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On Feb. 4, 2009,
reported that its net income increased 9.8% year over year in Q1 FY09 due to higher revenue. Net income stood at $51.84 million or $1.03 per share compared to $47.20 million or $0.95 per share in the prior year's quarter. Excluding one-time items, the company's operating income augmented 8.9% to $51.65 million or $1.03 per share from $47.43 million or $0.96 per share. The latest quarterly results beat the consensus estimate of $0.97 per share.
Total operating revenues ascended 9.3% to $821.49 million from $751.63 million a year earlier. Segment-wise, revenue from the Regulated Utility segment rose 12.1% to $517.88 million from $461.95 million, fueled by increased sales and deliveries of gas. Total utility gas sales and deliveries increased 11.0% to 546.30 million therms from 492.18 million therms. Additionally, sales from the Non-Utility segment, which consists of retail energy-marketing and design-build energy systems, grew 4.8% to $303.61 million from $289.68 million.
During Q1 FY09, WGL Holdings' average active customer meters inched up 0.7% to 1.06 million from 1.05 million a year ago. Moreover, the company paid a dividend of $0.355 per share on Feb. 1, 2009.
Looking forward to FY09, WGL raised its earnings guidance to a range of $2.41 per share to $2.53 per share, which includes EPS of $1.97 to $2.03 from regulated utility segment and EPS of $0.44 to $0.50 from unregulated business segments. Non-GAAP operating earnings are anticipated to be in a range of $2.41 per share to $2.53 per share, reflecting EPS of $2.00 to $2.06 from regulated utility segment and EPS of $0.41 to $0.47 in its unregulated business segments.
We are currently evaluating the results of our quantitative rating system. A full report is forthcoming and our financial analysis of the company's prior quarter follows this bulletin.
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