For the quarter ended September 30, 2012, non-GAAP operating earnings reflect lower realized electric and natural gas unit margins in the current quarter, partially offset by higher sales volumes. The quarterly pattern of margin recognition that the retail energy-marketing segment realizes within a given fiscal year varies from year-to-year. Operating expenses for the quarter were lower primarily due to lower marketing and employee compensation cost, while the effective tax rate was higher.For the fiscal year comparisons, the increase in non-GAAP operating earnings reflects higher electricity margins due to increased sale volumes resulting from customer growth and favorable price conditions versus the prior fiscal year. Natural gas margins were lower primarily due to lower retail sales volumes resulting from warm weather and lower margins on portfolio optimization activities. Operating expenses did not change significantly year-over-year. Lower levels of customer acquisition and compensation expenses were offset by increases in customer billing, bad debt and other administrative expenses. A change in the effective tax rate reduced earnings.
WGL Holdings, Inc. Reports Fiscal Year 2012 Financial Results; Issues Fiscal Year 2013 Guidance
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