Northwest Natural Gas Company, dba NW Natural (NWN) posted slightly lower fourth-quarter net income of $28.4 million, or $1.05 per share, compared with $29.2 million, or $1.09 per share, in the 2011 period, due mainly to the $3.9 million shift in utility operating revenues from the fourth quarter of this year to the first three quarters of 2013. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $1.10 for the quarter. Analysts' estimates typically exclude one-time items.
The company said these timing differences were caused by changes in its billing rate structure for Oregon customers resulting from the Oregon rate case. Partially offsetting these decreases were lower operations and maintenance expenses and higher gas cost savings.
Northwest Natural Gas also issued its earnings guidance of $2.15 to $2.35 per share for 2013, assuming a continued slow economic recovery and customer growth, average weather conditions, no changes to the recoverability of its regulatory assets, and no significant changes in prevailing legislative and regulatory policies or outcomes. Seven analysts project annual earnings of $2.53 per share.
In addition, the board declared a quarterly dividend of 45.5 cents per share, and the dividends were paid February 15, 2013 to shareholders of record on January 31, 2013. The company's indicated annual dividend rate is $1.82 a share.
Separately, the board has approved several senior management promotions, effective yesterday. Purusant to this, David Anderson has been promoted to executive vice president of Operations and Regulation. Anderson has served as NW Natural's senior vice president and chief financial officer since 2004. Further, the board unveiled two other senior management promotions, with Stephen Feltz being promoted to senior vice president and chief financial officer; and Alex Miller as treasurer. Moreover, Miller would retain his responsibilities as vice president of regulation.
In addition, Brody Wilson was promoted to acting controller. Wilson was senior manager in the assurance practice of PricewaterhouseCoopers LLP prior to joining NW Natural as accounting director in 2012.
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