The Laclede Group Inc. (LG, Financial) filed Quarterly Report for the period ended 2012-06-30.
Laclede Group Inc has a market cap of $921.3 million; its shares were traded at around $41.2917 with a P/E ratio of 14.2 and P/S ratio of 0.6. The dividend yield of Laclede Group Inc stocks is 4.1%. Laclede Group Inc had an annual average earning growth of 4.2% over the past 10 years.
Laclede Group s net income was $63.3 million for the nine months ended June 30, 2012, compared with $66.7 million for the nine months ended June 30, 2011. Basic and diluted earnings per share for the nine months ended June 30, 2012 were $2.83 and $2.82, respectively, compared with basic and diluted earnings per share of $2.99 and $2.98, respectively, for the nine months ended June 30, 2011. Earnings decreased compared to last year primarily due to the effect of an April 2011 non-regulated sale of propane inventory recorded in Other operating income and lower income reported by Laclede Group s Regulated Gas Distribution segment, partially offset by increased income reported by Laclede Group s Non-Regulated Gas Marketing segment. Net economic earnings were $62.2 million for the nine months ended June 30, 2012, compared with $65.5 million for the same period last year. Net economic earnings per share were $2.77 for the nine months ended June 30, 2012, compared with $2.93 for the nine months ended June 30, 2011.
The Non-Regulated Gas Marketing segment reported an increase in GAAP earnings of $3.5 million compared with the same period last year. Net economic earnings for the nine months ended June 30, 2012 increased $3.6 million from the nine months ended June 30, 2011. The increased net economic earnings were primarily due to LER s increased margins on sales of natural gas, mainly due to the effect of reduced transportation costs resulting from the renegotiation of contracts that were renewed during the latter half of fiscal year 2011, and increased sales volumes.
Regulated Gas Distribution Operating Expenses for the nine months ended June 30, 2012 decreased $156.9 million from the same period last year. Natural and propane gas expense decreased $146.1 million, or 28.6%, from last year s level, primarily attributable to decreased system volumes purchased for sendout, lower rates charged by our suppliers, and lower off-system gas expense. Other operation and maintenance expenses decreased $4.8 million, or 3.7%, primarily due to a higher rate of overheads capitalized, decreased maintenance charges, a lower provision for uncollectible accounts, and decreases in compensation expenses, partially offset by higher pension and group insurance expenses. Depreciation and amortization expense increased $1.2 million, or 4.2%, primarily due to additional depreciable property. Taxes, other than income taxes, decreased $7.2 million, or 13.6%, primarily due to decreased gross receipts taxes (attributable to decreased system sales revenues).
Laclede Group had temporary cash investments totaling $17.3 million at June 30, 2012, earning an average interest rate of 0.2%. These investments, which are presented in the Cash and cash equivalents line of the Consolidated Balance Sheets, were diversified among money market funds and interest-bearing deposits at highly-rated commercial banks. The money market funds are accessible by the Company on demand. The bank deposits are also generally available on demand, though the banks reserve the right to require seven days notice for a withdrawal. These funds are used to support the working capital needs of the Company s subsidiaries. The balance of short-term investments ranged between $5.3 million and $19.8 million during the nine months ended June 30, 2012. Due to lower yields available to Laclede Group on its short-term investments, Laclede Group elected to provide a) a portion of Laclede Gas short-term funding through intercompany lending during the nine months ended June 30, 2012 and b) all of its short-term funding on June 30, 2012.
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Laclede Group Inc has a market cap of $921.3 million; its shares were traded at around $41.2917 with a P/E ratio of 14.2 and P/S ratio of 0.6. The dividend yield of Laclede Group Inc stocks is 4.1%. Laclede Group Inc had an annual average earning growth of 4.2% over the past 10 years.
Highlight of Business Operations:
Laclede Group s net income was $8.4 million for the quarter ended June 30, 2012, compared with $15.4 million for the quarter ended June 30, 2011. Basic and diluted earnings per share for the quarter ended June 30, 2012 were $0.38, compared with basic and diluted earnings per share of $0.69 for the quarter ended June 30, 2011. Earnings decreased compared to last year primarily due to the $6.1 million effect of an April 2011 non-regulated sale of propane inventory recorded in Other operating income and lower income reported by Laclede Group s Regulated Gas Distribution and Non-Regulated Gas Marketing segments. Net economic earnings were $8.9 million for the quarter ended June 30, 2012, compared with $14.6 million for the same quarter last year. Net economic earnings per share were $0.40 for the quarter ended June 30, 2012, compared with $0.65 for the quarter ended June 30, 2011.Laclede Group s net income was $63.3 million for the nine months ended June 30, 2012, compared with $66.7 million for the nine months ended June 30, 2011. Basic and diluted earnings per share for the nine months ended June 30, 2012 were $2.83 and $2.82, respectively, compared with basic and diluted earnings per share of $2.99 and $2.98, respectively, for the nine months ended June 30, 2011. Earnings decreased compared to last year primarily due to the effect of an April 2011 non-regulated sale of propane inventory recorded in Other operating income and lower income reported by Laclede Group s Regulated Gas Distribution segment, partially offset by increased income reported by Laclede Group s Non-Regulated Gas Marketing segment. Net economic earnings were $62.2 million for the nine months ended June 30, 2012, compared with $65.5 million for the same period last year. Net economic earnings per share were $2.77 for the nine months ended June 30, 2012, compared with $2.93 for the nine months ended June 30, 2011.
The Non-Regulated Gas Marketing segment reported an increase in GAAP earnings of $3.5 million compared with the same period last year. Net economic earnings for the nine months ended June 30, 2012 increased $3.6 million from the nine months ended June 30, 2011. The increased net economic earnings were primarily due to LER s increased margins on sales of natural gas, mainly due to the effect of reduced transportation costs resulting from the renegotiation of contracts that were renewed during the latter half of fiscal year 2011, and increased sales volumes.
Regulated Gas Distribution Operating Expenses for the nine months ended June 30, 2012 decreased $156.9 million from the same period last year. Natural and propane gas expense decreased $146.1 million, or 28.6%, from last year s level, primarily attributable to decreased system volumes purchased for sendout, lower rates charged by our suppliers, and lower off-system gas expense. Other operation and maintenance expenses decreased $4.8 million, or 3.7%, primarily due to a higher rate of overheads capitalized, decreased maintenance charges, a lower provision for uncollectible accounts, and decreases in compensation expenses, partially offset by higher pension and group insurance expenses. Depreciation and amortization expense increased $1.2 million, or 4.2%, primarily due to additional depreciable property. Taxes, other than income taxes, decreased $7.2 million, or 13.6%, primarily due to decreased gross receipts taxes (attributable to decreased system sales revenues).
Laclede Group had temporary cash investments totaling $17.3 million at June 30, 2012, earning an average interest rate of 0.2%. These investments, which are presented in the Cash and cash equivalents line of the Consolidated Balance Sheets, were diversified among money market funds and interest-bearing deposits at highly-rated commercial banks. The money market funds are accessible by the Company on demand. The bank deposits are also generally available on demand, though the banks reserve the right to require seven days notice for a withdrawal. These funds are used to support the working capital needs of the Company s subsidiaries. The balance of short-term investments ranged between $5.3 million and $19.8 million during the nine months ended June 30, 2012. Due to lower yields available to Laclede Group on its short-term investments, Laclede Group elected to provide a) a portion of Laclede Gas short-term funding through intercompany lending during the nine months ended June 30, 2012 and b) all of its short-term funding on June 30, 2012.
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