Piedmont Natural Gas Initiates Fiscal Year 2016 Earnings Guidance
November 02 2015 - 7:40AM
PR Newswire (US)
CHARLOTTE, N.C., Nov. 2, 2015 /PRNewswire/ -- Piedmont
Natural Gas (NYSE: PNY) is initiating earnings guidance in the
range of $1.92 - $2.02 per diluted
share for its fiscal year ending October 31,
2016 before any merger-related adjustments. This
guidance for fiscal year 2016 reflects the following
assumptions:
- Higher utility margin due to:
- Expected margin increases under the Integrity Management Riders
(IMRs) in North Carolina and
Tennessee;
- A $1.7 million margin increase in
South Carolina under the annual
rate stabilization adjustment;
- Gross utility customer additions of 1.6-2.0% in the Company's
three state market area;
- Partially offset by lower wholesale secondary marketing margin
due to an assumption of normal weather and additional wholesale
pipeline capacity into our markets.
- O&M expense increases of less than 2% from fiscal year 2015
due primarily to higher payroll
- Higher depreciation expense and general taxes due to additional
utility plant in service.
- Increased contributions from joint venture equity method
investments due to increased allowance for funds used during
construction (AFUDC) from the Constitution Pipeline and Atlantic
Coast Pipeline projects.
- Utility AFUDC of about $13
million reflecting forecasted utility capital expenditure
levels and project schedules.
- Utility capital expenditures (including AFUDC) in the range of
$500-$600 million, including
approximately $280 million related to
system integrity projects, as well as net contributions of an
additional $110 million to fund the
Company's joint venture equity interests in the Constitution
Pipeline and Atlantic Coast Pipeline projects.
- Higher interest expense primarily due to the full-year impact
of the Company's $150 million
long-term debt issuance in fiscal year 2015.
- Issuance of both new long-term debt and equity in fiscal year
2016 to maintain the Company's long term targeted capital ratios of
50% - 60% debt and 40% - 50% equity.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/piedmont-natural-gas-initiates-fiscal-year-2016-earnings-guidance-300170117.html
SOURCE Piedmont Natural Gas
Copyright 2015 PR Newswire
Piedmont Nat Gas (NYSE:PNY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Piedmont Nat Gas (NYSE:PNY)
Historical Stock Chart
From Jul 2023 to Jul 2024