Atmos 2Q Profit Rises Despite Warm Weather
Monday May 9, 5:24 pm ET
Atmos Energy's Second-Quarter Profit Rises Despite Unusually Warm Weather
DALLAS (AP) -- Atmos Energy Corp. on Monday reported net income rose during the second quarter despite the impact warmer weather patterns had on customers.
The utility reported earnings of $88.5 million, or $1.11 per share, compared with $58.3 million, or $1.12 per share. The per-share figures reflect about 27 million more shares outstanding for the latest quarter. The company reported revenue of $1.69 billion, up from $1.12 billion during the year-ago period.
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On average, analysts surveyed by Thomson Financial expected earnings of $1.12 per share on revenue of $1.59 billion.
Atmos said the unusually warm weather during the quarter reduced its profit by about $11.8 million, or 15 cents per share, adjusted for jurisdictions with weather-normalized rates.
Because of the positive effects of its acquisition of TXU Gas, coupled with cost-control efforts across the enterprise, Atmos maintained its fiscal 2005 earnings guidance at the lower end of the previously announced range of $1.65 to $1.75 per share. Analysts expect earnings of $1.70 per share.
Shares rose 57 cents, or 2.1 percent, to close at $27.32 on the New York Stock Exchange.
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