Nicor said that its second-quarter earnings fell 21 percent as improved performance in its gas distribution business was not enough to offset a smaller profit from its shipping operations and lower corporate operating results. Nicor said it earned $22.9 million, or 50 cents a share,

for the quarter ended June 30, compared with profit of $28.9 million,
or 64 cents per share, a year ago. Revenue fell 36 percent to $447.6
million from $699.8 million, primarily because of falling natural gas
prices.
Analysts surveyed by Thomson Reuters expected profit of 42 cents a share.
Nicor said operating income in its gas distribution business increased
by $4.4 million during the quarter, helped by an increase in its base
rates that was partially offset by lower demand unrelated to weather.
Shipping operating income fell $3.2 million because of fewer shipments
and lower rates. Corporate operating results fell by $4 million.
The company affirmed its earnings outlook of $2.54 to $2.74 per share
for this year. The estimate includes a 9 cent per share gain from the
sale of the company’s interest in EN Engineering in the first quarter.
Wall Street is looking for profit of $2.56 per share for the year. Those estimates typically exclude one-time gains.
Nicor shares fell 76 cents, or 2 percent, to $36.44 in trading Friday.
The shares have traded between $27.50 and $51.99 over the past year.
Nicor owns Nicor Gas, which serves more than 2 million customers in an
area that makes up most of the northern third of Illinois, except
Chicago. It also owns Tropical Shipping, a cargo carrier in the
Caribbean and the Bahamas.

Source: Associated Press

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