TUCSON
TEP parent UniSource has solid 3rd quarter
Arizona Star 10/29/09
Hot summer weather, cost controls and lower expenses for fuel and purchased power helped Tucson-based UniSource Energy Corp. swing to profit in the third quarter.
UniSource, parent of Tucson Electric Power Co. , on Wednesday reported net income of $58 million, or $1.45 per share, for the third quarter of 2009. That compares with a net loss of $11 million, or 31 cents per share, in the third quarter of 2008.
The energy company’s earnings, reported after the close of the financial markets, reflected those of TEP, which reported a net income of $55 million for the third quarter, compared with a net loss of $12 million during the third quarter of last year.
The energy company maintained its 2009 earnings forecast of $2.55 to $2.70 per share.
Shares for UniSource, which trades on the New York Stock Exchange, closed at $28.05 Wednesday, up a cent from the previous day’s close.
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