Northwest Natural Gas (NWN) Misses Q2 EPS by 9c, Revenues Miss

Northwest Natural Gas (NYSE: NWN) reported Q2 EPS of ($0.03), $0.09 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $124.57 million versus the consensus estimate of $131.23 million.

• Second quarter 2018 consolidated net loss of $0.03 per share, compared to net income of $0.10 per share for 2017
• Year-to-date 2018 consolidated net income of $1.41 per share, compared to $1.50 per share for 2017
• Results for the quarter and year-to-date period were affected by a variance from the timing of tax reform
• Delivered strong natural gas utility results with 1.6% customer growth over the last 12 months
• Continued constructing major elements of the North Mist gas storage expansion project
• Reached agreement on key items in Oregon general rate case and filed an all-party settlement with the Commission
• Advanced our regulated water strategy with plans to acquire two small utilities in Washington state
• Signed an agreement to sell our interest in the Gill Ranch gas storage facility in California

"This was an important quarter marked by progress and achievements on several critical fronts. We continue to see economic growth in our service territory and a steady increase in our customer base, we came to an important all-party settlement in our Oregon rate case, and we made headway on our regulated water utility strategy," said David H. Anderson, president and chief executive officer of NW Natural. "All of these accomplishments and signing the agreement to sell Gill Ranch, underpin our focus on strong and stable returns from our regulated businesses."

For earnings history and earnings-related data on Northwest Natural Gas (NWN) click here.

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