Northwest Natural Gas Beats 1Q Estimates

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On May 1, 2009, Northwest Natural Gas(NWN Quote) reported that its Q1 FY09 earnings grew 9.7%, boosted by gas commodity savings, gains from a regulatory adjustment for taxes paid, and customer growth. Net income stood at $47.36 million or $1.78 per share compared to $43.17 million or $1.63 per share in the prior year's quarter. The most recent quarterly earnings beat the consensus estimate of $1.69 per share.

Gross operating revenue climbed 12.8% to $437.36 million from $387.69 million a year ago. Total Gas revenue increased 13.1% to $432.80 million from $382.64 million, due to higher revenue from residential and commercial customers. Total Gas deliveries declined 8.5% to 411.31 million therms from 449.28 million therms in the year-ago quarter, resulting from a slowing economy in the Pacific Northwest. Gas deliveries to residential and commercial customers dropped 2.7% to 281.51 million therms from 289.32 million therms, and gas deliveries to Industrial firms decreased 17.2% to 12.04 million therms from 14.54 million therms in Q1 FY08. ...