REPORT: WESTERN RESOURCES’ PRELIMINARY RESULTS POINT TO RECORD 6-MONTH EARNINGS
Utility company Western Resources Inc. says its preliminary results show earnings for April and May were about 50 cents per share, nearly double the entire 1999 second-quarter profits of 27 cents per share, reports Reuters. The company says, assuming that June weather is normal and there are no unexpected events, it anticipates exceeding its record six-month earnings of $1.46 per share, set in 1994. Western Resources says earnings from the electric utility operation were significantly ahead of the company’s expectations. Much of the boost resulted from increased earnings in wholesale power marketing transactions, it adds. “We are particularly pleased with these near-record results in our core electric utility business and monitored security segment,” says David Wittig, Western Resources chairman, president and CEO. Western Resources’ holdings include security interests, such as Protection One.
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