Northwest Natural Gas earnings rise on gain
|
|
|
(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.
|
|
|
|
|
|
Related News
FDIC: 'Problem' banks at 16-year high in US
Washington - The number of US banks in danger of collapse has risen to the highest level in 16 years, a government regulator reported Tuesday in a sign that the country's worst financial crisis in decades is still lingering. The Federal Deposit Insur...
American shoppers lace up racing shoes for Black Friday
Los Angeles - Up to 134 million Americans are expected to splash out with their cash when the holiday shopping season kicks off on traditional Black Friday. The National Retail Federation Tuesday said it anticipated that the easing recession will sen...
US stocks edge lower on revised growth figures
New York - US stocks fell slightly on Tuesday as government figures showed that last quarter's economic rebound was smaller than initially thought. The Commerce Department in an updated estimate said the economy grew at an annual rate of 2.8 per cent...
US economic rebound smaller than thought; Fed optimistic - Summary
Washington - The US economy's rebound from a deep recession was smaller than initially thought, according to new government figures Tuesday, while the Federal Reserve said it expects the country's recovery to pick up...
EXTRA: US central bank issues rosier outlook on economy
Washington - The Federal Reserve Tuesday raised its growth forecasts for the US economy, but warned that unemployment in the United States will remain for some time at its highest levels in a generation. The US central bank projected the world's larg...
US levies first-ever fines on airlines who stranded passengers
Washington - Three US airlines were fined a total of 175,000 dollars on Tuesday for leaving passengers stranded nearly six hours on an aircraft, the first-ever such penalty imposed by the US government. Continental Airlines and ExpressJet Airlines we...
US economy grew 2.8 per cent in third quarter - Summary
Washington - The US economy grew at an annual rate of 2.8 per cent in the third quarter of this year, according to an updated government estimate Tuesday that confirmed the United States has likely emerged from its deepest recession in decades. But t...
|
|
|
|
|
|
|
|
