Southern Union Announces 3Q Results; Reaffirms 2011 Guidance
Southern Union Company (NYSE:SUG) today reported third quarter net earnings available for common stockholders of $58.0 million ($0.46 per share), compared with $36.6 million ($0.29 per share) in the prior year. Adjusted net earnings for the same period were $53.3 million ($0.42 per share), compared with $50.2 million ($0.40 per share) in the prior year. The following table provides a reconciliation of net earnings to adjusted net earnings:
|Select Non-GAAP Financial Information||Three Months Ended September 30,|
|($000s, except per share amounts)||2011||2010|
|Net earnings available for common stockholders||$||58,032||$||36,632|
|MTM (gain) loss on open economic hedges||$||(3,229||)||$||18,388|
|MTM loss recorded in prior accounting period||$||(3,982||)||$||(4,836||)|
|Adjusted net earnings available for common stockholders||$||53,264||$||50,184|
|Reported net earnings per share available for common stockholders||$||0.46||$||0.29|
|Adjusted net earnings per share available for common stockholders||$||0.42||$||0.40|
George L. Lindemann, Chairman and CEO, said, “Each of our business segments performed in-line with our expectations during the third quarter, and we are reaffirming our 2011 guidance at this time. We are also excited with our Board’s approval to move forward with the Red Bluff Project, a 200 MMcf/d natural gas processing plant and associated gathering, compression and treating facilities. The project will allow us to capitalize on the compelling growth opportunities we see in the Avalon, Bone Spring and Wolfcamp production areas. With existing Permian Basin midstream infrastructure nearing capacity, Red Bluff provides long-term customer solutions for treating, processing and NGL take-away and significant earnings growth opportunities for our stockholders.”
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