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 Results For The Quarter & Nine Months Ended September 30, 2011

Northwest Natural Gas Company, dba NW Natural (NYSE:NWN), today reported that results of operations for the third quarter ended Sept. 30, 2011, produced a seasonal net loss of $8.3 million or 31 cents per share compared to a net loss of $7.4 million or 28 cents per share in the same quarter last year.

For the nine months ended September 30, 2011, net income was $34.7 million or $1.30 per share, which compares to $43.1 million or $1.62 per share for the same period in 2010. Both periods include the effects of repealed utility tax legislation in Oregon as noted last quarter. Included in the nine-month period of 2011 was a second-quarter charge of $4.4 million after-tax, or 17 cents per share, compared to income of $2.9 million after-tax or 11 cents per share in 2010, from utility tax legislation. Results for 2010 also include the previously disclosed net refund of property taxes received in the first quarter of 2010 of $6.1 million or 14 cents per share.

Rate decreases approved for 2011-12 heating season for customers

NW Natural received approval to pass on more than 2 percent rate decreases to residential customers in Oregon and Washington, effective Nov. 1, 2011. These rate reductions result in the lowest billing rates in seven years for the company’s residential customers.

Rates are established each year under purchased gas adjustment (PGA) mechanisms in Oregon and Washington to reflect the expected cost of natural gas commodity purchases, which includes the company’s cost of gas in inventory and its gas purchases hedged with financial derivatives. The company updated its PGA prices for Oregon and Washington customers in mid-October, and the new rates went into effect Nov. 1, 2011.

Under the company’s PGA incentive sharing mechanism in Oregon, the company also selected a 90:10 sharing ratio for customers and shareholders related to commodity gains or losses in Oregon for the 2011-12 heating season. In Washington, all gas costs are passed through to customers.

1 of 9

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $117.52 7.90%
GOOG $691.20 -2.10%
TSLA $247.54 -1.60%
YHOO $36.58 -1.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs