el paso electric co (EE) Key Developments
El Paso Electric Company Announces Issuance of $150,000,000 Aggregate Principal Amount of 5.000% Senior Notes Due December 1, 2044
Dec 2 14
On December 1, 2014, El Paso Electric Company closed its issuance and sale of $150,000,000 aggregate principal amount of its 5.000% Senior Notes due December 1, 2044 pursuant to an underwriting agreement dated November 24, 2014 between the Company and J.P. Morgan Securities LLC and Mitsubishi UFJ Securities (USA) Inc., as representatives of the several underwriters named therein. The net proceeds from the sale of the Senior Notes will be used for general corporate purposes, which may include funding capital expenditures, and to repay outstanding short-term borrowings used for working capital purposes under the Company's Second Amended and Restated Credit Agreement dated as of January 14, 2014.
El Paso Electric Company Appoints Richard Turner as Vice President of Corporate Development
Nov 25 14
El Paso Electric Company has appointed Richard Turner as vice president of corporate development. Richard will continue to oversee project management, process improvement activities, emerging technologies, renewable energy development, asset optimization and infrastructure initiatives, and new construction activities.
El Paso Electric Declares Regular Quarterly Cash Dividend, Payable on December 30, 2014
Nov 21 14
The board of directors of El Paso Electric has declared a regular quarterly cash dividend on its common stock of $0.28 per share. The dividend was declared on November 20, 2014, and is payable on December 30, 2014, to shareholders of record on December 12, 2014.
El Paso Electric Co. Provides Dividend Guidance for 2014
Nov 5 14
El Paso Electric Co. announced that at the current dividend rate, the company expects to pay cash dividends of approximately $44.6 million during 2014.
El Paso Electric Co. Announces Unaudited Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014
Nov 5 14
El Paso Electric Co. announced unaudited earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $52.5 million, or $1.30 basic and diluted earnings per share compared to net income of $50.6 million, or $1.26 basic and diluted earnings per share in last year. The company reported earnings before interest, taxes, depreciation and amortization of $103.6 billion compared to $107.9 million, income before income taxes of $75.1 million compared to $77.6 million and base revenues of $183.4 million compared to $184.7 million for the last year.
For the nine months, the company reported net income of $87.2 million, or $2.16 basic and diluted earnings per share compared to $87.4 million, or $2.17 basic and diluted earnings per share in last year. The company reported earnings before interest, taxes, depreciation and amortization of $213.3 billion compared to $221.5 million, income before income taxes of $126.1 million compared to $133.76 million, base revenues of $438.6 million compared to $445.5 million, net cash provided by operating activities of $174.6 million compared to $184.9 million and cash additions to utility property, plant and equipment of $189.3 million compared to $165.3 million for the last year.
Capital expenditures for 2014 are expected to be $306.0 million as the company construct the Montana Power Station and related transmission facilities. The company narrowing earnings guidance for 2014 to $2.20 to $2.35 per basic share from the previous range of $2.15 to $2.40 per basic share.