Indianapolis-based IPALCO Enterprises Inc., the parent of electric utility Indianapolis Power & Light, saw revenue sag in the third quarter, which contributed to a sharp drop in earnings.
IPALCO posted a profit of $33.2 million on revenue of $355.3 million in the quarter. That compared to profit of $47.3 million on $361.3 million in revenue in the same quarter a year earlier.
In a filing with the Securities and Exchange Commission, IPALCO said IPL’s service territory experienced milder weather during this year’s third quarter, compared to a year earlier, which hurt revenue and profit.
Through the first nine months of 2017, IPALCO’s revenue totaled $1.014 billion, up slightly from the $1.012 billion reported in the same period of 2016. Profit through the first nine months of 2017 was $84.9 million, down from $104.7 million.
IPL provides electric service to more than 470,000 residential, commercial and indusrial customers in Indianapolis, as well as some other central Indiana communities.•