Friday, Laclede Group Inc. (LG), a public utility holding company, reported a wider loss in the fourth-quarter as customers during the summer months lower the usage of gas.
Net loss for the quarter widened to $4.7 million or $0.22 per share from $3.6 million or $0.16 per share in the year ago period. The company usually reports losses in its fourth quarter because of lower gas usage by its utility customers during the summer months.
Laclede Group's loss from continuing operations was $4.74 million, compared with $3.17 million in the year-ago period. On a per share basis, loss from continuing operations widened to $0.22 from $0.14 in the same quarter last year.
The Group's non-regulated natural gas commodity service provider, Laclede Energy Resources's profit for the quarter declined 12% to $4.0 million or $0.18 per share from last year.
While Laclede Gas, the other subsidiary of the company reported a loss of $7.5 million compared with $7.4 million in the year-ago. On a per share basis, earnings were flat with last year at $0.34.
Total revenue for the quarter declined to $251.93 million from $451.79 million in comparable quarter last year, reflecting decrease in sales margins, partially offset by higher sales volumes of natural gas.
Operating expense was down to $254.99 million from $451.76 million and operating income for the quarter was a loss of $3.06 million from $28 thousand in the same quarter last year.
For the twelve months, net income declined to $64.24 million or $2.92 per share from $77.92 million or $3.58 per share last year. Income form continuing operations was $64.24 million or $2.92 per share, up from $57.52 million or $2.64 per share in the prior-year. Year-to-date net sales declined to $1.90 billion from $2.21 billion last year.
LG is currently trading at $30.69, down $1.15 or 3.61% on a volume of 0.55 million shares on the NYSE.
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