Expenses Widen Piedmont's Fourth-Quarter Loss

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Hurt by higher operations and maintenance expenses, Piedmont Natural Gas (PNY Quote) reported on Dec. 29, 2008, that its fourth-quarter fiscal 2008 net loss widened to $13.21 million or $0.18 per share from $8.31 million or $0.11 per share the prior year. The consensus estimate for the quarter was a loss of $0.13 per share.

During the fourth quarter, Piedmont's total operating revenue improved 12.1% to $311.75 million from $278.03 million, attributable to higher secondary market transactions owing to increased activity and gas costs and pass-through of increased commodity gas costs to its customers. ...