Jefferies Comments On EE 1Q11 EPS

El Paso Electric EE reported 1Q11 EPS of $0.16, “versus our estimate of $0.20, First Call consensus of $0.29 and $0.37 in 1Q10,” Jefferies reports. “One outlier in consensus made the headline number look like a big miss even though it was widely known that the new rate plan lowered winter rates (1Q and 4Q) while increasing summer rates (2Q and 3Q),” Jefferies writes. El Paso Electric currently trades at $30.29.