Questar Corporation (NYSE:STR) reported second-quarter net income of $39.2 million, or $0.22 per diluted share compared to second-quarter 2011 net income of $40.3 million, or $0.22 per diluted share. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $121.2 million compared to $115.9 million in the year-ago period. Return on average common equity (ROE) was 19.7% for the 12 months ended June 30, 2012, compared to 19.4% in the year-ago period.
|NET INCOME (LOSS) BY SUBSIDIARY|
|3 Months Ended June 30,|
|(in millions, except earnings per share)|
|Corporate and other||(0.4||)||(0.4||)||—||—|
|Earnings per diluted share||$||0.22||$||0.22||$||—||—|
|Average diluted shares||178.3||178.8||(0.5||)||—|
|EBITDA BY SUBSIDIARY (a)|
|3 Months Ended June 30,|
|Corporate and other||1.7||0.2||1.5||NM|
(a) Management defines EBITDA as net income (loss) before gains and losses from asset sales, interest expense, depreciation, depletion and amortization, abandonments and impairments, other special items and income taxes. See computations in attached schedule.
“Questar’s businesses all performed in line with our expectations for the second quarter,” said Ronald W. Jibson, Questar chairman, president and CEO. “Net income dipped slightly to $39.2 million compared to the 2011 period, but for the year-to-date, net income was 4% higher than in 2011. We generated more than $121 million of EBITDA in the second quarter, a 5% increase over the same quarter in 2011. Individually, Questar Gas posted a small seasonal loss, which is typical in the second quarter. Wexpro’s net income rose by 9% while Questar Pipeline’s income was comparable to 2011. In spite of headwinds, such as lower natural gas and liquids prices, higher pension costs and property taxes, we remain on track to meet our 2012 earnings guidance of $1.15 to $1.19 per diluted share.”
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