Energy
Colder Weather Warms Gas Company's Results (PNY)
Published:
Last Updated:
Piedmont Natural Gas Company (NYSE:PNY) this morning reported results for its 2008 fiscal year, which ended on October 31st. The company reported EPS of $1.49 on earnings of $110 million, compared with EPS in 2007 of $1.40 and profits of $104.4 million.
The company sold more natural gas because 2008 was colder than 2007, and it also benefited from regulatory adjustments. Its customer base grew 2%, and coupled with the weather and the regulatory changes, margins increased by 5% in 2008. The company also cut operating expenses primarily through adjustments to its defined benefit pension plan.
Piedmont reaffirmed its 2009 EPS guidance of $1.55-$1.65. The company’s stock is off about 1% this morning, and it’s trading about 12% off its 52-week high.
Paul Ausick
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.