Breaking News
FONT-SIZE Plus   Neg
Share SHARE

AGL Resources Profit Surges; Stock Down On Weak Outlook - Update

RELATED NEWS
Trade GAS now with 

Natural gas distributor AGL Resources Inc. (GAS: Quote), Wednesday reported a surge in fourth-quarter profit, reflecting the addition of Nicor businesses, warmer-than-normal weather and mark-to-market hedge movements. Results were also helped by lower merger-related charges, compared with last year.

Moving forward, the company provided a soft outlook for fiscal year 2013, citing weak market fundamentals at many of its unregulated subsidiaries and persistent inflationary pressures.

Shares of AGL Resources are down 4.6 percent in morning trade on the New York Stock Exchange.

Atlanta, Georgia-based AGL Resources engages in natural gas distribution, retail operations, wholesale services, midstream operations and cargo shipping. The company's results were buttressed by the December 2011 merger with Nicor Inc. that resulted in the creation of a leading natural gas distribution entity.

AGL Resources reported fourth-quarter net income of $98 million or $0.84 per share, compared with $33 million or $0.37 per share last year.

Results for the prior-year quarter included transaction costs of $0.57 per share related to the Nicor merger.

Excluding items, adjusted earnings for the quarter were $0.91 per share, compared with $.94 per share last year.

Operating revenues for the quarter sharply increased to $1.2 billion from $790 million a year ago.

For fiscal year 2013, AGL expects earnings of $2.50 to $2.70 per share on a consolidated basis, and $2.40 to $2.50 per share excluding wholesale services.

The company's stock is trading at $40.21, down $1.95 or 4.63%.

Register
To receive FREE breaking news email alerts for AGL Resources, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Toyota Motor Corp. (TM, TYT.L) Thursday announced 1.1 percent decline in worldwide production for October, as there was a sharp decline in production of passenger cars in Japan. Production outside Japan improved 2.3 percent. In a separate announcement, the Japanese automaker said it will recall more... Computer and printer maker Hewlett-Packard Co. said Tuesday after the markets closed that its fourth quarter profit fell 6% from last year, as revenue declined 2%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. This organic and natural products company has experienced strong compounded annual growth over the last four fiscal years with its net sales growing 25% and adjusted income from continuing operations over 30%.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.