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Northwest Natural Gas earnings rise on gain

Posted : Fri, 25 Jul 2008 12:10:03 GMT
Author : Reuters
Category : US (Business)
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(Reuters) - Natural-gas distributor Northwest Natural Gas Co reported a 26 percent rise in quarterly profit, mainly on a gain from the sale of an airplane.

For the second quarter, the company reported net income of $3.3 million, or 12 cents a share, compared with $2.6 million, or 10 cents a share, a year ago.

The results included a gain of $1.1 million on the sale of a Boeing 737 airplane, which the company had purchased and leased to Continental Airlines.

Gross operating revenue of the company, which distributes natural gas in Oregon and southwest Washington, grew 4 percent to $191.3 million.

Excluding exceptional items, the company's profit was 8 cents a share, below analysts' expectation of 11 cents a share, according to Reuters Estimates. Analysts were expecting revenue of $202.7 million.

Northwest reaffirmed its 2008 earnings outlook of $2.48 to $2.63 a share. Analysts are expecting earnings of $2.59 a share, excluding special items, for the period.

Shares of the Portland, Oregon-based company closed at $45.94 Thursday on the New York Stock Exchange.

(Reporting by Shradhha Sharma in Bangalore; Editing by Vinu Pilakkott)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


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