National Fuel profits tumble in 1Q

May 4, 2012 Updated May 4, 2012 at 8:08 AM EDT

By WKBW News
By Business First

May 4, 2012 Updated May 4, 2012 at 8:08 AM EDT

National Fuel Gas Co. reported second-quarter net income fell 41.6 percent partly due to declining natural gas prices and a mild winter.

The Williamsville-based energy company (NYSE: NFG) posted net income of $67.4 million, or 81 cents per share, from $115.6 million, or $1.38 per share, in the same quarter a year ago.

The decrease is mainly due to the 2011 gain of $31.4 million, or 38 cents per share, on the sale related to Horizon Power Inc. National Fuel also attributed lower earnings in its exploration and production, utility, and energy marketing segments also contributed to the decrease in earnings.

Revenue for the quarter fell 16.9 percent to $552 million from $660.9 million a year ago.

Analysts anticipated earnings of 89 cents per share and revenue of $617 million.

The company also lowered its earnings outlook. It forecasts 2012 net earnings of $2.30 to $2.45 per share, compared to its prior estimate of $2.40 to $2.65 per share.

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