Tennessee Valley Authority reported fiscal third-quarter 2019 net income of $165.0 million, down sharply from $470.0 million in the same quarter of fiscal 2018.
The federal utility attributed the year-over-year drop in earnings to lower energy sales due to milder weather, according to an Aug. 2 Form 10-Q filing.
Fiscal third-quarter operating revenues came in at $2.60 billion, a drop from $2.71 billion a year earlier. TVA also reported operating income of $516.0 million, a decrease from $830.0 million in the fiscal 2018 third quarter.
