Colder Weather Warms Gas Company's Results (PNY)

Energy

Published: December 29, 2008 2:28 pm

Last Updated: April 27, 2020 7:17 pm

House 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

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