Northwest Natural Holding Co. on Aug. 6 posted net income from continuing operations of $2.1 million, or 7 cents per share, for the quarter, compared with a loss of $339,000, or 1 cent per share, a year ago.
The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was a loss of 7 cents per share.
The company attributed the increase to higher margin from new natural gas rates in Oregon, customer growth and lower environmental remediation expenses.
GAAP net income was $1.1 million, or 4 cents per share, compared with a loss of $998,000, or 3 cents per share, in the same quarter a year earlier.
Operating revenue was $123.4 million, versus $124.6 million in the previous quarter. Net margin was $81.0 million, an increase from $69.7 million a year earlier.
NW Natural Holding, a utility holding company that owns Northwest Natural Gas Co., expects full-year net income from continuing operations to be $2.25 per share to $2.45 per share. The S&P Global Market Intelligence consensus normalized EPS guidance for the year is $2.38.