NW Natural Q1 profit off 8 percent
Northwest Natural Gas Company reported net income for the first quarter of 2010 of $43.6 million, compared to $47.4 million in the same quarter of 2009, an 8 percent decrease.
Earnings per share were $1.64 in the quarter, down 8 percent from $1.78 for the first quarter of 2009.
Analysts on average had estimated $1.75 per share for the first quarter of 2010, according to Thompson Financial Network.
Portland-based Northwest Natural (NYSE: NWN) said that results in 2009 included significant gas commodity savings that didn’t repeat in the 2010 quarter, but 2010 first-quarter results benefitted from a property tax refund in Oregon.
“Our first-quarter results were in line with our expectations, but lower than last year’s record results, mainly because of the difference in gas cost savings,” said President and CEO Gregg Kantor.
Northwest Natural reaffirmed that it expects full-year 2010 earnings per share guidance will be in the range of $2.60 to $2.75.
Northwest Natural shares traded for $46.40 in mid-day trading, down 2.6 percent.
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