Sierra Pacific shares fall to a new low after earnings miss their mark

RENO (AP) — Sierra Pacific Resources said Friday its second-quarter profit rose 40 percent as rate increases and recovered construction costs offset lower operating revenue, but results missed Wall Street expectations and shares hit a new low. The parent company of Nevada’s two electric utilities said income for the quarter ending June 30 increased to $36.1 million, or 15 cents per share, up from $25.7 million, or 12 cents per share, for the same quarter last year. Revenue fell to $838.7 million from $851.8 million. The results missed expectations of analysts surveyed by Thomson Financial, who expected earnings of 17 cents per share and revenue of $884 million. Shares fell 48 cents, or more than 4 percent, to $11.27 in after-hours trading, having hit a new 52-week low of $11.14 before market close. Sierra Pacific Resources,... [read full story]