Southern Union Backs Full-year Profit Outlook

HOUSTON (AP) — Natural gas producer and distributor Southern Union Co. on Monday reaffirmed its outlook for full-year profit in a range that meets Wall Street expectations.

Southern Union posted a 44 percent decline in net income available to common stockholders for the first quarter of the year. But the company said it expects full-year net income between $1.45 and $1.60 per share.

Adjusting for the effects of hedges and the cost for repairs to a pipeline damaged by Hurricane Ike last year, the company expects profit of $1.75 to $1.90 per share for the year.

Analysts polled by Thomson Reuters, on average, expect the company to post a full-year profit of $1.67 per share, with estimates ranging from $1.44 to $1.86 per share.

In afternoon trading, Southern Union shares slipped 7 cents to $17.06. The stock has traded between $10.60 and $27.73 in the past 52 weeks, and is up about 31 percent since the start of the year.