This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NW Natural Reports Strong Results For The Quarter & Six Months Ended June 30, 2010

Northwest Natural Gas Company, dba NW Natural (NYSE:NWN), reported net income for the second quarter of 2010 of $6.9 million, compared to net income of $3.1 million in the same quarter of 2009. Earnings per share were 26 cents in the quarter, compared to 12 cents per share in the second quarter of 2009.

For the first six months of 2010, net income was $50.5 million, or $1.90 per share, compared to $1.90 per share on net income of $50.4 million in the first six months of 2009.

“Our second quarter results were strong, primarily due to weather that was 49 percent colder than last year and lower expenses,” said Gregg Kantor, NW Natural’s President and Chief Executive Officer. “I am pleased with our performance in the core utility and our ability to remain nimble as we pursue our non-utility projects.”


Net income and earnings per share

Consolidated results of operations produced net income of $6.9 million, or 26 cents per share, compared to $3.1 million, or 12 cents per share, in the second quarter of 2009. Results from utility operations are typically low during the second quarter due to reduced use of natural gas in spring and early summer months. In this year’s quarter, however, temperatures were well below normal late in the quarter.

The company’s utility operations earned net income of $4.6 million (17 cents per share), compared to net income of $0.4 million (2 cents per share) in 2009. Gas storage also contributed net income of $2.1 million (8 cents per share), compared to $2.7 million (10 cents per share) last year. Other non-utility activities added $0.1 million (1 cent per share), compared to a small loss in 2009.

Customer growth

NW Natural’s customer growth for the trailing 12-month period ending June 30, 2010, was 1.0 percent, with the company serving more than 669,000 customers. This compared to an annual customer growth rate of 0.7 percent at March 31, 2010, and 0.8 percent at June 30, 2009.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
NWN $47.50 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs