A cooler winter for Georgians helped lift AGL Resources’ first-quarter profit 19 percent to $154 million, from $130 million a year ago.
Earnings for AGL’s natural gas utilities, including Atlanta Gas Light, rose to $218 million, up from $194 million, because consumers were running their heat more than in the same period of 2012, which was warmer.
“With more normal weather in the first quarter of 2013, we reported a very solid result this morning,” said John Somerhalder II, chairman, president and chief executive officer of AGL.
Atlanta-based AGL is the nation’s largest distribution-only natural gas company. It owns and operates seven natural gas utilities totaling 4.5 million customers, as well as retail and wholesale units.
But ample supplies of natural gas and low prices have dragged down the company’s wholesale unit and were a focus of AGL’s annual shareholders meeting at its Midtown headquarters Tuesday.
“Due primarily to record warm weather across much of the country and continued low natural gas price volatility, the company’s financial performance did not meet our expectations (in 2012),” Somerhalder said.
Temperatures in Georgia were 26 percent lower than normal, for example, cutting 2012 profit by $30 million, he said.
Somerhalder was optimistic about 2013 because of the company’s first-quarter report, which translated to a profit of $1.31 a share. AGL continues to project 2013 earnings of $2.50 to $2.70 a share.
Shareholders approved the appointment of AGL’s 16 board members to one-year terms. They also approved PricewaterhouseCoopers as the company’s accountant as well as the compensation for AGL’s executives.
A shareholder proposal to expand the company’s non-discrimination policies was defeated. Management opposed the measure.
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