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Piedmont Natural Gas boosts 2013 earnings

Piedmont Natural Gas reported a 12 percent increase Monday in net income for 2013 over the previous year.

Charlotte-based Piedmont had $134.4 million in profit on nearly $1.3 billion in revenues for the fiscal year through Oct. 31. That compared with $119.8 million in net income on revenues of $1.1 billion in 2012.

Diluted earnings per share for the year were $1.78, increasing over the $1.66 of last year.

Piedmont moved 20 percent more gas through its system in 2013 than in 2012, an increase largely attributed to a 26 percent increase in gas delivered to power plants.

Piedmont spent a record $672 million on capital projects this year, including a pipeline to supply natural gas to Duke Energy’s Sutton power plant in Wilmington.

Winter weather that was 25 percent colder than in 2012 also increased gas volume. Piedmont added 14,274 new customers to its service territory in the Carolinas and Tennessee, a 7.5 percent increase.

Piedmont affirmed its 2014 earnings guidance of $1.73 to $1.83 per diluted share.

Henderson: 704-358-5051; Twitter: @bhender
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