The Laclede Group, Inc. (LG) on Friday said net income for the quarter declined to $8.43 million or $0.38 per share from $15.39 million or $0.69 per share in 2011. The difference was largely due to earnings related to a propane sale in the prior year that did not recur.
Net economic earnings declined to $0.40 per share from $0.65 per share last year. Excluding prior year earnings of $0.27 per share from the propane sale, net economic earnings grew by 5 percent from the prior year.
On average, 3 analysts polled by Thomson Reuters expected earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
The gas utility's revenues declined to $186.85 million from $344.28 million in the previous year.
The company's Board of Directors declared a quarterly dividend of 41 1/2 cents per share on its common stock payable October 2.
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