PacifiCorp, parent company of Utah Power & Light, reported earnings contribution on common stock of $130 million for the quarter that ended March 31, a 3 percent increase over the same period last year.
Earnings per share of 51 cents declined slightly from 52 cents for the same quarter a year ago due to a 5 percent increase in the average number of common shares outstanding.The company said consolidated revenues increased 7 percent, or $62 million, to $973 million as gains in telecommunications and mining and resource development segments offset lower financial services' revenue associated with that business' 1990 downsizing. Electric operations' revenues for the quarter were relatively flat.
At electric operations both retail kilowatt-hour sales and revenues rose 2 percent. The increases were offset by 10-percent declines in kilowatt-hour sales and revenues, respectively, associated with sales to other utilities. The decline resulted from a combination of mild temperatures and improved hydro conditions which resulted in increased competition and resulting lower prices.
Net income rose 4 percent, or $5 million, to $136 million.
PacifiCorp said the average number of common shares outstanding for the quarter was 5 percent higher than for the 1990 period due to the use of original issue shares for the leveraged employee stock ownership plan and dividend reinvestment and stock ownership plan, as well as the effect in the prior year of shares held for use in the acquisition of North-West Telecommunications.
In late March, the company issued an additional 5 million shares through a public offering, its first such offering since 1985.