WGL Holdings (WGL) Misses Q1 EPS by 11c, Raises Dividend
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WGL Holdings (NYSE: WGL) reported Q1 EPS of $1.18, $0.11 worse than the analyst estimate of $1.29. Revenue for the quarter came in at $613.4 million versus the consensus estimate of $773.03 million. WGL Holdings reaffirmed FY2016 guidance.
“Our first quarter results have exceeded our expectations in spite of unseasonably warm weather in the quarter. Our portfolio of energy solutions is showing balanced results. Our utility had a solid quarter, and I am particularly pleased with the growth in adjusted EBIT in our non-utility businesses compared to the first quarter of the prior year,” said Terry D. McCallister, Chairman and Chief Executive Officer. “Our midstream energy services and commercial energy systems segments both saw strong earnings growth in the period, and our retail energy-marketing business continued to post robust results as well. Given this strong start to the year, we are guiding to the high end of our previously announced full year range of $3.00 to $3.20 per share.”
“I am also happy to announce that our board of directors has approved a ten-cent increase in our dividend to an annual rate of $1.95 per share. This increase is consistent with our previously announced goal of maintaining a 5% dividend growth rate, and reflects our continued confidence in our ability to achieve our strategic goals and deliver strong earnings and dividend growth rates to our shareholders. This increase marks the 40th year of consecutive dividend increases and the 165th year that we have paid a dividend.”
For earnings history and earnings-related data on WGL Holdings (WGL) click here.
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