UPDATE: Piedmont Reports Weaker-Than-Expected Q2 Earnings

Piedmont Natural Gas Company Inc PNY reported downbeat results for its second quarter on Wednesday. Piedmont reported its quarterly net income at $47.4 million and diluted earnings per share at $0.66, versus a net income of $46.8 million and diluted earnings per share of $0.65, in the year-ago period. The company's revenue dropped 17.0% y/y to $392.6 million. However, analysts were expecting earnings of $0.67 per share on revenue of $490.67 million. Piedmont Natural Gas reaffirmed its FY11 earnings forecast of $1.50 to $1.60 per share. Piedmont's chairman, president and chief executive officer, Thomas E. Skains commented on the results, "We are pleased with our results through the first six months of 2011 and remain focused on providing customers safe and reliable natural gas service. We continue to deliver the message that natural gas is clean, efficient, domestic, and abundant, and take advantage of the growth opportunities in our markets." Piedmont shares fell 0.10% to close at $29.79 yesterday. Read more from Benzinga's Company news.