Higher Expenses Hurt WGL In 1Q

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On April 29, 2009, WGL Holdings(WGL Quote) reported that its Q2 FY09 net income decreased 7.4% due to higher expenses. Net income for the latest quarter declined to $75.07 million or $1.49 per share from $81.04 million or $1.63 per share in Q2 FY08. Excluding one-time items, the company's operating income declined to $82.79 million or $1.65 per share from $82.53 million or $1.66 per share a year ago. The latest quarterly results missed the most recent consensus estimate of $1.69 per share.

Total operating revenue rose to $1.04 billion from $1.02 billion in the comparable quarter of last year. Revenue from the Regulated Utility segment decreased 4.3% to $642.40 million from $671.39 million. Total utility gas sales and deliveries increased 10.8% to 763.12 million therms from 688.99 million therms. Additionally, sales from the Non-Utility segment, which consists of retail energy-marketing and Ddsign-build energy systems, grew 14.3% to $398.49 million from $348.65 million in the prior year's quarter. ...