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UPDATE 1-Piedmont Natural Q3 loss widens; backs FY profit view
September 9, 2010 / 1:42 PM / 7 years ago

UPDATE 1-Piedmont Natural Q3 loss widens; backs FY profit view

* Q3 loss $0.13/shr vs est loss $0.11/shr

* Rev rises 17 pct to $211.6 mln, beats Street

* Shares up 1 pct

Sept 9 (Reuters) - Piedmont Natural Gas PNY.N posted a wider-than-expected quarterly loss, hurt by higher commodity prices, but reaffirmed its full-year profit view.

For May-July, the company posted a loss of $9.5 million, or 13 cents a share, compared with a loss of $7.3 million, or 10 cents a share, a year earlier.

Revenue for the company, which distributes natural gas to residential, commercial and industrial utility customers, however, rose 17 percent to $211.6 million.

Analysts on average expected a loss of 11 cents per share, on revenue of $184.9 million, according to Thomson Reuters I/B/E/S.

Cost of natural gas rose 34 percent to $133.7 million.

Piedmont Natural backed its 2010 earnings outlook of $1.90-$2.00 a share. Analysts expect a profit of $1.57 per share.

The Charlotte-based company’s shares, which have gained about 10 percent over the last three months, were up 1 percent at $27.64 Thursday on the New York Stock Exchange. For the alerts, please double click [ID:nASA00PW3] (Reporting by Vaishnavi Bala in Bangalore; Editing by Maju Samuel)

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