This excerpt taken from the CHG 8-K filed Dec 3, 2007.
CH Energy Group Revises 2007 Earnings Expectations
(Poughkeepsie, NY) CH Energy Group (NYSE:CHG) today estimated that its 2007 consolidated annual earnings will total between $2.50 and $2.70 per share, a revision from the estimate of $2.55 and $2.80 made earlier in the year and reaffirmed on October 29, 2007.
“Recent developments impacting two of our business units have prompted this revised estimate. First, earnings contributions from our Griffith fuel distribution subsidiary have been depressed by 5 cents – largely as the result of unusually warm weather at the start of the current heating season – lowering our earlier estimate of between 25 and 30 cents per share to a revised forecast of between 20 and 25 cents per share,” said Steven V. Lant, Chairman of the Board, President and C.E.O.
“Secondly, the combined effect of higher corn prices and lower ethanol prices has lowered earnings expectations from the Cornhusker Energy Lexington plant held within our Central Hudson Enterprises Corporation subsidiary. As a result, we have narrowed the earning estimate range from between 40 and 50 cents per share to between 40 and 45 cents per share,” he explained, adding that interest income and earnings from other CHEC investments also contribute to that business segment.
Lant said 2007 earnings expectations for regulated utility Central Hudson Gas & Electric Corporation remain unchanged at between $1.90 and $2.00 per share. He also noted that all estimates assume normal weather for the month of December.