Northwest Natural Gas Company, dba NW Natural (NWN), posted first quarter profit of $40.61 million or $1.51 per share versus $40.77 million or $1.53 per share a year ago.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $1.51 per share. Analysts' estimates typically exclude special items.
Gross Operating Revenues declined to $317.49 million from $323.09 million in the prior-year quarter. Analysts expected revenues of $320.48 million.
"The big headline for the quarter was the dramatic drop in natural gas prices -- a decline that allowed us to propose an early credit of $39 million in gas cost savings to customers in Oregon and Washington," said Gregg Kantor, President and CEO of NW Natural.
The company reaffirmed its 2012 earnings-per-share guidance range of $2.35 to $2.55. Analysts expect earnings of $2.52 per share.
Further, the board of directors of NW Natural declared a quarterly dividend of 44.5 cents a share on the company's common stock. The dividends will be payable on May 15, 2012 to shareholders of record on April 30, 2012.
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