Profit, revenue up at Piedmont Natural Gas
06/06/2014 11:39 AM
06/06/2014 11:40 AM
Charlotte-based Piedmont Natural Gas said Friday that its second-quarter profits rose 12 percent, to $63 million, as revenues surged during often-chilly spring weather.
Revenue was up 16 percent during the quarter ended April 30, compared to the same period last year, rising to $462 million.
The number of new customers added by Piedmont rose 22 percent during the quarter, to 3,716, driven by a 19 percent increase in new residential construction.
A rate increase in North Carolina and Tennessee also contributed to the company’s positive results, Piedmont said.
The results follow a strong first quarter for Piedmont, when profits rose 14 percent.
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