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El Paso Posts 1Q Loss, But Still Tops Estimates

The Associated Press

HOUSTON (AP) — Natural gas distributor El Paso Corp. on Friday posted a first-quarter loss on noncash charges, but its adjusted earnings beat Wall Street expectations.

The Houston-based company reported a net loss of $978 million, or $1.41 per share, compared with first-quarter 2008 earnings of $200 million, or 29 cents per share.

Excluding one-time noncash charges of $1.3 billion, adjusted earnings amounted to 47 cents per share versus 33 cents in the same period last year. The company attributed the year-over-year rise to realized gains on oil and natural gas hedges and continued pipeline growth.

Analysts polled by Thomson Reuters estimated a profit of 27 cents per share, on average. Analysts typically exclude one-time items.

Revenue climbed 17 percent to $1.48 billion from $1.27 billion. Analysts forecast an average revenue of $1.26 million.

Shares of the company jumped $1, or 13 percent, to $8.68 in midday trading.