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Questar Reports Third-Quarter 2012 Net Income Of $33.8 Million

Stocks in this article: STR

Questar Corporation (NYSE: STR) reported third-quarter 2012 net income of $33.8 million, or $0.19 per diluted share compared to third-quarter 2011 net income of $36.1 million, or $0.20 per diluted share. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the quarter were up 1% to $109.7 million compared to $108.4 million in the year-ago period. Return on average common equity (ROE) was 19.7% for the 12 months ended September 30, 2012, compared to 20.3% at September 30, 2011.

       

NET INCOME (LOSS) BY SUBSIDIARY

 
3 Months Ended September 30,
    2012   2011   Change
(in millions, except earnings per share)
Questar Gas $ (9.3 ) $ (7.9 ) $ (1.4 ) (18 %)
Wexpro 26.4 25.6 0.8 3 %
Questar Pipeline 17.1 18.8 (1.7 ) (9 %)
Corporate and other   (0.4 )   (0.4 )        
Total   $ 33.8     $ 36.1     $ (2.3 )   (6 %)
Earnings per diluted share $ 0.19 $ 0.20 $ (0.01 ) (5 %)
Average diluted shares 176.5 178.9 (2.4 ) (1 %)
         

ADJUSTED EBITDA BY SUBSIDIARY (a)

 
3 Months Ended September 30,
    2012   2011   Change

(in millions)

Questar Gas $ 2.1 $ 4.6 $ (2.5 ) (54 %)
Wexpro 61.3 56.0 5.3 9 %
Questar Pipeline 44.7 47.7 (3.0 ) (6 %)
Corporate and other   1.6     0.1       1.5     NM
Total   $ 109.7     $ 108.4       $ 1.3     1 %

(a) Management defines Adjusted EBITDA as net income (loss) before gains and losses from asset sales, interest expense, depreciation, depletion and amortization, abandonments and impairments, other special items and income taxes. See computations on the last page of the attached financial statements.

“Questar's businesses continued to perform well in the third quarter,” said Ronald W. Jibson, Questar chairman, president and CEO. “Net income was down about $2 million from the 2011 quarter, while for the year-to-date period, net income was $2 million higher than in 2011. Adjusted EBITDA in the 2012 third quarter was about $110 million, 1% higher than the same quarter in 2011. Questar Gas posted a seasonal loss, typical in the third quarter each year. Wexpro's net income rose by 3% while Questar Pipeline's income was 9% lower compared to 2011. Continuing low natural gas and liquids prices, higher pension costs and property taxes impacted earnings for the quarter and year-to-date, yet we remain confident in our current 2012 earnings guidance of $1.15 to $1.19 per diluted share.”

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