Despite a drop in electric usage because of an unseasonabl cool summer, Baltimore Gas and Electric Co.'s third-quarter earnings rose 6.8 percent, thanks to a rebound in the company's non-regulated operations.
Although earnings rose, income per share remained flat, at 84 cents, because of the increase in the number of outstanding shares following two stock offerings this year.
Earnings for the company's non-regulated subsidiaries, Constellation Holdings, jumped to $7.5 million from a loss of $4.2 million in the same period a year ago. The 1991 third-quarter results were depressed by a $9 million write-down in an investment security.
For the nine months, revenues were up slightly, but earnings dropped by 6.3 percent. Electric sales to residential customers dropped 5.2 percent during the nine months because of the cool summer weather, the company said. Commercial and industrial sales were virtually unchanged.
Three months ended 9/30/92
.. .. .. Revenue .. .. .. .. Net .. .. .. .. .. Share
'92 .. .. 679,254,000.. ..124,620,000 .. .. .. 0.84
'91 .. .. 702,048,000.. ..116,671,000 .. .. .. 0.84
% change ..-3.2.. .. .. .. .. +6.8 .. .. .. .. ..0.0
Nine months ended 9/30/92
.. .. .. .. Revenue .. .. .. Net .. .. .. .. .. Share
'92.. .. .. 1,893,774,000 .. 221,922,000 .. .. ..1.42
'91.. .. .. 1,863,901,000 .. 236,718,000 .. .. ..1.62
% change .. .. .. +1.6.. .. .. ..-6.3 .. .. .. .-12.3
