WGL Holdings Inc. (WGL), the parent company of Washington Gas Light Co, Friday reported an increase in profit for the third quarter, despite lower revenues, as operating costs declined.
Washington-based WGL Holdings' third-quarter net income improved to $7.5 million or $0.14 per share from $3.0 million or $0.06 per share last year.
Adjusted earnings for the quarter rose to $4.0 million or $0.08 per share from $0.3 million or $0.01 per share in the same quarter last year.
Total operating revenues for the quarter dropped to $438.3 million from $490.3 million last year.
Analysts polled by Thomson Reuters expected earnings of $0.01 per share on revenues of $504.10 million for the quarter. Analysts' estimates typically exclude special items.
Chief Executive Terry McCallister said, "In the third quarter we saw earnings growth in both our utility and non-utility businesses. Our regulated utility segment benefited from increased revenues following the completion of rate cases in Virginia and Maryland, and our retail-energy marketing segment continued to see steady earnings growth in spite of the extreme summer temperatures experienced in our territories."
Total operating expenses dropped to $417.8 million from $475.0 million last year.
Going forward, McCallister is confident that the company will achieve 10 percent growth in adjusted in 2012.
The company reaffirmed its full year 2012 earnings estimate of $2.34 to $2.46 per share, and adjusted earnings of $2.43 to $2.55 per share.
Analysts currently estimate earnings of $2.47 per share for the full year.
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