WGL Holdings Inc (WGL) reported first-quarter net income applicable to common stock of $50.4 million, or $0.98 per share, down from $65.2 million, or $1.28 per share in the year ago quarter.
Non-GAAP operating earnings were $58.1 million, or $1.13 per share, compared to non-GAAP operating earnings of $52.6 million, or $1.03 per share, for the same quarter of the prior fiscal year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share for the quarter. Analysts' estimates typically exclude special items.
Total Operating Revenues for the quarter declined to $727.76 million from $795.87 million in the prior year quarter. Five analysts had consensus revenue estimate of $870.64 million for the quarter.
The company raised its fiscal 2012 GAAP earnings outlook to a range of $2.64 - $2.76 per share from the prior estimates of $2.63 - $2.75 per share.
The GAAP earnings estimate includes projected fiscal year 2012 earnings from regulated utility segment in a range of $1.84 per share to $1.90 per share and projected fiscal year 2012 earnings from unregulated business segments in a range of $0.80 per share to $0.86 per share.
The company reaffirmed its fiscal 2012 non-GAAP operating earnings in a range of $2.46 - $2.58 per share. The outlook includes projected fiscal year 2012 non-GAAP operating earnings from regulated utility segment in a range of $1.82 per share to $1.88 per share, and projected fiscal year 2012 non-GAAP operating earnings from unregulated business segments in a range of $0.64 per share to $0.70 per share.
Analysts expect the company to report earnings of $2.52 per share for fiscal 2012.
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