Boston, MA 03/19/2014 (wallstreetpr) – Piedmont Natural Gas Company, Inc. (NYSE:PNY) strong start of the year after reporting strong fourth quarter and full year results has resulted in it, raising its fiscal year guidance from the earlier given earnings per diluted share of between $1.73 and $1.83 to a high of between $1.80 and $1.90. The revision of the guidance comes at the back of the company meeting its peak customer demand with safe and reliable natural gas service.
Piedmont strong performance for the year streamed down the company with its customers benefiting from lower gas rates as a result, with $43 million of secondary market gains. The solid performance for the year had an influence in the company’s board of director’s decision of increasing the company’s quarterly dividend on common stock. The new quarterly dividend will be offered to shareholders on record as of March 25 at 32 cents per share held payable on April 15, 2014
Piedmont financial results
The first quarter of 2013 saw Piedmont earn a net income of $97.6 million compared to $85.9 million reported for the same period in 2013. Margin for the quarter came in at $261.5 million an increase of $29.9 million. The increase in margins was as a result of a surge in sales in secondary markets. Piedmont operations and maintenance expenses for the quarter totaled $60.6 million an increase of $4.8 million from the first quarter of 2013.
Piedmont Natural Gas Company, Inc. (NYSE:PNY)’s pretax income for the quarter was up by 39% compared to that of the same period in 2013 mainly as a result of improved performance at South Star Energy and the expansion into retail markets in Illinois. Utility charges for the quarter was up to $10.6 million up from $4.5 million.
Piedmont Upgraded to a “Neutral”
Piedmont has seen its stock upgraded to neutral rating from a “Sell” by analysts at Ned Davis Research.
Piedmont Natural Gas Company, Inc. (NYSE:PNY) remained slightly unchanged on Tuesday trading session closing the day at $35.68.
