The Laclede Group Inc. (LG) reported that its second-quarter net income increased to $30.24 million or $1.34 per share from $29.68 million or $1.32 per share last year. Net economic earnings was $32.5 million or $1.44 per share for the quarter. Total operating revenues rose to $397.61 million from $358.18 million prior year.
The company said its increased earnings were driven by higher Gas Utility net income, reflecting a return to more seasonable weather, lower costs and higher infrastructure surcharge revenues. The higher utility earnings were largely offset by costs the company incurred in connection with the pending acquisition of MGE, and lower Gas Marketing earnings.
On average, four analysts polled by Thomson Reuters expected the company to report profit of $1.49 per share for the quarter. Analysts' estimates typically exclude special items.
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