Profits dipped some 17 percent during the third quarter at RGS Energy Group Inc. The energy company today reported third-quarter earnings of $14 million, or 38 cents a share, versus earnings of $16.9 million, or 44 cents a share, a year ago.
The company had anticipated the earnings dip, officials said. It attributed the decrease to a combination of cooler weather, higher expenses and scheduled rate reductions as part of a settlement with the state Public Service Commission.
Operating revenues for the quarter increased to $314.3 million from $279.9 million a year ago.
For the first nine months of 2000, RGS reported earnings of $1 billion or $1.95 a share compared with $881.8 million or $1.79 a share last year.
RGS chairman, president and CEO Thomas Richards described the 2000 results as solid, “in a time of transition in our industry and turbulent wholesale electric markets.”

Profits dipped some 17 percent during the third quarter at RGS Energy Group Inc. The energy company today reported third-quarter earnings of $14 million, or 38 cents a share, versus earnings of $16.9 million, or 44 cents a share, a year ago. The company had anticipated the earnings dip, officials said.