Puget Power Earnings Lag

Net earnings were down 5 percent for Puget Sound Power & Light Co. in the three months ended June 30, the utility said Monday.

The company had profits of $21.6 million or 28 cents a share on revenues of $257.3 million, compared with net income a year earlier of $22.9 million or 30 cents a share on revenue of $261.6 million.

The company said earnings would have been flat except for a one-time 2 cent charge related to the sale of oil stocks at one of its power plants.