This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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

Stocks in this article: PNY

Slide 3 shows our seasonal net loss of $4.6 million, which is more than $4 million improved from the third quarter of last year. Growth in margin and increased contributions from SouthStar and Cardinal and lower interest expense more than offset an increase in O&M expense.

On Slide 4, we've highlighted our gross customer additions for both the quarter and the year. As you can see, third quarter customer gains of 2,670 customers were 19% higher than the third quarter of last year. And for the year-to-date, we've added 8,728 customers, which is 21% improved from the same period in 2011.

We're encouraged that growth was across all categories and every quarter this year. We believe our growth trend reflects an improvement in the new construction markets in our service territory, and they certainly reflect the competitive pricing dynamics of natural gas compared to other fuels in our conversion markets. As a result, we anticipate modest continued improvements and customer growth.

Turning to Slide 5. As you know, in 2009, we introduced a portfolio of 5 power generation delivery projects to serve new combined-cycle natural gas power generation facilities in North Carolina, all now owned by Duke Energy. Those projects total more than $500 million of capital expenditures for our company. On our last call, I announced that we placed the Wayne County project into service on June 1, joining our other completed projects at Richmond County and at the Buck and Dan River facilities. With 4 projects behind us, our effort now is focused on the Sutton project, the largest of all of the projects. All major material have been received for that project, and we broke ground last quarter. The project construction is going well, and Sutton remains on schedule for its targeted in-service date of June 2013.

With that, I'd now like to turn the call over to our Senior Vice President and Chief Financial Officer, Karl Newlin.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

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