Power provider Cleco boosted its
first-quarter earnings, primarily because of a higher allowance
tied to the construction of a new electricity generating project.
For the three months ending March 31st, Cleco earned 22.1
million dollars, or 37 cents per share, on revenue of 222.6 million
dollars. That’s compared with year-ago earnings in the first
quarter of 8.2 million dollars, or 14 cents per share, on revenue
of 223.8 million dollars.
Analysts surveyed by Thomson Financial had forecast per-share
earnings of 28 cents on revenue of 247.2 million dollars for the
latest quarter.
Cleco said power sales through its regulated utility and
wholesale unit were largely unchanged from last year. The allowance
for the use of borrowed funds for a 1 billion dollars solid-fuel
unit at Cleco’s Rodemacher power plant increased by 18 cents per
share over a year ago.
The unit is expected to begin operations in October 2009, using
petroleum coke, a refinery byproduct, as its primary source of
fuel.