UPDATE 1-AGL Resources posts quarterly loss

(Recasts; adds details, share price)

July 31 (Reuters) - Natural gas distributor AGL Resources Inc ATG.N reported a second-quarter loss, hurt by the impacts of hedging and adjustments for its wholesale services segment.

The company also reaffirmed its 2008 earnings outlook.

For the quarter, the company reported a net loss of $11 million, or 15 cents a share, compared with net income of $30 million, 40 cents a share, a year ago.

AGL's second-quarter results included a loss of 45 cents per share resulting from $55 million in pretax hedge losses in the wholesale services segment related to an increase in forward New York Mercantile Exchange natural gas prices, and the widening of transportation basis spreads during the quarter.

Operating revenue fell 5 percent to $444 million.

Analysts on average were expecting earnings, before special items, of 36 cents a share, on revenue of $485.5 million.

The company reaffirmed its 2008 earnings guidance of $2.75 to $2.85 per share.

Shares of the Atlanta, Georgia-based company closed at $34.20 Wednesday on the New York Stock Exchange.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Bernard Orr)