Northwest Natural Gas earnings rise on gain : US Business

(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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