CH Energy Group”™s earnings during the third quarter of 2007 totaled 27 cents per share versus an earnings of 70 cents per share during the third quarter of 2006.
Central Hudson reiterated its belief the energy holding company will attain its year-end projected consolidated earnings of between $2.55 and $2.80 per share.
Year-to-date earnings per share stand at $1.98, compared with $2.12 for the first three quarters of 2006.
Changes in regulatory provisions and a number of significant, favorable, one-time and unusual items had contributed 31 cents per share to the third-quarter results of the prior year. The 2007 third-quarter results were more typical of prior third-quarter results.
The stock for subsidiary Central Hudson & Gas Electric Corp. earned 37 cents during the third quarter, compared with the 67 cents it posted during the same period of the prior year. The company projects Central Hudson will contribute between $1.90 and $2 to annual earnings per share. Earnings per share year to date total $1.52.
Griffith Energy Services, Inc., Central Hudson”™s fuel distribution arm, posted a loss of 21 cents per share, compared with the 15-cent loss it incurred during the same quarter of 2006.
The fuel distribution subsidiary now serves nearly 102,000 customers, an 18percent increase over the same period of last year. Griffith’s year-to-date earnings per share were 11 cents, as compared with the break-even level posted during the same three quarters of 2006. CH Energy Group projects annual earnings per share from the subsidiary to total between 25 and 30 cents.
Quarterly earnings per share for other businesses and investments, including the company”™s renewable energy portfolio, totaled 11 cents during the quarter, down from 18 cents during the third quarter of last year. The absence of a significant and unusual item in this year’s third quarter was the primary reason for the quarter-over-quarter difference.
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