- Consolidated GAAP earnings per share
up — $1.28 per share vs. $0.36 per share for the same quarter of
the prior year
- Operating earnings per share up —
$1.16 per share vs. $0.99 per share for the same quarter of the
prior year
- Operating earnings guidance for
fiscal year 2015 — affirming a range of $2.70 per share to $2.90
per share
- Dividend increase of $0.09 per
share, or 5%, to an annualized level of $1.85 per share
WGL Holdings, Inc. (NYSE: WGL):
Consolidated Results
WGL Holdings, Inc. (NYSE: WGL), the parent company of Washington
Gas Light Company (Washington Gas) and other energy-related
subsidiaries, today reported net income applicable to common stock
determined in accordance with generally accepted accounting
principles in the United States of America (GAAP) for the quarter
ended December 31, 2014, of $63.9 million, or $1.28 per share,
compared to net income applicable to common stock of $18.6 million,
or $0.36 per share, reported for the quarter ended December 31,
2013.
On a consolidated basis, WGL uses operating earnings (loss) to
evaluate overall financial performance. Beginning in the first
quarter of fiscal year 2015, we evaluate segment financial
performance based on earnings before interest and taxes, as
adjusted (adjusted EBIT). We believe that adjusted EBIT enhances
the ability to evaluate segment performance because it excludes
interest and income tax expense, which are affected by
corporate-wide strategies such as capital financing and tax sharing
allocations. Additionally, both operating earnings (loss) and
adjusted EBIT adjust for the accounting recognition of certain
transactions that are not representative of the ongoing earnings of
the company. Operating earnings (loss) and adjusted EBIT are
non-GAAP financial measures, which are not recognized in accordance
with GAAP and should not be viewed as alternatives to GAAP measures
of performance. Refer to “Reconciliation of Non-GAAP Financial
Measures” attached to this news release for a detailed discussion
of management’s use of these measures and for reconciliations to
GAAP financial measures.
For the quarter ended December 31, 2014, operating earnings were
$58.0 million, or $1.16 per share, an improvement of $6.6 million,
or $0.17 per share, over operating earnings of $51.4 million, or
$0.99 per share, for the same quarter of the prior fiscal year.
“Our first quarter results have given us a strong start to 2015.
I am pleased to report growth in adjusted EBIT in all of our
business segments in the quarter compared to the first quarter of
the prior year,” said Terry D. McCallister, Chairman and Chief
Executive Officer. “Results in our core regulated utility improved
more than 6% over what had been a strong first quarter of 2014. The
drivers of this performance were improvements in revenue which
offset routine operating expense increases.”
“In addition, our Midstream Energy Services and Commercial
Energy Systems segments showed robust growth as they continue to
execute well on their business strategies. I am particularly
pleased to see adjusted EBIT improve dramatically in our Retail
Energy Marketing segment. This business is beginning to recover to
more normal levels of profitability as costs for electricity in the
PJM market return to expected levels.”
“Driven by these increases in segment performance, our
consolidated per share operating earnings for the quarter improved
17% over 2014. As a result, we now expect operating earnings to
finish the year in the high end of our previously announced range
of $2.70 to $2.90 per share.”
“Additionally, our board of directors has approved a nine-cent
increase in our dividend to an annual rate of $1.85 per share. This
increase is consistent with our previously announced goal of
targeting a 5% dividend growth rate, and reflects our continued
confidence in our ability to achieve our strategic goals. This
increase marks the 39th year of consecutive dividend increases and
the 164th year that we have paid a dividend.”
First Quarter Results by Business
Segment
Regulated Utility
For the quarter ended December 31, 2014, the regulated utility
segment reported adjusted EBIT of $96.6 million, an increase of
$5.7 million over adjusted EBIT of $90.9 million for the same
quarter of the prior fiscal year. The improvement in adjusted EBIT
reflects higher revenues from: (i) customer growth; (ii) new base
rates in Maryland; (iii) realized margins associated with our asset
optimization program; (iv) rate recovery related to our accelerated
pipe replacement programs; and (v) lower employee benefit costs.
Partially offsetting these favorable variances were higher
operating expenses due to labor and employee incentive costs and
the growth in our utility plant.
Retail Energy-Marketing
For the quarter ended December 31, 2014, the retail
energy-marketing segment reported adjusted EBIT of $9.0 million, an
increase of $7.6 million over adjusted EBIT of $1.4 million for the
same quarter of the prior fiscal year. This improvement in adjusted
EBIT primarily reflects higher electricity margins due to lower
capacity and ancillary service charges from the regional power grid
operator (PJM). Partially offsetting this favorable variance were
lower natural gas margins.
Commercial Energy Systems
For the quarter ended December 31, 2014, the commercial energy
systems segment reported adjusted EBIT of $1.2 million, an increase
of $1.2 million over adjusted EBIT for the same quarter of the
prior fiscal year. The improvement in adjusted EBIT reflects the
growth in distributed generation assets in service and producing
income, as well as increases in the federal contracting and
investment solar businesses.
Midstream Energy Services
For the quarter ended December 31, 2014, the midstream energy
services segment reported adjusted EBIT of $2.6 million, an
increase of $0.8 million over adjusted EBIT of $1.8 million for the
same period of the prior fiscal year. The improvement in adjusted
EBIT reflects favorable storage spreads.
Interest Expense
For the quarter ended December 31, 2014, interest expense was
$12.3 million, an increase of $3.3 million over interest expense of
$9.0 million for the same period of the prior fiscal year. This
comparison reflects the issuance of long-term debt for both WGL and
Washington Gas.
Earnings Outlook
We are affirming our consolidated non-GAAP operating earnings
estimate for fiscal year 2015 in a range of $2.70 per share to
$2.90 per share. In providing fiscal year 2015 earnings guidance,
management is aware that there could be differences between what is
reported GAAP earnings and estimated operating earnings for matters
such as, but not limited to, unrealized mark-to-market positions
for our energy-related derivatives. At this time, WGL management is
not able to reasonably estimate the aggregate impact of these items
on reported earnings and therefore is not able to provide a
corresponding GAAP equivalent for its operating earnings
guidance.
We assume no obligation to update this guidance. The absence of
any statement by us in the future should not be presumed to
represent an affirmation of this earnings guidance. For the
assumptions underlying this guidance, please refer to the slides
accompanying our webcast that will be posted to WGL’s website,
www.wgl.com.
Other Information
We will hold a conference call at 10:30 a.m., Eastern Time on
February 5, 2015, to discuss our first quarter fiscal year 2015
financial results. The live conference call will be available to
the public via a link located on WGL’s website, www.wgl.com. To hear the live webcast,
click on “Investor Relations” then “Events & Webcasts.” The
webcast and related slides will be archived on WGL's website
through March 6, 2015.
Headquartered in Washington, D.C., WGL is a leading source for
clean, efficient and diverse energy solutions. With activities in
32 states and the District of Columbia, our operating units consist
of Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL
Energy is an operating unit that delivers a full ecosystem of
energy offerings including natural gas, electricity, green power,
carbon reduction, distributed generation and energy efficiency
provided by WGL Energy Services, Inc. (formerly Washington Gas
Energy Services, Inc.) and WGL Energy Systems, Inc. (formerly
Washington Gas Energy Systems, Inc.). WGL provides options for
natural gas, electricity, green power and energy services,
including generation, storage, transportation, distribution, supply
and efficiency. Our calling as a company is to make energy
surprisingly easy for our employees, our community and all of our
customers. Whether you are a homeowner or renter, small business or
multinational corporation, state and local or federal agency, WGL
is here to provide Energy Answers. Ask Us. For more information,
visit us at www.wgl.com.
Unless otherwise noted, earnings per share amounts are presented
on a diluted basis, and are based on weighted average common and
common equivalent shares outstanding.
Please see the attached comparative statements for additional
information on our operating results. Also attached to this news
release are reconciliations of non-GAAP financial measures.
Forward-Looking
Statements
This news release and other statements by us include
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 with respect to the
outlook for earnings, revenues and other future financial business
performance or strategies and expectations. Forward-looking
statements are typically identified by words such as, but not
limited to, “estimates,” “expects,” “anticipates,” “intends,”
“believes,” “plans,” and similar expressions, or future or
conditional verbs such as “will,” “should,” “would,” and “could.”
Although we believe such forward-looking statements are based on
reasonable assumptions, we cannot give assurance that every
objective will be achieved. Forward-looking statements speak only
as of today, and we assume no duty to update them. Factors that
could cause actual results to differ materially from those
expressed or implied include, but are not limited to, general
economic conditions and the factors discussed under the “Risk
Factors” heading in our most recent annual report on Form 10-K and
other documents that we have filed with, or furnished to, the U.S.
Securities and Exchange Commission.
WGL Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
December
31, September 30, (In thousands)
2014
2014
ASSETS Property, Plant
and Equipment At original cost
$ 4,658,194 $
4,582,764 Accumulated depreciation and amortization
(1,258,762 ) (1,268,319 ) Net property,
plant and equipment
3,399,432
3,314,445
Current Assets Cash and cash
equivalents
7,390 8,811 Accounts receivable, net
524,559 298,978 Storage gas
296,911 333,602
Derivatives and other
199,302
194,124 Total current assets
1,028,162 835,515
Deferred
Charges and Other Assets 720,498
706,539
Total Assets $
5,148,092 $ 4,856,499
CAPITALIZATION
AND LIABILITIES Capitalization Common shareholders'
equity
$ 1,242,650 $ 1,246,576 Washington Gas Light
Company preferred stock
28,173 28,173 Long-term debt
975,611 679,228 Total
capitalization
2,246,434
1,953,977
Current Liabilities Notes payable and
current maturities of long-term debt
370,000 473,500
Accounts payable and other accrued liabilities
336,352
313,221 Derivatives and other
326,477
233,564 Total current liabilities
1,032,829 1,020,285
Deferred Credits 1,868,829
1,882,237
Total Capitalization and
Liabilities $ 5,148,092 $
4,856,499
WGL Holdings, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months
Ended December 31, (In thousands,
except per share data)
2014 2013
OPERATING REVENUES Utility
$ 381,712 $ 386,541
Non-utility
367,525 293,756
Total Operating Revenues 749,237
680,297
OPERATING EXPENSES Utility cost of gas
129,704 186,881 Non-utility cost of energy-related sales
336,568 305,351 Operation and maintenance
92,380
88,142 Depreciation and amortization
29,360 26,590 General
taxes and other assessments
39,383
40,621
Total Operating Expenses
627,395 647,585
OPERATING INCOME
121,842 32,712 Equity in earnings of unconsolidated
affiliates
1,144 490 Other income (expenses) — net
(4,355) 219 Interest expense
12,310
8,992
INCOME BEFORE TAXES 106,321
24,429
INCOME TAX EXPENSE 42,103
5,470
NET INCOME 64,218 18,959
Dividends on
Washington Gas Light Company preferred stock
330 330
NET INCOME APPLICABLE TO COMMON
STOCK $ 63,888 $ 18,629
AVERAGE
COMMON SHARES OUTSTANDING Basic
49,946 51,816 Diluted
50,091 51,827
EARNINGS PER
AVERAGE COMMON SHARE Basic
$ 1.28 $ 0.36 Diluted
$ 1.28 $ 0.36
WGL Holdings,
Inc. Consolidated Financial and Operating Statistics
(Unaudited)
FINANCIAL STATISTICS
Twelve Months Ended
December 31,
2014 2013
Closing Market Price — end of period
$
54.62 $ 40.06 52-Week Market Price Range
$
56.79-$35.35 $ 46.96-$37.96 Price Earnings Ratio
18.5
44.5 Annualized Dividends Per Share
$ 1.76 $ 1.68
Dividend Yield
3.2 % 4.2 % Return on Average Common
Equity
12.0 % 3.6 % Total Interest Coverage (times)
6.8 2.7 Book Value Per Share — end of period
$
25.00 $ 24.55 Common Shares Outstanding — end of period
(thousands)
49,709 51,842
UTILITY GAS STATISTICS
Three
Months Ended Twelve Months Ended
December 31, December 31, (In
thousands)
2014 2013
2014 2013
Operating Revenues Gas Sold and Delivered Residential — Firm
$ 243,734
$
244,921
$
889,891
$
763,742 Commercial and Industrial — Firm
56,418 60,218
209,987 183,404 Commercial and Industrial — Interruptible
718 521
2,464 2,755 Electric Generation
275 275
1,100
1,100
301,145 305,935
1,103,442 951,001 Gas Delivered
for Others Firm
56,121 56,222
198,978 179,510
Interruptible
13,736 13,025
60,040 50,062 Electric
Generation
132 114
534 589
69,989 69,361
259,552 230,161
371,134
375,296
1,362,994 1,181,162 Other
10,578 11,245
49,128 32,170
Total
$ 381,712
$
386,541
$
1,412,122
$
1,213,332
Three
Months Ended Twelve Months Ended
December 31, December 31, (In
thousands of therms)
2014 2013
2014 2013
Gas Sales and Deliveries Gas Sold and Delivered
Residential — Firm
217,059 226,067
729,955 677,000
Commercial and Industrial — Firm
59,178 63,171
196,160 188,698 Commercial and Industrial — Interruptible
1,055 562
2,686 2,756
277,292 289,800
928,801 868,454 Gas Delivered
for Others Firm
160,006 158,642
536,867 496,364
Interruptible
77,659 77,697
267,668 272,543 Electric
Generation
26,255 37,118
133,540 163,434
263,920 273,457
938,075 932,341
Total 541,212 563,257
1,866,876
1,800,795
WGL ENERGY SERVICES
Natural Gas Sales Therm Sales (thousands of
therms)
201,084 210,566
708,607 702,148 Number
of Customers (end of period)
153,400
168,000
153,400
168,000
Electricity Sales Electricity
Sales (thousands of kWhs)
2,668,531 2,828,393
11,532,505 12,157,695 Number of Accounts (end of
period)
156,600 189,000
156,600 189,000
UTILITY GAS PURCHASED EXPENSE (excluding asset
optimization) 56.18 ¢ 56.35
¢
67.90 ¢ 55.20 ¢
HEATING DEGREE DAYS
Actual
1,255 1,394
3,972 3,854 Normal
1,343 1,344
3,750 3,771 Percent Colder (Warmer) than Normal
(6.6
)%
3.7 %
5.9 % 2.2 %
Average Active Customer Meters
1,123,272 1,111,138
1,120,257 1,107,901
WGL HOLDINGS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(Unaudited)
The tables below reconcile operating earnings (loss) to GAAP net
income (loss) applicable to common stock on a consolidated basis
and adjusted EBIT on a segment basis to GAAP net income (loss)
applicable to common stock. Management believes operating earnings
(loss) and adjusted EBIT provide a more meaningful representation
of our earnings from ongoing operations on a consolidated and
segment basis, respectively. These measures facilitate analysis by
providing consistent and comparable measures to help management,
investors and analysts better understand and evaluate our operating
results and performance trends, and assist in analyzing
period-to-period comparisons. Additionally, we use these non-GAAP
measures to report to the board of directors and to evaluate
management’s performance.
To derive our non-GAAP measures, we adjust for the accounting
recognition of certain transactions (non-GAAP adjustments) based on
at least one of the following criteria:
- To better match the accounting
recognition of transactions with their economics;
- To better align with regulatory
view/recognition;
- Significant out of period
adjustments;
- Other significant items that may
obscure historical earnings comparisons and are not indicative of
performance trends; and
- For adjusted EBIT, other items which
may obscure segment comparisons.
There are limits in using operating earnings (loss) and adjusted
EBIT to analyze our consolidated and segment results, respectively,
as they are not prepared in accordance with GAAP and may be
different from non-GAAP financial measures used by other companies.
In addition, using operating earnings (loss) and adjusted EBIT to
analyze our results may have limited value as they exclude certain
items that may have a material impact on our reported financial
results. We compensate for these limitations by providing investors
with the attached reconciliations to the most directly comparable
GAAP financial measures.
The following table summarizes the reconciliation of adjusted
EBIT by segment to its most comparable GAAP financial measure,
income before income taxes:
Three
Months Ended December 31, (In thousands)
2014 2013
Adjusted EBIT:
Regulated utility
$ 96,556 $ 90,855 Retail
energy-marketing
8,955 1,358 Commercial energy systems
1,168 (23 ) Midstream energy services
2,566 1,840
Other activities*
(1,474 ) (1,910 ) Eliminations
(32
) 144 Total
107,739 92,264
Non-GAAP adjustments(1)
10,892 (58,843 ) Interest
expense
12,310 8,992 Income before
income taxes
106,321 24,429 Income tax
expense
42,103 5,470 Dividends on Washington Gas preferred
stock
330
330 Net income applicable to common
stock
$
63,888 $ 18,629
*Activities and transactions that are not significant enough on
a stand-alone basis to warrant treatment as an operating segment
and that do not fit into one of our four operating segments.
WGL HOLDINGS, INC. (Consolidated by
Quarter)RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(Unaudited)
The following tables represent the reconciliation of operating
earnings to its most comparable GAAP financial measure, net income
applicable to common stock (consolidated by quarter):
Fiscal Year 2015
Quarterly Period Ended (In thousands, except per
share data) Dec. 31 Mar. 31 Jun. 30 Sept. 30 Fiscal
Year Operating earnings
$ 58,004 $
58,004 Non-GAAP adjustments(1)
10,892 10,892
Income tax benefit on non-GAAP adjustments
(5,008 )
(5,008 ) Net income applicable to
common stock
$ 63,888
$ 63,888
Diluted average common shares outstanding
50,091
50,091 Operating earnings per share
$ 1.16 $ 1.16 Per share effect of
non-GAAP adjustments
0.12
0.12
Diluted earnings per average common share
$
1.28
$ 1.28 Fiscal Year 2014
Quarterly Period Ended (In thousands, except per share data)
Dec. 31 Mar. 31 Jun. 30 Sept. 30
Fiscal Year Operating earnings $ 51,398 $ 51,398
Non-GAAP adjustments(1) (58,843 ) (58,843 ) Income tax expense on
non-GAAP adjustments 22,453 22,453 Regulatory asset - tax effect
Medicare Part D** 3,621
3,621 Net income
applicable to common stock $ 18,629
$ 18,629 Diluted average
common shares outstanding 51,827
51,827 Operating
earnings per share $ 0.99 $ 0.99 Per share effect of non-GAAP
adjustments (0.63 )
(0.63 ) Diluted earnings per average
common share $ 0.36
$ 0.36
**In March 2010, the Patient Protection and Affordable Care Act
(PPACA) eliminated future Medicare Part D (Med D) tax benefits for
Washington Gas' tax years beginning after September 30, 2013. On
March 30, 2012, based on positions taken by the Public Service
Commission of Maryland (PSC of MD) in Washington Gas' rate case,
Washington Gas determined that it is not probable that the PSC of
MD would permit recovery of this asset. Therefore, the Maryland
portion of the regulatory asset related to the Med D benefit was
charged to tax expense. In November of 2013, the PSC of MD issued
an order authorizing Washington Gas to establish a regulatory asset
and amortize the costs related to the change in tax treatment of
Med D.
WGL HOLDINGS, INC.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(Unaudited)
(1) The following are non-GAAP adjustments, by operating segment
as well as a reconciliation of adjusted EBIT to EBIT. EBIT is
defined as earnings before interest and taxes from continuing
operations. Items we do not include in EBIT are interest expense,
dividends on Washington Gas preferred stock, and income taxes.
Three Months Ended December 31, 2014 Regulated
Retail-Energy Commercial Energy Midstream Energy Other Intersegment
(In thousands) Utility Marketing
Systems Services Activities
Eliminations Total Adjusted EBIT
$ 96,556 $ 8,955
$ 1,168 $ 2,566
$ (1,474 ) $
(32 ) $ 107,739 Non-GAAP
adjustments: Unrealized mark-to-market valuations on
energy-related derivatives(a)
25,077 (24,850 ) - 8,329
- - 8,556 Storage optimization program(b)
(4,180 ) - - - - -
(4,180 ) DC weather impact(c )
(2,826 )
- - - - - (2,826 )
Distributed generation asset related
investment tax credits(d)
- - (909 ) - - -
(909 ) Change in measured value of inventory(e)
- - - 15,876 - -
15,876 Investment impairment(f)
-
- -
- (5,625 )
- (5,625 )
Total non-GAAP adjustments
$ 18,071
$ (24,850 ) $ (909
) $ 24,205 $
(5,625 ) $ -
$ 10,892 EBIT
$ 114,627
$ (15,895 ) $
259 $ 26,771
$ (7,099 ) $ (32 )
$ 118,631
Three Months Ended December 31, 2013 Regulated Retail-Energy
Commercial Energy Midstream Energy Other Intersegment (In
thousands) Utility Marketing
Systems Services Activities
Eliminations Total Adjusted EBIT
$ 90,855 $ 1,358 $ (23 ) $ 1,840
$ (1,910 ) $ 144 $ 92,264
Non-GAAP adjustments: Unrealized mark-to-market valuations on
energy-related derivatives(a)
(26,131 ) 3,932 - (22,561 ) - - (44,760 ) Storage optimization
program(b) 1,861 - - - - - 1,861 DC weather impact(c ) (850 ) - - -
- - (850 ) Distributed generation asset related
investment tax credits(d)
- - (573 ) - - - (573 ) Change in measured value of inventory(e) -
- - (13,488 ) - - (13,488 ) Competitive service provider imbalance
cash settlement(g)
488 - - - - - 488 Incremental professional services fees(h) - - - -
(751 ) - (751 ) Impairment loss on Springfield
Operations Center(i)
(770 ) - -
- - -
(770 ) Total non-GAAP adjustments $
(25,402 ) $ 3,932 $ (573 ) $ (36,049 )
$ (751 ) $ - $ (58,843 ) EBIT $
65,453 $ 5,290 $ (596 ) $
(34,209 ) $ (2,661 ) $ 144 $ 33,421
Footnotes:
(a)
Adjustments to eliminate unrealized
mark-to-market gains (losses) for our energy-related derivatives
for our regulated utility and retail energy-marketing operations as
well as certain derivatives for the long-term purchase of natural
gas for the midstream energy services segment. With the exception
of certain transactions related to the optimization of system
capacity assets as discussed below, when these derivatives settle,
the realized economic impact is reflected in our non-GAAP results,
as we are only removing interim unrealized mark-to-market
amounts.
(b)
Adjustments to shift the timing of storage
optimization margins for the regulated utility segment from the
periods recognized for GAAP purposes to the periods in which such
margins are recognized for regulatory sharing purposes. In
addition, lower-of-cost or market adjustments related to system and
non-system storage optimization are eliminated for non-GAAP
reporting, since the margins will be recognized for regulatory
purposes when the withdrawals are made at the unadjusted historical
cost of storage inventory.
(c)
Eliminates the estimated financial effects
of warm or cold weather in the District of Columbia, as measured
consistent with our regulatory tariff. For fiscal year 2015,
Washington Gas did not enter into weather protection products due
to the pricing environment. Washington Gas has regulatory weather
protection mechanisms in Maryland and Virginia designed to
neutralize the estimated financial effects of weather. Utilization
of normal weather is an industry standard, and it is our practice
to evaluate our rate-regulated revenues by utilizing normal weather
and to provide estimates and guidance on the basis of normal
weather.
(d)
To reclassify the amortization of deferred
investment tax credits from income taxes to operating income for
the Commercial Energy Systems segment. These credits are a key
component of the operating success of this segment and therefore
are included within adjusted EBIT to help management and investors
better assess its performance.
(e)
For our Midstream Energy Services segment,
adjustments to reflect storage inventory at market or at a value
based on the price used to value the physical forward sales
contract that is economically hedging the storage inventory. This
adjustment also includes the estimated effects of certain sharing
mechanisms on all of our non-GAAP unrealized gains and losses.
Adjusting our storage optimization inventory in this fashion better
aligns the settlement of both our physical and financial
transactions and allows investors and management to better analyze
the results of our non-utility asset optimization strategies.
(f)
Represents an impairment of an equity
investment in a solar holding company, accounted for at cost, which
occurred in the first quarter of fiscal year 2015. We do not
believe this impairment charge is indicative of our historical or
future performance trends.
(g)
Represents amounts collected by the
regulated utility segment in relation to the refund to customers
ordered by the PSC of MD in September 2011 associated with a cash
settlement of gas imbalances with competitive service
providers.
(h)
These costs include incremental legal and
consulting costs in connection with business development
activities. These costs are unpredictable and may vary greatly with
each opportunity. Management believes that excluding these costs
allows management and investors to better compare, analyze and
forecast the performance of our revenue generating
opportunities.
(i)
During the first quarter of fiscal year
2014, Washington Gas recorded an impairment charge related to its
Springfield Operations Center. Non-GAAP earnings have been adjusted
to reflect a comparable measure in analyzing period-to-period
comparisons.
WGL Holdings, Inc.News
MediaRuben Rodriguez,
202-624-6620orFinancial
CommunityDouglas Bonawitz, 202-624-6129
Wgl (NYSE:WGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wgl (NYSE:WGL)
Historical Stock Chart
From Apr 2023 to Apr 2024