UNS Energy Q1 Earnings Up - Quick Facts

(RTTNews) - UNS Energy Corp. (UNS) Monday reported a rise in earnings for the first quarter, despite a modest increase in revenues. Lower fuel expenses helped the growth in earnings.

For the first quarter, net earnings advanced to $15.47 million or $0.37 per share, from $11.34 million or $0.27 per share a year ago.

The company generated revenues of $333.39 million for the 3-month period, slightly up from $332.14 million a year earlier. Fuel expenses declined to $67.83 million from $81.69 million in the same period last year.

In December 2013, UNS Energy's board approved a merger agreement with gas and electric distribution utility company Fortis Inc. Under the agreement, which closes by the end of 2014, Fortis will acquire the stock of UNS Energy for $60.25 per share in cash.