AGL Resources Inc. reported a 136% increase in net income in the third quarter to $22.2 million, or 35 cents per basic share. After deducting a pre-tax $7.9 million, or 8 cents per basic share, net impact related to a gain on the sale of company property and charitable contribution to a private foundation, earnings for the quarter were 27 cents per basic share compared to Wall Street expectations of 22 cents/share. “Our third quarter results illustrate the steady contribution and maturity of our businesses,” said CEO Paula G. Rosput. “We’re still a distance from the finish line, but we’ve found our groove.” Consolidated earnings before interest and taxes (EBIT) for the quarter rose 83% to $55.7 million. The distribution operations segment contributed $57.5 million of EBIT for the quarter, a $12.5 million increase from third quarter of 2002. The increase was primarily due to $13.5 million net from the sale of the Caroline Street campus and the private foundation contribution. Operating margin was $1.9 million higher during the quarter as a result of increases from higher average usage per connected customer and an overall increase in the average number of connected customers to 1.815 million versus 1.799 million in 2002. The wholesale services segment, comprised primarily of Sequent Energy Management, contributed $0.9 million in EBIT for the quarter compared to $1.3 million last year, a $0.4 million decrease primarily due to a decline in operating margin, which was the result of decreased volatility and mild weather.
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AGL Resources Inc. reported a 136% increase in net income in the third quarter to $22.2 million, or 35 cents per basic share. After deducting a pre-tax $7.9 million, or 8 cents per basic share, net impact related to a gain on the sale of company property and charitable contribution to a private foundation, earnings for the quarter were 27 cents per basic share compared to Wall Street expectations of 22 cents/share. “Our third quarter results illustrate the steady contribution and maturity of our businesses,” said CEO Paula G. Rosput. “We’re still a distance from the finish line, but we’ve found our groove.” Consolidated earnings before interest and taxes (EBIT) for the quarter rose 83% to $55.7 million. The distribution operations segment contributed $57.5 million of EBIT for the quarter, a $12.5 million increase from third quarter of 2002. The increase was primarily due to $13.5 million net from the sale of the Caroline Street campus and the private foundation contribution. Operating margin was $1.9 million higher during the quarter as a result of increases from higher average usage per connected customer and an overall increase in the average number of connected customers to 1.815 million versus 1.799 million in 2002. The wholesale services segment, comprised primarily of Sequent Energy Management, contributed $0.9 million in EBIT for the quarter compared to $1.3 million last year, a $0.4 million decrease primarily due to a decline in operating margin, which was the result of decreased volatility and mild weather.
