Northwest Natural Gas earnings rise on gain
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Fri, 25 Jul 2008 12:10:03 GMT |
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Reuters |
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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)
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