Northwest Natural Gas Co.’s second-quarter earnings fell well short of analysts’ expectations due to higher operating costs, warmer weather and lower income from its gas storage operations in California.
The company said Friday that it earned $1.41 million, or 5 cents per diluted share, on revenues of $106.57 million in the second quarter of 2012. That compares to earnings of $2.19 million, or 8 cents per diluted share, on revenues of $161.2 million, in the same period of 2011.
The second quarter is typically slowest for the company due to lower gas volumes used in spring and summer months. This year, revenues dropped by more than a third due to warmer weather compared with the same period a year ago.
Analysts polled by Thomson Reuters were expecting earnings of 16 cents per share on revenues of $171.06 million.
The company’s earnings guidance for 2012 remains in the range of $2.35 to $2.55 per share.
