Nicor 1Q Profit Climbs; Co. Raises 2009 Outlook

NAPERVILLE, Ill. (AP) — Nicor Inc. on Friday said its first-quarter profit climbed 6 percent on strength in its shipping business. The natural gas distributor also lifted its full-year earnings outlook.

Quarterly earnings rose to $43.8 million, or 96 cents per share, from $41.4 million, or 91 cents per share, in the prior-year period. Lower operating costs boosted margins in the company's shipping business, offsetting the effect of lower margins at its gas distribution business. Nicor added that it also saw strength in its other energy-related businesses and corporate operating results.

Analysts polled by Thomson Reuters predicted a profit of 77 cents per share.

Revenue fell 30 percent to $1.11 billion from $1.6 billion.

Nicor raised its 2009 profit outlook by 9 cents per share, to a range of $2.54 and $2.74 per share. The increase reflects the recent sale of the company's equity interest in EN Engineering.