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Thursday July 12, 5:59 pm Eastern Time
Enron Beats Analysts' Expectations
Energy Company Enron Reports Earnings Increase of Almost 40 Percent in Second Quarter
HOUSTON (AP) -- Enron Corp. (NYSE:ENE - news ) reported a nearly 40 percent increase in second-quarter earnings on Thursday and beat analysts' expectations due to robust growth in its power marketing and energy management businesses in the United States and Europe.
The Houston-based energy wholesaler and retailer earned $404 million for the quarter ended June 30, or 45 cents per share. That compared with $289 million, or 34 cents per share a year earlier.
Analysts surveyed by Thomson Financial/First Call predicted earnings of 42 cents per share.
Despite continued growth in its natural gas and electricity trading business, though, Enron's stock has faltered in the past year due to unmet expectations for its high-speed Internet business.
Enron's broadband business reported a $102 million loss, compared with an $8 million loss for the same quarter a year ago.
Enron President and Chief Executive Jeff Skilling said Enron would ``significantly'' reduce spending in its broadband unit ``to match the reduced revenue opportunities currently available.''
Enron reported $50.1 billion in revenue for the second quarter of 2001, almost triple the $16.9 billion reported for the same quarter a year ago. Company officials expressed confidence of reaching $1.80 per share in earnings for the full year 2001 and $2.15 per share for 2002.
``Our wholesale and retail energy businesses continue to dramatically expand business activity and increase profitability,'' said Skilling.
Enron has been embroiled in the conflict over California's energy woes, with a committee of that state's Senate issuing subpoenas to the corporation and other generating companies earlier this year in connection with an investigation of possible price manipulation in energy markets.
Shares of Enron rose 45 cents to close at $49.55 on the New York Stock Exchange Thursday. Enron's stock was trading above $70-a-share at this time last year.
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