Piedmont Earnings: Here’s Why Shares are Down Now

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Piedmont Natural Gas Co. Inc. (NYSE:PNY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.01%.

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Piedmont Natural Gas Co. Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 12.38% to $1.18 in the quarter versus EPS of $1.05 in the year-earlier quarter.

Revenue: Rose 9.34% to $515.9 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Piedmont Natural Gas Co. Inc. reported adjusted EPS income of $1.18 per share. By that measure, the company beat the mean analyst estimate of $1.16. It beat the average revenue estimate of $491.42 million.

Quoting Management: Piedmont’s Chairman, President and CEO, Thomas E. Skains, commented on the results, “We are pleased with our performance during the first quarter of fiscal year 2013. Customer additions throughout our three-state service area improved by 9 percent over the first quarter of last year. We continue to see positive signs of recovery and growth in our core markets. We are also well on track to execute our 2013 capital expansion program by completing our Sutton power generation delivery project on schedule by June 2013 and making good progress on our system integrity and reliability programs. Our strong first quarter performance is evidence of the value our customers place on natural gas to meet their energy needs in an affordable, clean and reliable fashion.”

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