Atlanta, GA-based AGL Resources Inc. GAS is an energy services holding company whose principal business is gas distribution. Through its seven utilities (Atlanta Gas Light, Chattanooga Gas, Elizabethtown Gas, Elkton Gas, Florida City Gas, Nicor Gas and Virginia Natural Gas) the company builds, manages and maintains intrastate natural gas pipelines, distribution facilities and peaking and storage facilities. AGL Resources serves about 4.5 million customers across seven states.
Currently, AGL Resources has a Zacks Rank #3 (Hold) but that could change following its third quarter 2015 earnings report which has just released. Coming to earnings surprise history, the company has a dismal track record: its missed estimates in each of the last four quarters.
We have highlighted some of the key details from the just-released announcement below:
Earnings: AGL Resources beats earnings. Adjusted earnings came in at 25 cents, higher than the Zacks Consensus Estimate of 20 cents.
Revenue: Revenues down. Revenues of $584 million were slightly below the year-ago figure of $589 million.
Key Stats: Distribution Operations reported earnings before interest and taxes (EBIT) of $86 million, down from $89 million in the third quarter of 2014, while the Retail segment achieved an EBIT of $11 million as against just $5 million a year ago. AGL Resources’ Wholesale Services earned $18 million for the quarter, turning around from the loss of $7 million incurred in the corresponding period of 2014. Finally, Midstream Operations reported a loss of $16 million, wider than last year’s loss of $4 million.
Guidance: Management retained the 2015 earnings guidance – excluding wholesale services – at $2.70–$2.80 per share.
Check back later for our full write up on this AGL Resources earnings report later!
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