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WGL Holdings reports Q2 operating earnings dip but touts rate base growth

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WGL Holdings reports Q2 operating earnings dip but touts rate base growth

on May 4reported fiscal second-quarter operating earnings of $89.5 million, or $1.78per share, compared to $101.0 million, or $2.02 per share, during theprior-year period.

TheS&P Capital IQ normalized EPS consensus estimate for the quarter endedMarch 31 was $1.96, with five analysts reporting.

WGLposted GAAP net income of $106.3 million, or $2.11 per share, compared to $81.5million, or $1.63 per share, during the corresponding period in 2015.

"Theutility continues to benefit from new customers and from rate base growthdriven by our accelerated infrastructure replacement programs, and the systemssegment has seen improved earnings fueled by investments in distributedgeneration assets and by growth in our energy efficiency contracting business,"WGL Chairman and CEO Terry McCallister said in a statement.

Thecompany also affirmed its operating earnings estimate of $3 per share to $3.20per share for the fiscal year, excluding any potential impacts of New YorkState Department of Environmental Conservation's decision to the Constitution pipeline.