WGL Holdings Profit Falls On Expenses, Yet Tops Estimate; Lifts FY Outlook

(RTTNews) - Gas utility WGL Holdings Inc (WGL) Wednesday reported second-quarter net earnings to stockholders of $61 million or $1.18 per share compared with $89.5 million or $1.73 per share last year.

Excluding items, adjusted earnings for the quarter were $95.5 million or $1.84 per share compared with $90.7 million or $1.75 per share a year ago.

Revenues for the quarter were higher at $1.17 billion compared with $891.4 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.75 per share on revenues of $921.7 million for the quarter. Analysts' estimates typically exclude special items.

Results were mainly hurt by operating expenses that climbed to $1.07 billion from $735.8 million a year ago, due to higher utility cost of gas and non-utility cost of energy related assets.

Looking ahead to fiscal year 2014, the company now expects adjusted earnings of $2.40 to $2.60 per share, up from prior guidance of $2.15 to $2.35 per share. Analysts expect earnings of $2.27 per share.