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El Paso Electric books 29% YOY drop in Q2 adjusted earnings

El Paso Electric Co. on Aug. 6 reported second-quarter adjusted net income of $21.9 million, or 54 cents per share, compared to $30.8 million, or 76 cents per share, in the corresponding quarter of 2018.

GAAP net income for the quarter was $26.1 million, or 64 cents per share, compared to $33.3 million, or 82 cents per share, a year earlier.

The utility posted second-quarter operating revenues of $203.1 million, down from $236.8 million in the year-ago period. Operating income for the quarter totaled $46.3 million, a drop from $53.1 million a year earlier.

El Paso Electric is being acquired by Infrastructure Investments Fund, an investment vehicle advised by J.P. Morgan Investment Management Inc., for $4.3 billion, or $68.25 per share.