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

Piedmont Natural Gas Management Discusses Q3 2012 Results - Earnings Call Transcript

And with that, I'll turn the call over to Tom.

Thomas E. Skains

Thank you, Nick. And good morning, everybody, and thank you for joining us for our third quarter 2012 earnings conference call. As you know, on Friday we filed our 10-Q and issued our third quarter earnings release. This morning, I'm going to talk about our recent accomplishments and provide you with a general update on the company. Then I'll turn the call over to Karl to give you a more detailed discussion of our third quarter financial results and our updated 2012 guidance.

Beginning with Slide 2. Due to the seasonal nature of our business, we typically experience losses during the summer months that make up our third quarter. This quarter, we recorded a net loss of $4.6 million or $0.06 per diluted share, which was improved from a net loss of $8.7 million or $0.12 per share in the third quarter of 2011. We continue to be encouraged by customer growth in our service area. During the quarter, we added 2,670 new customers to our system and have added more than 8,700 customers year-to-date.

With the completion of our first 4 power generation delivery projects for Duke Energy, our focus this quarter has been on our fifth project for the Sutton facility. The Sutton project continues to progress on schedule, and I'll speak to it in more detail in just a moment.

Finally, on Friday, we reaffirmed our 2012 earnings per share guidance range of $1.58 to $1.68 per share. At the end of the first quarter, we directed investors towards the lower half of that range and confirmed that emphasis at the end of the second quarter.

Following this quarter, though, we're pointing back up to the middle of the range. Karl will provide you with more details in our guidance after my remarks.

2 of 3

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 $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs