Great Plains Energy on Thursday reported a first-quarter profit of nearly $26 million as higher electric rates, a colder winter and a decline in interest expenses contributed to the favorable results.
For the three months that ended March 31, the parent company of Kansas City Power Light Co. earned $25.6 million, or 17 cents per share. That was up from a first-quarter loss of $9.5 million, or 7 cents per share, in 2012.
The utility company also affirmed its 2013 earnings guidance range of $1.44 to $1.64 per share.
Great Plains’ electric utility business, which includes KCP, generated net income of $27.6 million for the first quarter, up from $4.5 million in the same period last year. The company’s other business segment, which includes nonregulated operations, lost $2 million compared to a loss of $14 million in the first quarter last year.