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Westar reports profit surge

February 28, 2009

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— Westar Energy Inc. says fourth-quarter profits surged 67 percent as it was able to recoup more of its operational costs and received tax incentives for investing and creating jobs in Kansas.

The Topeka-based utility on Friday reported earning $22.6 million, or 21 cents per share, compared with $13.5 million, or 15 cents per share, during the same period a year ago.

The results include a 17 percent increase in the number of shares, which the company sold to pay for capital improvements. It also included $15 million in tax incentives.

Revenue for the quarter rose 3.4 percent, from $392.9 million to $406.1 million. The company said retail revenues increased 6 percent as Westar was able to recover more of the cost for higher fuel prices and power it purchased from other companies. It also saw a 6 percent increase in revenue from energy it sold to other companies because of higher prices.

Analysts surveyed by Thomson Reuters had expected earnings of 23 cents per share on $385.5 million in revenue.

Comments

JerryStubbs 5 years, 1 month ago

Yeah, that seems about how much my electric bill went up since last year...

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redmoonrising 5 years, 1 month ago

Very apt headline. Makes me all warm and fuzzy to know I can help those in need.

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hawkperchedatriverfront 5 years, 1 month ago

And an 11% increase helps , doesn't it?

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Chris Ogle 5 years, 1 month ago

Westar reports profit surge

And I helped !!!

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flamingdragon 5 years, 1 month ago

yeah, poor little westar getting bullied around by big mean labor unions... like the great one said, "They will milk you out of every dime"

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KsTwister 5 years, 1 month ago

Milking the people will do that for you.

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DouglasCountySucks 5 years, 1 month ago

Good thing they just got an 11% increase to hose us for more millions of $$$$$$$$$$$$$$$$ greedy sob,s They suck. 11% of $406.1 million , that should up the ceo,s wages a bit.Maybe they can hire Wittag back again.he,s good for a few billion or something close.Wouldnt it be way cool is an F5 tornado went through the lawrence plant, it is tornado season coming up.Wind power.The irony of it.

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