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March 6, 2014

Piedmont Natural Gas earnings rise

Charlotte-based Piedmont Natural Gas reported first-quarter earnings Thursday that were 14 percent higher than for the same period a year ago.

Charlotte-based Piedmont Natural Gas reported first-quarter earnings Thursday that were 14 percent higher than for the same period a year ago.

Piedmont reported net income of $97.6 million compared to last year’s $85.9 million. Earnings per share rose to $1.26 from $1.18.

Revenues of $657 million for the quarter were up 28 percent. Margin – costs compared to selling price – was $262 million, up 30 million from last year.

CEO Thomas Skains attributed the improved performance to colder than normal weather, customer growth, rate adjustments and advances in power generation markets.

Piedmont serves 1 million customers in the Carolinas and Tennessee.

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