Cleco Corp. says its earnings dropped for the second quarter from the same period of 2011, but the Pineville-based utility raised its quarterly dividend.
The company said Tuesday that it earned $46.7 million, or 77 cents a share, for the quarter, compared with $70.2 million in the year-ago period.
President and CEO Bruce Williamson said milder weather negatively affected earnings. Still, he said, the company would reaffirm its earnings guidance for the full year.
Cleco’s board also increased its quarterly dividend by 8 percent, from 31.25 cents to 33.75 cents per share.
The earnings were reported after U.S. financial markets closed. In trading Tuesday, Cleco shares closed down 51 cents at $43.76. The stock has traded as high as $44.62 and as low as $30.06 over the past 52 weeks.