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Questar Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 6, 2011 04:26PM

Questar Corp. (STR) filed Quarterly Report for the period ended 2011-03-31. Questar Corp. has a market cap of $3.01 billion; its shares were traded at around $17.02 with a P/E ratio of 15.4 and P/S ratio of 2.7. The dividend yield of Questar Corp. stocks is 3.5%. Questar Corp. had an annual average earning growth of 10.4% over the past 10 years.



Highlight of Business Operations:

Wexpro reported income of $22.3 million in the first quarter of 2011 compared to $21.2 million in the first quarter of 2010, a 5% increase. For the 12 months ended March 31, 2011, Wexpro earned $89.2 million compared to $83.1 million for the year-earlier period. Following is a summary of Wexpro financial and operating results:

Questar Pipeline reported first quarter 2011 income of $15.3 million compared with $17.2 million in 2010, an 11% decrease. Questar Pipeline earned $65.5 million in the 12 months ended March 31, 2011, compared to $60.7 million in the 12 months ended March 31, 2010. Following is a summary of Questar Pipeline financial and operating results:

Operating and maintenance expenses increased by 10% in the first quarter of 2011, and 6% in the 12 months ended March 31, 2011, compared to corresponding 2010 periods. The increased costs are due primarily to higher compressor maintenance costs and the operation of system expansions. General and administrative expenses increased by 24% in the first quarter of 2011, and 14% in the 12 months ended March 31, 2011, compared to corresponding 2010 periods. These increases are due to higher employee and share-based compensation expenses and higher allocation of corporate costs following the Spinoff of QEP Resources. Operating, maintenance, general and administrative expenses per dth transported were $0.11 in the first quarter of 2011 compared to $0.09 in the first quarter of 2010.

Questar Gas reported net income of $33.4 million in the first quarter of 2011 compared to $33.1 million in the first quarter of 2010. Net income was $44.2 million in the 12 months ended March 31, 2011, compared to $42.9 million in the year-earlier period. Questar Gas, because of the seasonal nature of its business, typically reports income in the first and fourth quarters of the year and losses in the second and third quarters of the year. Following is a summary of Questar Gas financial and operating results:

On March 31, 2011, Questar Gas served 914,054 customers, up 1.1% from 904,040 at March 31, 2010. Customer growth increased the margin by $1.1 million in the first quarter of 2011 and $2.7 million in the 12 months ended March 31, 2011.

On April 8, 2010, the Public Service Commission of Utah (PSCU) approved a settlement in Questar Gas’s Utah general rate case to increase the utility’s allowed return on equity from 10% to 10.35% and to indefinitely extend the existing conservation-enabling (revenue decoupling) tariff. The stipulation agreement increased customer rates by $5.0 million annually effective August 1, 2010. Increased revenues from the case resulted in higher gross margin of $0.9 million in the first quarter of 2011 and $4.7 million in the 12 months ended March 31, 2011.

Read the The complete Report



Stocks Discussed: STR,
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