Dallas, Texas 04/29/2014 (ustradevoice) – AGL Resources Inc. (NYSE:GAS) is scheduled to declare its first quarter earnings today. Ahead of the financial results, the company has gained much of the traction after it said that the results might exceed the upside expectations due to improved performance during weak weather.
Earnings To Be Released Today
This month, AGL reported that it can post notably higher earnings this quarter as extreme cold weather in the East Coast and South has helped to benefit its natgas distribution operations by approximately $0.15 per diluted share. However, the company did not give any estimate of the first quarter earnings. The wholesale segment earnings projection is anticipated at $270 million, implying a notable increase of $29 million from that of a year ago period. At the same time, earnings per share for the segment was expected at $1.53 per share as against $0.08 a year ago. Additionally, AGL Resources Inc. (NYSE:GAS) added that its retail and distribution operations could surpass the forecasts on a combined basis.
Sold Shipping Business
Apart from this, the company recently announced its plans to sell its Tropical Shipping business to Saltchuk Resources in exchange of nearly $220 million. At present, Tropical Shipping offers its 11 ships to service in the regions of the U.S., South America, Canada and the Caribbean. The company’s Chief Financial Officer, Andrew Evans, said that the sale is in line with the company’s approach of owning and operating regulated natural gas utilities and associated assets. Evans went on to state that, in the last two years, the company has been looking for a more strategic owner for its shipping assets. The company anticipates the sale to lead to a combined income-tax and goodwill-impairment loss of $0.66 a share, where AGL Resources Inc. (NYSE:GAS) expects to realize about 42 cents in the first quarter and the remaining in the next one.
