An initial trio of first quarter earnings reports Wednesday from Western energy players were mixed, but mostly upbeat, with Las Vegas, NV-based Southwest Gas Corp. leading the positive news with a 56% jump in earnings. Minneapolis-based Xcel Energy reported increased earnings quarter-over-quarter, and Spokane, WA-based Avista Corp. saw first-quarter profits dip, compared to the same period in 2003, although its core utility business showed improved profits.

Southwest Gas reported consolidated net income of $41 million, or $1.19/share, compared with $25.5 million, or 76 cents/share, for the same period last year. The company said “good weather, coupled with some long-awaited rate relief in California and continuing robust customer growth” pushed first quarter operating margin to a record $197 million, compared with the previous high mark of $182 million set in the first quarter of 2002.

Xcel announced income from continuing operations was $144 million, or 35 cents/diluted share, for the quarter, compared with $126 million, or 31 cents/share in the same period in 2003; when including discontinued operations, the first quarter results were $150 million, or 36 cents/share, compared to $140 million, or 34 cents/share in the first quarter of last year.

With continuing operations, Xcel’s regulated utility results were $158 million of net income, or 37 cents/share, in the first quarter, compared to $145 million, or 35 cents/share in the same period last year; nonregulated and holding company losses from continuing operations in 2004 were $6 million, or 1-cent/share, compared with a loss of 4 cents/share in the first quarter of 2003.

For Avista, consolidated revenues were slightly higher for the first quarter, compared to the same period in 2003 ($343 million vs. $338 million), but income from operations was down quarter-to-quarter ($43.2 million in ’04 first quarter vs. $54.9 million the first quarter of ’03).

Nevertheless, Avista CEO Gary Ely said the first quarter results were “generally in line with expectations,” and he was “especially encouraged” by the growth in earnings from Avista Utilities’ electric and natural gas operations in three states (Oregon, Washington and Idaho). The utilities showed 22-cent/share in earnings in the first quarter, compared to a 16-cent/share contribution the first quarter of 2003.

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