AGL Resources Q1 Profit Soars, Lifts Full-Year Earnings View

(RTTNews) - AGL Resources Inc. (GAS) Tuesday reported a sharp increase in earnings for the first quarter, reflecting a significant rise in revenues. The company also raised its earnings outlook for 2014 due to the better-than-expected quarterly earnings and plans to sell its Tropical Shipping business.

For the first quarter, net earnings advanced to $290 million or $2.44 per share, from $154 million or $1.31 per share in the same period last year.

Excluding Tropical Shipping sale impact and wholesale services, the company reported earnings per share of $1.37.

For the three months to March, EBIT grew to $608 million from $304 million a year ago.

Revenues for the 3-month period surged to $2.563 billion from $1.709 billion a year earlier.

For 2014, the company said it is raising its earnings guidance, excluding wholesale services segment, to $2.80 to $2.90 from the previously projected $2.70 to $2.80. The company expects wholesale services to report earnings of around $1.55 per share during the year.