Parent company of Sierra Pacific Power reports higher 1Q earnings | SierraSun.com

Parent company of Sierra Pacific Power reports higher 1Q earnings

RENO (AP) – Sierra Pacific Resources says first-quarter earnings rose $8.5 million because of a rate increase, customer growth and costs recovered for the construction of two power plants.

The parent firm of Nevada’s two main electric utilities reports net income of $24.1 million, or 10 cents a share, for the quarter ending March 31. That compares with income of $15.6 million, or 7 cents a share, for the same period in 2007.

About 80 percent of Sierra Pacific Power’s 46,000 California customers reside in the Lake Tahoe Basin. The company’s California service area extends from Portola in the north to Markleeville and Topaz Lake to Coleville in the south.

The earnings beat the expectations of Wall Street analysts. Those surveyed by Thomson Financial predicted net income of 8 cents per share.