow $36.4 million ($3.35/share) vs. $24.3 million ($2.25/share).

December '10: EPS $0.48 vs. $0.51 (continuing). Revenues up 9% to $96.7 million. Gas revenues up 6% to $47.9 million. Electric revenues up 2% to $48.8 million. Gas profit margin 48.2% vs. year-ago 29.2%. Electric margin 32.4% vs. 29.0%.

September '10: EPS loss -$0.01 vs. -$0.06 loss. Revenues up 8% to $74.9 million. Gas revenues up 14% to $17.4 million. Electric revenues up 6% to $57.5 million. Gas margin 45.4% vs. 52.0%. Electric margin 29.4% vs. 26.8%.  

June '10: EPS -$0.19 loss vs. +$0.03. Revenues even at $71.4 million. Gas revenues up 1% to $23.7 million. Electric revenues down 1% at $46.6 million.

March '10: EPS $0.61 vs. $1.14. Revenues down 17% to $113.0 million. Gas revenues down 16% to $61.1 million. Electric revenues down 18% to $50.8 million. Raised $40 million via note and bond sales.  

Westar Energy  

8/16:  Westar's proposed acquisition by Great Plains Energy was deemed "detrimental to the public interest" by Missouri utility commission staff and thus must be approved by the Missouri Public Service Commission. That decision could delay closing of the deal which was expected to close by the middle of 2017, and could force Great Plains to make "concessions" to close the deal. Thus, it no longer makes sense to wait for the deal to close before selling Westar.  

Westar reported June quarter earnings of $0.51 per share, $0.02 below analyst forecasts, but up 9% vs. year-ago quarter. Revenues up 5% to $621.4 million.

In May, Westar agreed to be acquired by Great Plains Energy (GXP) for $60 per share in cash and stock. WR shareholders will receive $51 in cash, and $9.00 of GXP stock for each WR share. Westar expects the transaction to close by the end of its June '17 quarter.

Expected FY 12/2016 EPS Growth:  CF Payout Ratio:

Background
Westar Energy serves 366,000 retail customers in central and northeast Kansas and its Kansas Gas & Electric unit supplies 313,000 retail customers in south-central and southeastern Kansas. Its KG&E unit holds a 47% interest in the Wolf Creek Generating station, a nuclear power plant. In 2002, Westar's then CEO and chief strategic officer were both fired for wrongdoing and later tried for money laundering, fraud, and other misdeeds. After years of underinvestment, in 2005, Westar initiated a capital improvement program intended to spur revenue and earnings growth.

Quarterly Reports 

March '16: EPS $0.46, up 21% vs. year-ago. Revenues down 4% to $569.5 million. In February, dividend up 6% to $0.38. 

December '15: EPS $0.28, down 15%. Total revenues down 9% to $546.0 million. Retail revenues down 5% to $403.6 million. Wholesale revenues down 33% to $68.9 million. Transmission revenues down 6% to $60.8 million. Operating margin (OM) 19.8% of sales vs. 17.6%.

September '15: EPS $0.97, down 14%. Revenues down 4% to $732.8 million. Retail revenues down 3% to $576.2 million. Wholesale revenues down 10% to $87.9 million. Transmission revenues down 9% to $61.2 million. OM 35.0% of sales vs. 33.4%. 

June '15: EPS $0.46, up 15%. Revenues down 4% to $589.6 million. Retail revenues down 3% to $445.2 million. Wholesale revenues down 9% to $74.8 million. Transmission revenues down 4% to $61.3 million. OM 22.3% vs. 20.0%. 

March '15: EPS $0.38 vs. $0.52. Revenues down 6% to $590.8 million. Retail revenues flat at $439.6 million. Wholesale revenues down 22% to $86.76 million. Transmission revenues down 5% to $58.6 million. OM 28.6% vs. 23.8%. In February, dividend up 3% to $0.36.   

December '14: EPS $0.33, up $0.01. Revenues up 7% to $596.4 million. Retail revenues up 3% to $423.5 million. Wholesale revenues up 19% to $102.0 million. Transmission revenues up 20% to $64.5 million. OM 17.6% vs. 18.5%.

September '14: EPS $1.13, up 9%. Revenues up 10% to $764.0 million. Retail revenues up 10% to $591.7 million. Wholesale revenues up 3% to $97.7 million. Transmission revenues up 28% to $67.1 million. OM 33.4% vs. 32.3%.

June '14: EPS 0.41 vs. $0.45 (continuing). Revenues up 8% to $612.7 million. Retail revenues up 8% to $457.8 million. Wholesale revenues up 1% to $82.4 million. Transmission revenues up 21% to $63.7 million. OM 20.0% vs. 23.0%.

March '14: EPS $0.53, up 33%. Revenues up 15% to $628.6 million. Retail revenues up 10% to $439.4 million. Wholesale revenues up 2% to $110.6 million. Transmission revenues up 19% to $61.5 million. OM 23.8% vs. 22.0%. In February, dividend up 3% to $0.35.

December '13: EPS $0.32 vs. $0.36. Revenues up 7% to $595.9 million. Retail sales up 9% to $413.0 million. Wholesale sales down 2% to $85.5 million. Transmission revenues up 9% to $53.6 million. OM 18.5% vs. 20.6%.

September '13: EPS $1.04 vs. $1.10. Revenues even at $695.0 million. Retail sales down 1% to $540.2 million. Wholesale sales up 6% to $94.5 million. Transmission revenues up 7% to $52.4 million. OM 32.3% vs. 35.9%. Sold 9.2 million new shares at $31.15. 

June '13: EPS $0.53, up 10%. Revenues up 1% to $569.6 million. Retail sales down 3% to $425.5 million. Wholesale sales up 19% to $81.8 million. Transmission revenues up 7% to $52.8 million. OM 23.1% vs. year-ago 23.5%.

March '13: EPS $0.40, up 90%. Revenues up 15% to $546.2 million. Retail sales up 14% to $401.1 million. Wholesale sales up 21% to $86.5 million. Transmission revenues up 12% to $51.5 million. OM 22.2% vs. 15.0%. In February, dividend up 3% to $0.34.  

December '12: EPS $0.36, up 125%. Revenues up 8% to $523.8 million. Retail sales up 8% to $379.3 million. Wholesale sales down 2% to $87.4 million. Transmission revenues up 26% to $40.3 million. OM 20.6% vs. 14.9%. 

September '12: EPS $1.10, up $0.02 (adjusted). Revenues up 3% to 695.8 million. Retail sales up 3% to $547.8 million. Wholesale sales down 12% to $84.8 million. Transmission revenues up 26% to $49.1 million. Operating margin 35.9% vs. 35.5%. 

June '12: EPS (continuing) $0.48, up 17%. Revenues up 8% to $568.3 million. Retail sales up 10% to $440.6 million. Wholesale sales down 11% to $69.0 million. Transmission revenues up 26% to $49.4 million. Operating margin 23.5% vs. 20.5%.

March '12: EPS (continuing) $0.21 vs. $0.28. Revenues down 1% to $475.7 million. Retail sales down 2% to $350.6 million. Wholesale sales down 9% to $71.2 million. Transmission revenues up 24% to $46.0 million. Operating margin 15.0% vs. 18.9%.  In February, dividend up 3% to $0.33.

December '11: EPS $0.16 vs. $0.04. Revenues up 6% to $486.2 million. Retail sales up 5% to $350.0 million. Wholesale sales up 14% to $89.8 million. Transmission revenues up 9% to $39.2 million. Operating margins 16.0% vs. 9.2%.  

September '11: EPS (continuing) $0.98 vs. $1.02. Revenues up 5% to $678.2 million. Retail sales up 5% to $529.6 million. Wholesale sales up 7% to $101.1 million. Transmission revenues up 10% to $39.1 million. Operating margins 35.6% vs. 32.8%. 

June '11: EPS $0.38, down $0.09. Revenues up 6% to $524.9 million. Retail sales up 8% to 399.5 million. Wholesale sales down 2% to $77.5 million. Transmission revenues up 8% to $39.2 million. Operating margins 20.5% vs. 24.4%.    

March '11: EPS $0.27, even. Total revenues up 5% to $481.7 million. Retail sales up 7% to 357.9 million. Wholesale sales down 5% to $78.6 million. Transmission revenues up 1% to $37.2 million. Operating margins 18.9% vs. 20.0%. In February, dividend up 3% to $0.32.   

December '10: EPS $0.04 vs. $0.10. Total revenues up 4% to $456.7 million. Retail sales up 5% to 332.5 million. Wholesale sales down 9% to $78.8 million. Transmission revenues up 14% to $36.0 million. Operating margins 10.6% vs. 14.0%. Raised $220 million by selling 8.6 million new shares at $25.54.    

September '10: EPS  $1.02, up 40%. Revenues up 22% to $644.4 million. Retail sales up 20% to 502.3 million. Wholesale sales up 34% to $94.1 million. Transmission revenues up 8% to $35.6 million. 

June '10: EPS $0.47, up 34%. Revenues up 6% to $495.2 million. Retail sales up 14% to 370.7 million. Wholesale sales up 20% to $79.0 million. Transmission revenues down 12% vs. $36.3 million. 

March '10: EPS (continuing) $0.27 vs. $0.10. Revenues up 9% to $459.8 million. Retail sales up 15% to 333.2 million. Wholesale sales down 4% to $82.7 million. Transmission revenues up 36% to $36.6 million. Said planned to build wind energy plant in western Kansas. Expected first phase, online late 2011 or early 2012, to produce 200 megawatts. Received $19 million from the U.S. to help fund "smart grid" technology project. Settled lawsuit with U.S. by agreeing to spend at least $200 million ($1.83/share) to reduce air pollution at Jeffery Energy Center in Oklahoma and pay $3 million penalty. In February, dividend up 3% to $0.31 per share.  

December '09: EPS $0.10 vs. $0.21. Revenues down 8% to $440.1 million. Retail sales up 19% to 316.9 million, wholesale sales down 20% to $86.5 million, and energy marketing revenues essentially zero vs. $2.0 million. Operating income up 20%. Income tax expenses accounted for lower EPS.

September '09: EPS $0.73 vs. $0.80. Revenues down 8% to $528.6 million. Retail sales down 1% to 417.4 million, wholesale 39% to $70.4 million, and energy marketing down 77% to $2.0 million. 

June '09: EPS $0.35 vs. $0.06. Revenues up 4% to $467.8 million. Retail sales up 7% to 335.0 million, wholesale down 21% to $65.7 million, and energy marketing down 56% to $0.3 million.

Back to Utilities

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