Great Plains Energy reports smaller quarterly profit

Great Plains Energy on Thursday reported a smaller first quarter profit, even as harsh winter weather contributed to an increase in revenue.

The parent company of Kansas City Power Light said it earned $23.4 million in the first three months of 2014, down from earnings of $25.6 million in the same period last year. Operating revenue climbed to $585.1 million from $542.2 million in last year’s first quarter.

The utility said the cold-weather boost was partly offset by operating and maintenance expenses at the Wolf Creek nuclear plant in Burlington, Kan. Great Plains said operating and maintenance costs at its coal-powered plants also increased during the quarter.

The company said it still expects 2014 earnings per share in the range of $1.60 to $1.75.

“We continue to see a return of customer demand growth in our service territory and believe that we are well positioned to deliver strong financial performance,” Terry Bassham, Great Plains’ chairman and chief executive said in the earnings statement.

This story was originally published May 8, 2014 at 4:47 PM with the headline "Great Plains Energy reports smaller quarterly profit."