UPDATE 1-UniSource Energy posts Q1 loss

Thu May 8, 2008 11:31pm BST
 
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(Recasts, adds details) May 8 (Reuters) - UniSource Energy Corp (UNS.N: Quote, Profile, Research), the parent of Tucson Electric Power, swung to a first-quarter loss that missed analysts' expectations of a profit, hurt by higher fuel costs and purchased power costs, and withdrew its 2008 outlook.

The company posted a quarterly loss of $2.6 million, or 7 cents a share, compared with earnings of $4.9 million, or 14 cents a share, last year.

Analysts on average had expected the utility company to earn 18 cents a share, before special items, according to Reuters Estimates.

"Several of our coal plants experienced outages during the first quarter, leaving us to rely more heavily on natural gas-fired generation and market power at a time when energy prices were high," Chief Executive James Pignatelli said in a statement.

The company said it is withdrawing its 2008 earnings outlook as it is unable to predict full-year earnings within a reasonable range.

UniSource said it expects cash flows from operations for the full-year to be about $285 million. (Reporting by Supantha Mukherjee in Bangalore; Editing by Gopakumar Warrier)

 
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