WASHINGTON (dpa-AFX) - Piedmont Natural Gas Co. Inc. (PNY) said its fiscal 2011 net income decreased to $113.6 million or $1.57 per share from $142 million or $1.96 per share in the 2010 period. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $1.57 for the full year. Analysts' estimates typically exclude one-time items.
Results for 2010 include the gain on Piedmont's sale of one-half of its 30 percent ownership interest in SouthStar Energy Services to AGL Resources on January 1, 2010 for $57.5 million, the company added. The after-tax gain on the transaction was $30.3 million or $0.42 per share.
Operating revenues for the latest quarter totaled $1.43 billion compared with $1.55 billion in the year earlier period, down by 8%. Analysts estimated revenues of $1.47 billion for the year.
For fiscal 2012, Piedmont Natural Gas reiterated its earnings guidance of $1.58 to $1.68 per share, while 6 analysts project earnings per share of $1.65 for the same year.
Additionally, the board declared a quarterly dividend on common stock of $0.29 per share, payable January 13, 2012, to holders of record at the close of business on December 27, 2011.
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