“In the third quarter we saw earnings growth in both our utility and non-utility businesses,” said Terry McCallister, Chairman and CEO. “Our regulated utility segment benefited from increased revenues following the completion of rate cases in Virginia and Maryland, and our retail-energy marketing segment continued to see steady earnings growth in spite of the extreme summer temperatures experienced in our territories. I am pleased with these results and confident that we will achieve our expectations for 10% growth in non-GAAP earnings per share this year.”
Third Quarter Results by Business Segment
Regulated Utility Segment
We typically report a net loss for quarters ending June 30 because of the seasonal nature of our utility operations and the corresponding reduced demand for natural gas during this period. For the quarter ended June 30, 2012, our regulated utility segment reported a seasonal net loss of $(5.8) million, or ($0.11) per share, compared to a net loss of $(3.9) million, or $(0.08) per share, reported for the same quarter of the prior fiscal year. After adjustments, non-GAAP operating losses for the regulated utility segment were ($4.1) million, or ($0.08) per share, for the quarter ended June 30, 2012, compared to non-GAAP operating losses of $(6.4) million, or $(0.12) per share, for the same quarter of the prior fiscal year.For the nine months ended June 30, 2012, our regulated utility segment reported net income of $110.9 million, or $2.15 per share, an increase of $3.3 million, or $0.05 per share, over net income of $107.6 million, or $2.10 per share, reported for the nine months ended June 30, 2011. After adjustments, non-GAAP operating earnings for the regulated utility segment were $117.1 million, or $2.27 per share, for the nine months ended June 30, 2012, an increase of $6.7 million, or $0.12 per share, over non-GAAP operating earnings of $110.4 million, or $2.15 per share, for the same period of the prior fiscal year.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts