Restructuring squeezes 1994 earnings

Journal Article · Sat Apr 01 04:00:00 EST 1995 · Fortnightly

OSTI ID:96024

Garner, W L

There is a price to pay for becoming a lean, mean fighting machine, and utilities paid the price in 1994. A number of electric utilities saw revenues increase last year on the strength of higher sales, but the costs associated with laying off hundreds of employees and downsizing company operations took a significant bit out of earnings. A survey of the nation`s top 20 electric utilities shows and increase in their combined 1994 revenues to $107 billion, a healthy 3.6-percent rise over the previous year. Last year`s net income for the group grew by a more modest 2.4 percent, to $10.3 billion. The average earnings per share was virtually unchanged last year at $2.20. (If the authors had excluded Unicom Corp. from the survey, earnings per share for 1994 actually would have fallen 3.2-percent below the 1993 average. Unicom, the holding company for Commonwealth Edison CO., took unusually large charges in 1993 to pay for comprehensive rate settlements.)

• OSTI ID: 96024
• Journal Information: Fortnightly, Journal Name: Fortnightly Journal Issue: 7 Vol. 133; ISSN FRTNE8
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
COMPETITION
ELECTRIC UTILITIES
FINANCIAL DATA
OPERATING COST
PRICING REGULATIONS
PROFITS
STATE GOVERNMENT