Sierra Pacific shares fall as 2Q misses estimates

Next Politics & Policy Article RENO, Nev. - 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--sending shares to 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, from $25.7 million, or 12 cents per share, in 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 34 cents, or nearly 3 percent, to $11.41 in afternoon trading, having earlier hit a new 52-week low of $11.14. Sierra... [read full story]