Nicor Earnings Cheat Sheet: Yet Another Quarter of Profitability

S&P 500 (NYSE:SPY) component Nicor Inc. (NYSE:GAS) reported its results for the second quarter. Nicor Inc. is a holding company which serves 2.2 million customers in most of the northern third of Illinois.

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Nicor Earnings Cheat Sheet for the Second Quarter

Results: Net income for Nicor Inc. fell to $19.2 million (42 cents per share) vs. $24.2 million (53 cents per share) a year earlier. This is a decline of 20.7% from the year earlier quarter.

Revenue: Rose 12.1% to $477 million from the year earlier quarter.

Actual vs. Wall St. Expectations: GAS beat the mean analyst estimate of 32 cents per share. It beat the average revenue estimate of $392 million.

Quoting Management: “Our consolidated results for the first half of 2011 were solid and enable us to affirm our full-year earnings guidance,” said Russ Strobel, Nicor’s Chairman, President and Chief Executive Officer. “Our gas distribution business results were ahead of plan, having benefited from colder than expected weather and continued effective cost management.”

Key Stats:

A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 13.1% in the first quarter and fell 3.8% in the fourth quarter of the last fiscal year.

The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 98 cents versus a mean estimate of net income of 92 cents per share.

Net income has dropped 13.5% year over year on average across the last five quarters. Performance was hurt by a 27.4% decline in the fourth quarter of the last fiscal year from the year earlier quarter.

Competitors to Watch: Piedmont Natural Gas Co., Inc. (NYSE:PNY), Vectren Corporation (NYSE:VVC), AGL Resources Inc. (NYSE:AGL), Atmos Energy Corporation (NYSE:ATO), The Laclede Group, Inc. (NYSE:LG), South Jersey Industries (NYSE:SJI), New Jersey Resources Corp. (NYSE:NJR), Energy Incorporated (AMEX:EGAS), Northwest Natural Gas (NYSE:NWN), and National Fuel Gas Co. (NYSE:NFG).

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(Source: Xignite Financials)