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Income Improves at WGL

Once these most recent quarterly results are finalized, they will be run through Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit Ratings Screener.

On Feb. 4, 2009, WGL Holdings (WGL - Get Report) reported that its net income increased 9.8% year over year in Q1 FY09 due to higher revenue. Net income stood at $51.84 million or $1.03 per share compared to $47.20 million or $0.95 per share in the prior year's quarter. Excluding one-time items, the company's operating income augmented 8.9% to $51.65 million or $1.03 per share from $47.43 million or $0.96 per share. The latest quarterly results beat the consensus estimate of $0.97 per share.

Total operating revenues ascended 9.3% to $821.49 million from $751.63 million a year earlier. Segment-wise, revenue from the Regulated Utility segment rose 12.1% to $517.88 million from $461.95 million, fueled by increased sales and deliveries of gas. Total utility gas sales and deliveries increased 11.0% to 546.30 million therms from 492.18 million therms. Additionally, sales from the Non-Utility segment, which consists of retail energy-marketing and design-build energy systems, grew 4.8% to $303.61 million from $289.68 million.

During Q1 FY09, WGL Holdings' average active customer meters inched up 0.7% to 1.06 million from 1.05 million a year ago. Moreover, the company paid a dividend of $0.355 per share on Feb. 1, 2009.

Looking forward to FY09, WGL raised its earnings guidance to a range of $2.41 per share to $2.53 per share, which includes EPS of $1.97 to $2.03 from regulated utility segment and EPS of $0.44 to $0.50 from unregulated business segments. Non-GAAP operating earnings are anticipated to be in a range of $2.41 per share to $2.53 per share, reflecting EPS of $2.00 to $2.06 from regulated utility segment and EPS of $0.41 to $0.47 in its unregulated business segments.

We are currently evaluating the results of our quantitative rating system. A full report is forthcoming and our financial analysis of the company's prior quarter follows this bulletin.

A detailed report covering this quarterly release is now available. To purchase the report, click here .

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