LONDON (Thomson Financial) - Southern Union Company said first-quarter net
profit rose slightly to $78.6 million from $74.4 million, as higher sales more
than offset an increase in operating costs.
Adjusted net earnings per share in the quarter ended March 31 were $0.64,
compared with $0.53, the natural gas firm said in a statement.
Analysts surveyed by Thomson Financial, on average, forecast a gain of 61
cents per share in the latest quarter.
Operating results were boosted by increased contributions from the company's
gathering and processing and transportation and storage segments.
Southern Union Gas Services, the company's gathering and processing segment,
recorded EBIT of $28.6 million for the quarter compared with $8.9 million for
the same period in the prior year, an increase of 221 percent.
The transportation and storage segment recorded EBIT of $109.4 million, up 8
percent from last year's adjusted EBIT of $101.1 million.
Southern Union chairman, president and chief executive George Lindemann said
the company was pleased with the results and was reaffirming its annual earnings
guidance in the range of $1.80 to $1.90 per share.
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