Allegheny Energy (AYE) has beaten the Zacks Consensus EPS estimate of 55 cents by four cents to clock earnings per share of 59 cents in the third quarter of fiscal 2009. Allegheny Energy also crossed the year-ago EPS by five cents due to improved result from its Delivery & Services business. Earnings rose to $31.5 million from $4.3 million in the year-ago quarter. The improvement was due to increased cost recovery in Virginia , the elimination of an inter-company transfer payment and higher revenues from transmission expansion. These benefits were partially offset by lower retail electricity sales and higher income taxes, primarily due to an increase in pre-tax income. However this was partially offset by lower earnings at the Generation and Marketing business. Here, earnings fell to $45.5 million from $84.7 million in the year-ago quarter due to a tepid economy and low power prices. Earnings ...