WGL Holdings Q1 Profit Declines; Reaffirms FY Non-GAAP Operating EPS View

(RTTNews) - WGL Holdings Inc. (WGL), the parent company of Washington Gas Light Co. and other energy-related subsidiaries, reported that its first quarter net income declined to $18.6 million or $0.36 per share from $52.4 million or $1.01 per share in the year-ago quarter.

Non-GAAP operating earnings were $51.4 million or $0.99 per share, down from $58.9 million or $1.14 per share in the prior year quarter.

Total operating revenues fell to $680.3 million from $686.74 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.02 per share on revenue of $744.73 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to fiscal year 2014, the company affirms non-GAAP consolidated earnings estimate in a range of $2.15 per share to $2.35 per share. Analysts currently expect the company to earn $2.24 per share for the fiscal year 2014.