Vectren Corporation (VVC) reported Q1 earnings that missed analysts’ expectations even as sales were well ahead of estimates.
VCC traded lower 0.4%, in the upper half of the 52-week range between $31.83 and $41.14.
The owner of among others public utlities said its Q1 earnings rose modestly to $51.2 million or $0.62 per share from $49.8 million or $0.61 per share amid higher operating expenses. Analysts polled by Capital IQ had expected EPS of $0.74 per share. Sales were $796.8 million compared to $700.6 million a year ago, exceeding the $750 million average estimate.
“We fully expect that the infrastructure services work that was delayed in the first quarter as a result of the weather, along with other work, will be largely completed over the remainder of the year as there continues to be very high demand for those services,” CEO Carl Chapman said in a statement.
Vectren reaffirmed its FY14 guidance of consolidated earnings between $2.15 and $2.35 per share compared to the $2.27 average estimate from analysts polled by Capital IQ.
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