PacifiCorp reported net income of $474 million in 1990, up 2 percent over the $466 million earned in 1989. Earnings per share were $1.85, up 2 percent or 4 cents from the $1.81 reported in the previous year.
Annual revenues increased 5 percent, or $196 million, in 1990 to $3.8 billion, as the Telecommunications (Pacific Telecom) and Mining & Resource Development (NERCO) segments posted strong gains, the company said.In the fourth quarter, PacifiCorp's earnings per share were $.52, an increase of 8 percent, or $.04, from the same period a year ago. Total revenues were $1.1 billion, an increase of $123 million, or 13 percent, from the fourth quarter of 1989.
Consolidated income from operations for the fourth quarter rose $63 million, or 25 percent, to $311 million.
Consolidated earnings on common stock for the quarter rose $13 million, or 11 percent, to $131 million. Electric earnings rose $7 million, or 7 percent, principally due to the December cold spell and decreased income tax expense resulting from implementation of a deferred tax study.
The average number of common shares outstanding during the quarter increased 3 percent as original issue shares were used for dividend reinvestment and employee stock ownership plans.
For the year, electric revenues were up $9 million with total kilowatt-hour sales rising 4 percent, offset in part by lower retail prices.
Operating income for the year increased $55 million, to $1.1 billion, with a $33 million, or 25 percent, increase from Mining and Resource Development and a $20 million, or 15 percent, increase from Telecommunications. Electric Operations' income from operations for the year was off 1 percent.
The company's three core businesses each reported increased earnings for the year. Corporate's contribution declined, the company said, as a result of recent valuation adjustments in non-core investments held by Inner PacifiCorp.