WGL Holdings Inc. (WGL), the parent company of Washington Gas Light Co, Wednesday reported an increase in profit for the first quarter, despite lower revenues, as operating costs declined.
Washington-based WGL Holdings' first-quarter net income improved to $52.38 million or $1.01 per share from $50.43 million or $0.98 per share in the year-ago quarter.
Adjusted earnings for the quarter rose to $58.86 million or $1.14 per share, while total operating revenues for the quarter dropped to $686.73 million from $727.75 million last year.
Analysts polled by Thomson Reuters expected earnings of $1.04 per share on revenues of $746.08 million for the quarter. Analysts' estimates typically exclude special items.
Meanwhile, total operating expenses dropped to $591.9 million from $633.8 million in the prior year.
Looking ahead to the year 2013, the company reaffirmed its full year adjusted earnings estimate of $2.37 per share to $2.49 per share. Also, the company anticipates GAAP earnings for the year 2013 to range between $2.35 per share and $2.47 per share.
The Street currently estimates earnings of $2.43 per share for the full year.
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