Tucson - TEP reduces losses; UniSource earns $5M

Arizona Star 5/5/09

UniSource Energy Corp., the parent of Tucson Electric Power Co., on Monday reported net income of $5 million, or 14 cents per share, in the first quar­ter of 2009.

The profit compares with a net loss of $3 million, or 7 cents per share, in the same period in 2008. The turnaround stemmed from a lower net loss at TEP.

The company’s earnings dropped 76 percent in 2008, but analysts expected earnings to improve this year due to a new rate structure that allows pass­through surcharges for whole­sale power and fuel.

UniSource kept its 2009 earnings forecast at between $2.55 and $2.90 per share.