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AGL Resources (GAS) Q1 Earnings Miss, Revenue Down

Atlanta, GA-based AGL Resources Inc. GAS is an energy services holding company whose principal business is gas distribution. Through its seven utilities (Atlanta Gas Light, Chattanooga Gas, Elizabethtown Gas, Elkton Gas, Florida City Gas, Nicor Gas and Virginia Natural Gas) the company builds, manages and maintains intrastate natural gas pipelines, distribution facilities and peaking and storage facilities. AGL Resources serves about 4.5 million customers across seven states.

Currently, AGL Resources has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released. Coming to earnings surprise history, the company has a dismal track record: its missed estimates in 3 of the last four quarters.

We have highlighted some of the key details from the just-released announcement below:

Earnings: AGL Resources misses earnings. Adjusted earnings came in at $1.30, lower than the Zacks Consensus Estimate of $1.64.

Revenue: Revenues down. Revenues of $1,334 million were below the year-ago figure of $1,721 million.

Key Stats: Distribution Operations reported earnings before interest and taxes (EBIT) of $234 million, up from $228 million in the first quarter of 2015, while the Retail segment achieved an EBIT of $80 million as against $87 million a year ago. AGL Resources’ Wholesale Services earned $44 million for the quarter, down from $56 million earned in the corresponding period of 2015. Finally, Midstream Operations reported a loss of $1 million, narrower than last year’s loss of $2 million.

Check back later for our full write up on this AGL Resources earnings report later!

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