Piedmont Natural Gas Lowers FY16 Earnings Guidance - Quick Facts

(RTTNews) - Piedmont Natural Gas (PNY) announced the company now expects fiscal 2016 earnings in a range of $1.90 to $1.95 per share, before any merger-related expenses. The company's previous guidance was a range of $1.92 to $2.02 per share before any merger-related expenses. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.97. Analysts' estimates typically exclude special items.

The company said the revised guidance is solely based on its assessment of lower earnings from its investment in Constitution Pipeline during fiscal year 2016 pending resolution of Constitution Pipeline's ongoing legal actions challenging the legality and appropriateness of the New York Department of Environmental Conservation denial of a necessary water quality certificate for the New York portion of the pipeline.

Piedmont Natural Gas reported second-quarter net income of $63.4 million, or $0.78 per share, compared to $66.4 million, or $0.84 per share, for the same period in 2015. Adjusted for merger-related expenses, net income was $64.1 million, or $0.79 per share. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.85 for the quarter.

Second-quarter operating revenues declined 18% to $350.19 million from $424.92 million, a year ago. Analysts expected revenue of $419.84 million for the quarter.