Westar Energy's 1st-quarter profit doubles on tax gain

TOPEKA, Kan. - Electric utility Westar Energy Inc. said Friday its first-quarter profit doubled on higher revenue and a one-time tax gain.

Net income for the three months ended March 31 rose to $61.1 million, or 63 cents per share, from $30.2 million, or 34 cents per share, in the year-earlier quarter.

Excluding a one-time tax benefit, the company posted adjusted first-quarter earnings per share of 23 cents.

Analysts polled by Thomson Financial expected, on average, earnings per share of 31 cents per share.

Revenue climbed to $406.8 million from $370.3 million.

Without the one-time tax benefit, Westar Energy's first-quarter results would have been weaker than the year-earlier quarter.

"We expected earnings in the quarter apart from the tax benefit to be down compared to last year, largely because of capital investments we have made to serve customers that are not yet reflected in our prices," Chief Executive Bill Moore said in a statement.

"Earnings per share were also affected by the additional equity we have issued to fund our growth plan," Moore said. Average shares outstanding rose to 97.4 million from 87.9 million year over year.

Shares rose 6 cents to $23.48 in morning trading.

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