Loss for Sierra Pacific Widens Dramatically
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Sierra Pacific Resources, the owner of Nevada’s two largest electric utilities, said its first-quarter loss widened to $303.9million and it may be forced to file for bankruptcy protection.
The per-share loss was $2.98, compared with a loss of $83.5million, or $1.06, a year earlier, the company said. The loss included a write-off of $310.7million from deferred energy costs at Sierra Pacific’s Nevada Power utility.
Sales fell 9.6% to $638.4million.
Shares of Reno-based Sierra Pacific rose 21 cents to $6.64 on the NYSE.
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