Piedmont Natural Gas FY13 Profit Rises; Backs FY14 EPS View - Quick Facts

(RTTNews) - Piedmont Natural Gas (PNY) reported that net income for its fiscal year ended October 31, 2013 was $134.4 million and earnings per share of $1.78 compared to net income of $119.8 million and earnings per share of $1.66 last year.

Pre-tax income from equity method investments was $26.1 million in 2013 compared with $23.9 million in 2012. The increase was primarily due to the first year of the Company's investment activity in the Constitution Pipeline project and colder weather and new markets served by the Company's SouthStar Energy joint venture.

Operating revenues for the year increased to $1.28 billion from $1.12 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.75 per share and revenues of $1.22 billion for fiscal year. Analysts' estimates typically exclude special items.

The company reaffirmed its fiscal year 2014 earnings guidance of $1.73 to $1.83 per share issued on November 1, 2013. Analysts expect the company to report earnings of $1.81 per share for fiscal 2014.