The Laclede Group Inc. (LG, Financial) filed Quarterly Report for the period ended 2009-03-31.
The Laclede Group Inc. is a public utility engaged in the retail distribution and transportation of natural gas. The Company which is subject to the jurisdiction of the Missouri Public Service Commission serves the City of St. Louis St. Louis County the City of St. Charles St. Charles County the town of Arnold and parts of Franklin Jefferson St. Francois Ste. Genevieve Iron Madison and Butler Counties all in Missouri. The Laclede Group Inc. has a market cap of $788.7 million; its shares were traded at around $35.63 with a P/E ratio of 11.5 and P/S ratio of 0.3. The dividend yield of The Laclede Group Inc. stocks is 4.3%. The Laclede Group Inc. had an annual average earning growth of 1.3% over the past 10 years.
Laclede Group s income from continuing operations was $30.8 million for the quarter ended March 31, 2009, compared with $30.1 million for the quarter ended March 31, 2008. Basic and diluted earnings per share from continuing operations were $1.41 and $1.40, respectively, for the quarter ended March 31, 2009, compared with basic and diluted earnings per share of $1.39 for the quarter ended March 31, 2008. Earnings per share increased compared to last year primarily due to improved results reported by Laclede Group s Non-Regulated Gas Marketing segment, partially offset by lower earnings recorded by Laclede Group s Regulated Gas Distribution segment. Variations in income from continuing operations were primarily attributable to the factors described below.
Regulated Gas Distribution Operating Expenses for the quarter ended March 31, 2009 decreased $61.9 million from the same quarter last year. Natural and propane gas expense decreased $64.0 million, or 17.0%, from last year s level, primarily attributable to decreased volumes purchased for sendout, lower rates charged by our suppliers, and lower off-system gas expense. Other operation and maintenance expenses increased $2.7 million, or 6.0%, primarily due to higher maintenance charges, increases in compensation expenses, and higher group insurance charges, partially offset by a lower provision for uncollectible accounts. Taxes, other than income taxes, decreased $1.0 million, or 3.6%, primarily due to decreased gross receipts taxes (attributable to lower revenues).
Laclede Group s consolidated net income was $62.1 million for the six months ended March 31, 2009, compared with $72.3 million for the six months ended March 31, 2008. Basic and diluted earnings per share were $2.84 and $2.82, respectively, for the six months ended March 31, 2009 compared with basic and diluted earnings per share of $3.35 and $3.34, respectively, reported for the same period last year. Earnings per share decreased due to the effect of the gain on sale and operations of SM&P totaling $0.96 per share (basic and diluted), for the six months ended March 31, 2008. This effect was partially offset by increased income from continuing operations.
Laclede Group s income from continuing operations was $62.1 million for the six months ended March 31, 2009, compared with $51.6 million for the six months ended March 31, 2008. Basic and diluted earnings per share from continuing operations were $2.84 and $2.82, respectively, for the six months ended March 31, 2009, compared with basic and diluted earnings per share of $2.39 and $2.38, respectively, for the six months ended March 31, 2008. Earnings per share increased compared to last year primarily due to improved results reported by Laclede Group s Non-Regulated Gas Marketing segment, partially offset by lower earnings recorded by Laclede Group s Regulated Gas Distribution segment. Variations in income from continuing operations were primarily attributable to the factors described below.
The $0.3 million decrease in interest charges was primarily due to lower interest on short-term debt, largely offset by an increase in interest on long-term debt primarily attributable to the issuance of $80.0 million principal amount of 6.35% First Mortgage Bonds on September 23, 2008. Average short-term interest rates were 2.1% for the six months ended March 31, 2009 compared with 4.7% for the six months ended March 31, 2008. Average short-term borrowings were $259.7 million for the six months ended March 31, 2009 compared with $236.4 million for the six months ended March 31, 2008.
Read the The complete Report
The Laclede Group Inc. is a public utility engaged in the retail distribution and transportation of natural gas. The Company which is subject to the jurisdiction of the Missouri Public Service Commission serves the City of St. Louis St. Louis County the City of St. Charles St. Charles County the town of Arnold and parts of Franklin Jefferson St. Francois Ste. Genevieve Iron Madison and Butler Counties all in Missouri. The Laclede Group Inc. has a market cap of $788.7 million; its shares were traded at around $35.63 with a P/E ratio of 11.5 and P/S ratio of 0.3. The dividend yield of The Laclede Group Inc. stocks is 4.3%. The Laclede Group Inc. had an annual average earning growth of 1.3% over the past 10 years.
Highlight of Business Operations:
Laclede Group s consolidated net income was $30.8 million for the quarter ended March 31, 2009, compared with $51.4 million for the quarter ended March 31, 2008. Basic and diluted earnings per share for the quarter ended March 31, 2009 were $1.41 and $1.40, respectively, compared with basic and diluted earnings per share of $2.38 and $2.37, respectively, reported for the same quarter last year. The decrease was primarily due to the effect of the one-time gain realized on the sale of SM&P on March 31, 2008. Basic and diluted earnings per share for the quarter ended March 31, 2008 included $0.99 and $0.98, respectively, attributable to the sale and operations of SM&P. This effect was partially offset by higher year-over-year income from continuing operations.Laclede Group s income from continuing operations was $30.8 million for the quarter ended March 31, 2009, compared with $30.1 million for the quarter ended March 31, 2008. Basic and diluted earnings per share from continuing operations were $1.41 and $1.40, respectively, for the quarter ended March 31, 2009, compared with basic and diluted earnings per share of $1.39 for the quarter ended March 31, 2008. Earnings per share increased compared to last year primarily due to improved results reported by Laclede Group s Non-Regulated Gas Marketing segment, partially offset by lower earnings recorded by Laclede Group s Regulated Gas Distribution segment. Variations in income from continuing operations were primarily attributable to the factors described below.
Regulated Gas Distribution Operating Expenses for the quarter ended March 31, 2009 decreased $61.9 million from the same quarter last year. Natural and propane gas expense decreased $64.0 million, or 17.0%, from last year s level, primarily attributable to decreased volumes purchased for sendout, lower rates charged by our suppliers, and lower off-system gas expense. Other operation and maintenance expenses increased $2.7 million, or 6.0%, primarily due to higher maintenance charges, increases in compensation expenses, and higher group insurance charges, partially offset by a lower provision for uncollectible accounts. Taxes, other than income taxes, decreased $1.0 million, or 3.6%, primarily due to decreased gross receipts taxes (attributable to lower revenues).
Laclede Group s consolidated net income was $62.1 million for the six months ended March 31, 2009, compared with $72.3 million for the six months ended March 31, 2008. Basic and diluted earnings per share were $2.84 and $2.82, respectively, for the six months ended March 31, 2009 compared with basic and diluted earnings per share of $3.35 and $3.34, respectively, reported for the same period last year. Earnings per share decreased due to the effect of the gain on sale and operations of SM&P totaling $0.96 per share (basic and diluted), for the six months ended March 31, 2008. This effect was partially offset by increased income from continuing operations.
Laclede Group s income from continuing operations was $62.1 million for the six months ended March 31, 2009, compared with $51.6 million for the six months ended March 31, 2008. Basic and diluted earnings per share from continuing operations were $2.84 and $2.82, respectively, for the six months ended March 31, 2009, compared with basic and diluted earnings per share of $2.39 and $2.38, respectively, for the six months ended March 31, 2008. Earnings per share increased compared to last year primarily due to improved results reported by Laclede Group s Non-Regulated Gas Marketing segment, partially offset by lower earnings recorded by Laclede Group s Regulated Gas Distribution segment. Variations in income from continuing operations were primarily attributable to the factors described below.
The $0.3 million decrease in interest charges was primarily due to lower interest on short-term debt, largely offset by an increase in interest on long-term debt primarily attributable to the issuance of $80.0 million principal amount of 6.35% First Mortgage Bonds on September 23, 2008. Average short-term interest rates were 2.1% for the six months ended March 31, 2009 compared with 4.7% for the six months ended March 31, 2008. Average short-term borrowings were $259.7 million for the six months ended March 31, 2009 compared with $236.4 million for the six months ended March 31, 2008.
Read the The complete Report
