Monday, energy services company Piedmont Natural Gas Company, Inc. (PNY), reported higher earnings for fiscal 2008, helped by top line margin growth from continued customer growth and reduced expenses from ongoing cost management programs. The company also reaffirmed its fiscal 2009 earnings per share outlook.
The Charlotte, North Carolina-based company's net income for 2008 increased 5% to $110.01 million from $104.39 million last year. On a per share basis, earnings climbed 6% to $1.49 from $1.40 in the same period last year.
Operating revenues for 2008 increased 22% to $2.09 billion from $1.71 billion in the corresponding period last year.
Utility margin for 2008 increased 5% to $552.97 million from $524.17 million last year, positively influenced by 2% growth from gross customer additions in the company's service area and net adjustments resulting from regulatory gas cost accounting reviews.
System throughput for 2008 increased to 210.25 million dekatherms from 206.00 million dekatherms in the prior year, owing to colder weather and customer growth.
Operating income for the year rose 11% year-over-year to $153.11 million from $137.35 million in the prior year.
Thomas Skains Chairman, President and Chief Executive Officer of Piedmont said, "Piedmont ends 2008 in a financially strong position with an excellent balance sheet and access to credit markets."
Looking forward, the company reaffirmed its fiscal 2009 earnings guidance range of $1.55 to $1.65 per share. On average, six analysts polled by First Call/Thomson Financial currently expect $1.65 per share for 2009, within a range between $1.60 and $1.76 per share. Analysts' estimates typically exclude special items.
The company also announced that its Board has declared a regular quarterly dividend of $0.26 per share, payable on January 15, to stockholders of record as of the close of business on December 26.
PNY is currently trading at $31.03, down $0.28 or 0.89% on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.