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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

KsTwister 5 years, 9 months ago

Milking the people will do that for you.

Chris Ogle 5 years, 9 months ago

Westar reports profit surge

And I helped !!!

redmoonrising 5 years, 9 months ago

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

JerryStubbs 5 years, 9 months ago

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

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