LAS VEGAS (KSNV & MyNews3) -- NV Energy’s profits for the 2nd quarter are down almost nine percent compared to the same period last year. News 3’s Trevor Thompson has more on the reason for the dip.
Profits might be down for the quarter but there’s a pretty simple explanation why that is.
The reason is a planned merger with Warren Buffett’s Midamerican Energy company.
NV Energy incurred almost $14 million in costs related to that merger. That merger is still awaiting final approval, but experts say is likely to happen.
As a result of those costs second quarter profits fell six-point-two million dollars compared to last year.
Earnings per share also fell by two cents a share.
Despite the second quarter results, the company is actually more profitable through the first six months of this year than it was in 2012 thanks to a strong first quarter earlier this year.
More information about the company's financial report can be found at NV Energy's website
. -- Trevor Thompson / KSNV News 3