Topeka ? Westar Energy Inc. says its second-quarter profit jumped significantly thanks to higher rates and lower costs but said it was lowering its earnings expectations for the year.

The largest electric utility in Kansas on Thursday reported earning $38.1 million, or 35 cents per share, matching the predictions of analysts surveyed by Thomson Reuters. By comparison, Westar earned $5.6 million, or 6 cents per share, during the same period a year ago.

Revenue during the quarter rose 3.7 percent to $467.8 million, below the $500.5 million expected by analysts. The utility said higher rates offset a slight decline in retail sales volumes, while spending for fuel and outside power fell 37 percent.

The company said it was reducing its annual earnings guidance to a range of $1.65 to $1.80 per share, blaming the sluggish economy. Analysts are expecting $1.75 per share.