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Infrastructure

Sierra Pacific: More Might Be Less (SRP)

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By Douglas A. McIntyre Published

Back in September, Sierra Pacific Resources (NYSE:SRP) changed the names of both its utility companies to NV Energy. That didn’t do much to help its third-quarter earnings, which the company reported before the market opened this morning. Sierra reported EPS of $0.64 and revenue of $1.19 billion, compared with analysts’ estimates of $0.63 EPS and revenues of $1.27 billion.

The company’s president and CEO said Sierra is "pleased that ourfinancial and operating results remain strong despite our slower rateof growth." This slower growth is about to come to a full stop.Estimates for the fourth quarter show EPS of just $0.02 on revenue expected to be about $400 million lower than this quarter.

The company’s long-term debt totals about $4.8 billion and its marketcap is less than $2 billion. In July, Sierra issued $500 million in newsenior debt to pay down its revolver. Customers are also using lesselectricity, which is not welcome news to a company that attributed itsearnings to rate increases.

Sierra’s share price closed at $8.29 on Friday, down about 53% from its 52-week high.

Paul Ausick
November 3, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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