WASHINGTON (dpa-AFX) - AGL Resources Inc. (GAS) posted first quarter profit of $130 million versus $124 million last year. Earnings were $1.11 per share, down from $1.59 per share a year ago.
Adjusted earnings per share were $1.16, down from $1.63 in the year ago quarter.
Operating revenues grew to $1.4 billion from $878 million in the prior-year quarter.
'On a GAAP basis, the primary year-over-year driver of our first quarter earnings is clearly the addition of Nicor's businesses, whose results are not reflected in first quarter 2011 comparisons. However, the key factor influencing operating performance was historically warm weather during the first quarter of 2012. Had we experienced normal (10-year average) weather at our distribution and retail segments, we believe our diluted EPS would have been higher by approximately $0.11,' said Andrew Evans, AGL Resources Executive Vice President and Chief Financial Officer.
'The unprecedented weather conditions during the first quarter of the year clearly impacted our earnings, particularly at Nicor Gas and our retail operations in Georgia. However, weather normalization programs and decoupling at our other major utilities helped to stabilize our performance,' said John Somerhalder II, AGL Resources Chairman, President and Chief Executive Officer.
AGL Resources said that the historically warm weather experienced during the first quarter of 2012 may lead to EPS results for the full year that are below the company's previously indicated guidance range of $2.80 to $2.95 per share.
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