Northwest Natural Gas Q1 Profit Declines, Backs FY15 Earnings Outlook

(RTTNews) - Gas utility Northwest Natural Gas Co., dba NW Natural (NWN) reported that first-quarter net income declined to $28.5 million or $1.04 per share from $37.9 million or $1.40 per share in the comparable quarter last year.

Adjusted net income for the latest first quarter was $37.6 million or $1.37 per share, compared to $37.9 million or $1.40 per share in the prior-year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.51 per share. Analysts' estimates typically exclude special items.

Operating revenues for the quarter declined to $261.67 million from $293.39 million in the same quarter last year.

Looking ahead to fiscal 2015, the company still expects earnings to be in the range of $1.77 to $1.97 per share and adjusted earnings in the range of $2.10 to $2.30 per share. Street is currently looking for full-year 2015 earnings of $2.24 per share.

The board of directors of NW Natural declared a quarterly dividend of 46.5 cents a share on the company's common stock. The dividends will be payable on May 15, 2015 to shareholders of record on Apr. 30, 2015.