NV Energy Reports Fourth Quarter and Full Year 2012 Results; Announces 2013 Earnings Guidance Highlights: -- Favorable fourth quarter results despite mild weather -- 12-month results in line with earnings guidance -- Outlook: stable earnings, sustained free cash flow PR Newswire LAS VEGAS, Feb. 22, 2013 LAS VEGAS, Feb. 22, 2013 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three and 12 months ended December 31, 2012 as shown in the table below. NV Energy, Inc. Consolidated Results Periods Ended December 31, Net Income (Loss) ($ in millions) EPS (diluted) 2012 2011 2012 2011 Three Months $ 17.2 $ (25.2) $ 0.07 $ (0.11) 12 Months $ 321.9 $ 163.4 $ 1.35 $ 0.69 (Logo: http://photos.prnewswire.com/prnh/20100825/LA55163LOGO) Key factors contributing to the improved results for the fourth quarter included: oa rate decision by the Public Utilities Commission of Nevada which became effective January 1, 2012; olower interest expense; and oregulatory adjustments and reserves in the fourth quarter of 2011 ($20.9 million pre-tax) that did not recur in 2012. These positive factors were partially offset by milder weather compared to the fourth quarter of 2011. For further information regarding drivers of financial results, see the earnings report to the financial community posted on www.nvenergy.com. "Earnings for the year were $1.35 per share, in line with our guidance," said Michael Yackira, president and chief executive officer of NV Energy, Inc. Management's most recently announced earnings guidance range was between $1.30 and $1.40 per share for calendar year 2012. "In the year ahead, we will enhance our customer-oriented programs, in particular NV Energize and other tools to empower customers to manage their energy usage. We'll also maintain our focus on controlling costs. These efforts, combined with other initiatives to provide safe, reliable, affordable energy, will drive our success in 2013." Other notable accomplishments include: oincreased the common stock dividend 12% on February 7, 2013, following a 31% increase in May 2012; oreduced debt by over $120 million since year-end 2011; orecommenced tower construction for the One Nevada (ON Line) transmission project; oprovided over 90% of customers with smart meters through the NV Energize initiative; and oexpanded the renewable energy portfolio by more than 300 megawatts since year-end 2011. Announcing 2013 Earnings Guidance "Hot weather aided earnings and cash flow in 2012," Mr. Yackira said. "This year, we expect to earn between $1.25 and $1.35 per diluted share. Our guidance for 2013 assumes normal weather. Both last year's results and this year's guidance are consistent with our belief that we are in a period of stable earnings and sustained free cash flow. This should enable us to deliver dividend growth of about 10 percent until we reach a payout ratio of 60 to 65 percent, while strengthening our capital structure and considering potential investments." Key factors expected to drive financial results in 2013 are shown in the earnings report to the financial community posted on www.nvenergy.com this morning. Webcast Scheduled for 7 a.m. PST today, Friday, February 22, 2013 Senior management of NV Energy will review the company's 2012 financial results, 2013 earnings guidance and other matters during a conference call and live webcast today, Friday, February 22, at 7 a.m. Pacific Standard Time. The webcast will be accessible on the NV Energy website at www.nvenergy.com. A taped replay will remain on the company's website for approximately 30 days. To listen to the replay by telephone, call (800) 475-6701. International callers should dial (320) 365-3844. Use the conference call access code 276762. Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined service territory of nearly 46,000 square-miles, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy. Forward-looking statements include earnings guidance and estimates or forecasts of operating and financial metrics. These statements reflect current expectations of future conditions and events and as such are subject to a variety of risks, uncertainties and assumptions that could cause actual results to differ materially from current expectations. These risks, uncertainties and assumptions include, but are not limited to, NV Energy Inc.'s ability to maintain access to the capital markets, NV Energy Inc.'s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.'s subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, and the discretion of NV Energy Inc.'s Board of Directors with respect to the payment of future dividends based on its periodic review of factors that ordinarily affect dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in NV Energy Inc.'s and its subsidiaries' financing agreements. For Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Renewable Energy Portfolio Standard, changes in environmental laws and regulations, construction risks, including but not limited to those associated with the ON Line project, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, unseasonable weather, drought, wildfire and other natural phenomena, explosions, fires, accidents, mechanical breakdowns that may occur while operating and maintaining an electric and natural gas system, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their pending and future regulatory filings. Further risks, uncertainties and assumptions that may cause actual results to differ from current expectations pertain to weather conditions, customer and sales growth, plant outages, operations and maintenance expense, depreciation and allowance for funds used during construction, interest rates and expense, cash flow and regulatory matters. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy are contained in their Annual Reports on Form 10-K for the year ended December 31, 2011, and quarterly reports on Form 10-Q for the periods ended March 31, 2012, June 30, 2012, and September 30, 2012 each filed with the Securities and Exchange Commission. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. NV ENERGY, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in Thousands, Except Share Amounts) Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 OPERATING REVENUES $ 600,571 $ 609,597 $ 2,979,177 $ 2,943,307 OPERATING EXPENSES: Fuel for power 164,445 160,665 565,381 680,585 generation Purchased power 117,105 115,202 603,999 633,874 Gas purchased 27,861 37,402 74,352 125,155 for resale Deferred energy (76,443) (39,655) (106,728) (83,333) Energy efficiency 20,068 20,490 96,677 43,537 program costs Other operating 105,292 102,996 412,372 411,115 expenses Maintenance 33,535 29,990 109,725 103,307 Depreciation and 95,950 91,492 377,640 357,937 amortization Taxes other than 16,239 14,331 60,696 60,465 income Total Operating 504,052 532,913 2,194,114 2,332,642 Expenses OPERATING INCOME 96,519 76,684 785,063 610,665 OTHER INCOME (EXPENSE): Interest expense (net of AFUDC-debt: $2,014, (73,322) (89,992) (299,484) (328,710) ($1,653), $7,493 and $8,718) Interest income (expense) on (1,518) (566) (7,721) (4,115) regulatory items AFUDC-equity 2,480 (1,981) 9,146 10,873 Other income 4,987 4,207 24,299 10,558 Other expense (10,856) (25,324) (22,765) (48,924) Total Other Income (78,229) (113,656) (296,525) (360,318) (Expense) Income (Loss) Before Income Tax 18,290 (36,972) 488,538 250,347 Expense Income tax expense 1,126 (11,724) 166,592 86,915 (benefit) NET INCOME (LOSS) 17,164 (25,248) 321,946 163,432 Other comprehensive income (loss): Change in compensation retirement benefits liability and amortization (Net of taxes $1,084, $1,504, (2,062) (2,775) (1,598) (357) $838 and $202) Change in market value of risk management assets and liabilities (Net of taxes ($72), $369, 129 (686) (539) (686) $283 and $369) OTHER COMPREHENSIVE (1,933) (3,461) (2,137) (1,043) INCOME (LOSS) COMPREHENSIVE $ 15,231 $ (28,709) $ 319,809 $ 162,389 INCOME (LOSS) Amount per share basic and diluted Net income (loss) per share $ 0.07 $ (0.11) $ 1.37 $ 0.69 - basic Net income (loss) per share $ 0.07 $ (0.11) $ 1.35 $ 0.69 - diluted Weighted Average Shares of Common 235,404,790 235,999,750 235,840,558 235,847,596 Stock Outstanding - basic Weighted Average Shares of Common 237,987,115 238,365,115 237,883,881 237,767,071 Stock Outstanding - diluted Dividends Declared Per Share of Common $ 0.17 $ 0.13 $ 0.64 $ 0.49 Stock SOURCE NV Energy, Inc. Website: http://www.nvenergy.com Contact: Analysts, Max Kuniansky,(702) 402-5627, or Britta Carlson, (702) 402-5624, or Media Karl Walquist, (775) 834-3891
NV Energy Reports Fourth Quarter and Full Year 2012 Results; Announces 2013 Earnings Guidance
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