Profits up for Piedmont Natural Gas

By Bruce Henderson
bhenderson@charlotteobserver.com

Posted: Thursday, Mar. 11, 2010

Charlotte-based Piedmont Natural Gas reported first-quarter profit today of $113.7 million, a 41 percent increase over 2009 that was boosted by the company’s partial sale of one asset.

Operating revenues for the quarter fell 14 percent to $673 million from $779 million in 2009.

Piedmont sold half its 30 percent interest in SouthStar Energy Services, a natural gas company that serves the Southeast, to AGL Resources for $57.5 million on Jan. 1. The after-tax gain was $30.2 million or 41 cents a diluted shared for the quarter.

Piedmont’s net income for the quarter compared to $80.8 million for the same quarter last year. Earnings per share of $1.55 compared to $1.10 in 2009.

“We continue to experience customer growth even as new construction activity remains constrained in the current market environment,” Chairman and CEO Thomas Skains said in a statement.

Last month Piedmont announced a quarterly dividend of 28 cents a share, a 3.7 percent increase.

Piedmont serves 1 million customers in the Carolinas and Tennessee.

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