Key drivers of the lower earnings for the current quarter compared to 2008 were mild weather and recession-driven lower customer demand in the Electric Utility segment. The average number of common shares outstanding increased by 18% over the 2008 quarter, resulting in $0.11 per share dilution. Based on year-to-date results and the Company's assessment of prospects for the fourth quarter of 2009, the Company is narrowing its 2009 earnings guidance range to $1.10 to $1.18 per share from its previous guidance range of $1.10 to $1.40 per share.
"In spite of one of the mildest summers on record for our service territory and continued pressure on customer demand from the recession, we have maintained a sharp focus on expense control and therefore have maintained the low end of our guidance range," stated Mike Chesser, Chairman and CEO.
