Sierra Pacific earnings up, less than analysts expected

RENO (AP) — Sierra Pacific Resources on Friday reported that second-quarter income rose, bolstered by rate increases and recovered construction costs for two power plants despite lower operating revenue. 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 were below expectations of analysts surveyed by Thomson Financial. They projected earnings of 17 cents per share and revenue of $884 million. Shares fell to $11.47, down 28 cents or 2.4 percent, in early trading. Sierra Pacific Resources, headquartered in Reno, is the holding firm of Nevada’s two main utilities, Nevada Power Co. in southern... [read full story]