Allegheny Energy's 2nd quarter comes in at 55 cents a share

Utilities

July 28, 1999|By Shanon D. Murray | Shanon D. Murray,SUN STAFF

Allegheny Energy Inc. yesterday reported second-quarter earnings of $64.5 million, or 55 cents a share, compared with a net loss of $211.6 million, or $1.73 a share, in the second quarter of 1998.

Included in the 1998 numbers was a charge of $265.4 million associated with the Hagerstown-based utility's restructuring order in Pennsylvania.

Nearly half of the company's 1.4 million customers are in Pennsylvania, the only state in the company's five-state service area with a deregulated electricity industry. Allegheny also serves parts of Maryland, Ohio, Virginia and West Virginia.

Without that charge, Allegheny's earnings for the quarter that ended June 30 were up 25 percent from the 1998 quarter.

That increase is primarily because of increased earnings from nonutility sales of electricity, including the company's aggregation program for residential customers and small businesses in Pennsylvania.

Allegheny reported revenue of $643.4 million for the quarter, compared with $627.7 million posted for the comparable period last year.

Earnings in the six months that ended June 30 were $162.3 million, or $1.35 a share, compared with $132.1 million, or $1.08 a share, reported for the corresponding period in 1998 before the extraordinary charge.

Pub Date: 7/28/99

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