Piedmont Natural Gas Reports Q1 EPS of $1.16 vs. $1.17

Piedmont Natural Gas PNY today announced results for the first fiscal quarter ended January 31, 2011. For the quarter, the Company reported net income of $84.4 million, or $1.16 per diluted share, compared to net income of $113.7 million, or $1.55 per diluted share for the same period in 2010.

It was during the first quarter of 2010 that Piedmont sold one-half of its 30 percent membership interest in SouthStar, posting a pre-tax gain on the sale of $49.7 million or $30.2 million after-tax and $0.41 per diluted share. Piedmont now maintains a 15 percent earnings and ownership interest in SouthStar as a result of the sale.