Laclede Group Q1 Profit Increases

(RTTNews) - Laclede Group Inc. (LG) reported that its net income for the first-quarter ended December 31, 2014 was $47.1 million, up from $35.6 million for the same period last year. Earnings per share for the quarter were $1.09, flat with last year.

Net Economic Earnings for the first quarter increased 26 percent to $45.7 million, from last year's $36.3 million driven by higher Gas Utility earnings stemming largely from the addition of Alabama Gas Corporation as well as improved performance by the legacy gas utilities in the segment, offset in part by a shift in the distribution of earnings between quarters due to increased concentration during the winter months in the quarter ended March 31.

On a per share basis, Net Economic Earnings was $1.06 per share for the first quarter compared to $1.11 per share a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues grew to $619.6 million from $468.6 million in the previous year. Wall Street expected revenues of $652.76 million.

The company reaffirmed its long-term Net Economic Earnings per share growth target of 4 percent to 6 percent annually, with growth in fiscal 2015 and 2016 anticipated to be above that target range after excluding from 2014 a weather benefit of $0.17 per share.

Capital expenditures for 2015 are still anticipated to be approximately $300 million on a consolidated basis, reflecting the addition of Alagasco and the continuing ramp up of pipeline replacement in Missouri. Given the supportive regulatory environment in both Missouri and Alabama, the Company still anticipates maintaining this level of investments over at least the next five years, or investments of roughly $1.5 billion.