El Paso Electric Company (NYSE: EE) Director, Woody L. Hunt, recently bought 3,000 shares of EE common stock at $38.39 per share. Hunt’s investment totaled $115,170.
EE shares are up sharply in trading today. At last check, the stock was trading 1.81% higher at $38.89 on volume of 84,892. The stock has gained more than 25%, year-to-date.
Hunt’s purchase came a few days after El Paso Electric reported its financial results for the first quarter of 2013. The company reported first-quarter net income of $7.6 million, or $0.19 per share, compared to net income of $3.3 million, or $0.08 per share reported for the same period in the previous year.
The company’s retail non-fuel base revenues for the first quarter rose 2.2% on a year-over-year basis. The increase was mainly due to a 7.7% increase in kWh sales to the company’s residential customer class. This was offset by lower revenues from the company’s commercial and industrial customers.
Tom Shockley, CEO of El Paso Electric, said that the company had a solid first quarter in 2013 with earnings per share increasing $0.11 over the first quarter of 2012. Shockley said that sales to retail customers rose 4.1%, primarily resulting from the colder winter weather the company’s service territory experienced this year. Shockley added that from an operational perspective, the company is pleased with the completion and anticipates commercial operation of Rio Grande Unit 9 in May 2013.
El Paso Electric Company generates, transmits and distributes electricity in an area of approximately 10,000 square miles in west Texas and southern New Mexico.
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