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Questar Reports Second-Quarter 2013 Earnings Of $39.4 Million

Stocks in this article: STR

Questar Corporation (NYSE:STR) reported second-quarter net income of $39.4 million, or $0.22 per diluted share compared to second-quarter 2012 net income of $39.2 million, or $0.22 per diluted share. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the quarter were up 1% to $122.7 million compared to $121.2 million in the year-ago period. Return on average common equity (ROE) was 19.5% for the 12 months ended June 30, 2013, compared to 19.6% for the same period in 2012.

NET INCOME (LOSS) BY SUBSIDIARY

       
3 Months Ended June 30,
        2013     2012     Change
(in millions, except earnings per share)
Questar Gas $ (1.2 )     $ (2.3 )     $ 1.1   48%
Wexpro 28.4 25.8 2.6

10%

Questar Pipeline

14.5

16.1

(1.6

)

(10%

)

Corporate and other       (2.3 )     (0.4 )     (1.9 )   NM  
Total net income       $ 39.4       $ 39.2       $ 0.2     1%  
Earnings per diluted share $ 0.22 $ 0.22 $

—%

Average diluted shares 176.3 178.3 (2.0 )

(1%

)

 

ADJUSTED EBITDA BY SUBSIDIARY (a)

     
3 Months Ended June 30,
        2013     2012     Change
(in millions)
Questar Gas $ 15.9     $ 14.5     $ 1.4     10 %
Wexpro 63.0 59.6 3.4 6 %
Questar Pipeline 43.5 45.4 (1.9 ) (4 %)
Corporate and other       0.3       1.7       (1.4 )     (82 %)
Total Adjusted EBITDA       $ 122.7       $ 121.2       $ 1.5       1 %
   

(a)

 

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

 

“I am pleased to report that Questar's performance for the quarter was on pace with last year's second quarter performance and in line with our 2013 earnings guidance,” said Ronald W. Jibson, Questar chairman, president and CEO. “Questar Gas posted a small seasonal net loss, typical for the second quarter and slightly lower than last year's loss for the period. Wexpro posted a 10% increase in net income while Questar Pipeline's income was down 10% compared to the second quarter of 2012. Adjusted EBITDA in the second quarter of 2013 was about $123 million, up 1% from the same quarter in 2012.”

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