UNS Energy Corp Q2 Profit Rises - Quick Facts

(RTTNews) - UNS Energy Corp. (UNS) reported an increase in net income for the second quarter, particularly due to lower income tax expenses.

For the three-month period, the company reported net income of $34.6 million or $0.83 per share, a 31.8 percent increase from $26.2 million or $0.64 per share during the same quarter last year. There has been a reduction in income tax expenses to the tune of $11 million for the quarter in reference, helping increased earnings, the company said in a statement.

On average, six analysts polled by Thomson Reuters expected the company to report profit of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Total Operating Revenues increased to $365.2 million from prior year's $363.9 million. Analysts expected the firm to generate revenues of $365.7 million for the quarter.

"Our second quarter results mark the end of a four and a half year base rate freeze at TEP. The rate freeze, coupled with little to no economic growth, created significant challenges during this period," said Paul Bonavia, UNS Energy's Chairman and Chief Executive Officer.