BG&E's profits for 2nd quarter rise 46 percent

July 17, 1993

Higher temperatures and higher rates boosted Baltimore Gas and Electric Co.'s second-quarter profits by 46.9 percent.

The Baltimore-based utility company said its bottom line for the quarter was helped as air conditioner use increased because of warm weather at the end of June. The company was also helped by a 3.8 percent rate increase granted by the Public Service Commission in April.

If the steamy weather during the first part of July was any indication, BG&E can expect higher profits in the third quarter as well.

"The general trend is up for the remainder of the year," said Kevin J. Miller, director of financial planning for BG&E.

Cold weather at the end of March also helped increase the first six months' net income, which rose by 25 percent.

Residential gas sales during the first half of the year increased 4.9 percent because of the colder weather and an increase in customers. This was offset by a 2.8 percent drop in commercial and industrial gas sales, primarily because of reduction in operations at Bethlehem Steel Corp.'s Sparrows Point steel mill in Baltimore County.

A portion of the steel mill was shut for three weeks in March and April as the plant's blast furnace was repaired, a Bethlehem spokesman said.

Baltimore Gas and Electric Co.

Ticker Symbol

BGE

Yesterday's

Cls. ... ..Chg.

25 3/4 .. Unch.

Period ended

June 30.. .. .. ..2nd qtr... .. ..Year ago.. .. .. Chg.

Revenue.. .. .. .$564,721.. .. .. $540,895.. .. . +4.4%

Net Income.. .. .$55,876 .. .. ...$38,049 .. .. .+46.9%

Primary EPS .. .. .$0.31 .. .. .. ..$0.20 .. .. .+55.0%

.. .. .. .. .. .. .6 mos. .. .. ..Year ago .. .. ...Chg.

Revenue .. .. ...$1,248,546 .. ..$1,210,148 .. .. .+3.2%

Net Income .. ... .$121,672 .. .. ..$97,302 .. ...+25.0%

Primary EPS .. .. ..$0.70.. .. .. .. $0.57.. .. . +22.8%

Figures in thousands (except per share data)

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