Northwest Natural Gas 4Q earnings fall 6 pct

PORTLAND, Ore. (AP) — Northwest Natural Gas Co. said Friday that net income fell 6 percent in the fourth quarter as customers in its service territory experienced a relatively warmer winter and used less natural gas for heat.

The Portland natural gas company reported net income of $29.6 million, or $1.11 per share, for the October-December period. That compares with $31.4 million, or $1.18 per share, in the same quarter of 2009. Gross operating revenue fell 13 percent to $268.1 million.

Northwest stores and distributes natural gas in Oregon, Washington and California. The company said temperatures were about 2 percent warmer than average during the final three months of 2010, and they were 9 percent warmer than the same period in 2009.

For the full year, Northwest said it earned $72.7 million, or $2.73 per share, compared with $75.1 million, or $2.83 per share, in 2009. Annual gross revenue fell 20 percent to $812.1 million.

For 2011, the company said it expects to earn between $2.45 and $2.65 per share. Analysts, on average, were looking for $2.83, according to FactSet.

In midday trading Friday, Northwest Natural Gas shares were down 66 cents, or 1.5 percent, to $44.86.

(Source: http://www.bloomberg.com/news/2011-02-25/northwest-natural-gas-4q-earnings-fall-6-pct.html)