Piedmont Profit Tops Estimates, Revenue Misses; Reaffirms FY Guidance

(RTTNews) - Piedmont Natural Gas Co Inc (PNY) on Friday reported second-quarter net earnings of $66.4 million or $0.84 per share compared with $62.5 million or $0.80 per share last year.

The company's revenues for the quarter declined 8% to $424.9 million from $462.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.79 per share on revenues of $488.8 million for the quarter. Analysts' estimates typically exclude special items.

The company said that during the quarter, it benefited from a $14.1 million increase in margin compared with last year, primarily due to integrity management rider rate adjustments in Tennessee and North Carolina, customer growth in all three states and higher margin sales and volumes in secondary market activity.

For the full year 2015, the company continues to expect earnings of $1.82 to $1.92 per share, while analysts expect $1.86 per share.

Piedmont has declared a quarterly dividend of $0.33 per share.