Amended: corrects analysts' estimates for FY09 in the intro.
Piedmont Natural Gas Co. Inc.'s (PNY) fiscal 2009 net income rose to $122.82 million or $1.67 per share from $110.01 million or $1.49 per share last year. On average, 4 analysts polled by Thomson Reuters expected earnings of $1.58 per share for the year. Analysts' estimate typically excludes one-time items.
Operating revenues for the latest year stood at $1.64 billion compared with $2.09 billion in the previous year. Two analysts estimated revenues of $1.89 billion for the year.
In addition, the company reiterated its fiscal year 2010 earnings view of $1.90 - $2.00 per share. This guidance includes an expected $0.42 gain in the first quarter of 2010 related to Piedmont's sale of one-half of its ownership interest in SouthStar Energy Services to AGL Resources, Piedmont Natural Gas added. Three analysts estimate fiscal 2010 earnings per share of $1.72.
Also, the board declared a quarterly dividend on common stock of $0.27 cents per share, payable January 15, 2010, to holders of record at the close of business on December 28, 2009.
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