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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs