WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington Gas Light Company (Washington Gas) and other energy-related subsidiaries, today reported net income determined in accordance with generally accepted accounting principles in the United States of America (GAAP) for the quarter ended June 30, 2012 of $7.5 million, or $0.14 per share, compared to net income of $3.0 million, or $0.06 per share, reported for the quarter ended June 30, 2011.
For the nine months of fiscal year 2012, we reported net income determined in accordance with GAAP of $132.1 million, or $2.56 per share, compared to net income of $147.6 million, or $2.88 per share, reported for the comparative period of fiscal year 2011. Our operations are seasonal and, accordingly, our operating results for the three and nine months ended June 30, 2012, are not indicative of the results expected for the 12 months ending September 30, 2012.
Financial performance is also evaluated based on non-GAAP operating earnings (loss). Non-GAAP operating earnings (loss) excludes the effects of: (i) unrealized mark-to-market gains (losses) on energy-related derivatives for our regulated utility and retail energy marketing segments; (ii) certain gains and losses associated with optimizing the utility segment’s system capacity assets; (iii) changes in the measured value of our inventory for our wholesale energy solutions segment; (iv) the financial effects of warm or cold weather that exceeds weather protection for our regulated utility segment and (v) certain unusual transactions. Refer to “Use of Non-GAAP Operating Earnings (Loss)” and supporting reconciliations attached to this news release for a detailed discussion of management’s use of this non-GAAP financial measure, as well as reconciliations of net income determined in accordance with GAAP to non-GAAP operating earnings (loss) for both our consolidated and segment results.For the quarter ended June 30, 2012, non-GAAP operating earnings were $4.0 million, or $0.08 per share, an increase of $3.7 million, or $0.07 per share, over non-GAAP operating earnings of $0.3 million, or $0.01 per share, for the same quarter of the prior fiscal year. For the nine months ended June 30, 2012, non-GAAP operating earnings were $143.4 million, or $2.78 per share, an increase of $13.0 million, or $0.23 per share, over non-GAAP operating earnings of $130.4 million, or $2.55 per share, for the same period of the prior fiscal year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV