Seasonal demand weakness hits Piedmont Natural Gas

CHARLOTTE, N.C. — Piedmont Natural Gas Inc. on Friday posted a fiscal third-quarter loss, driven by seasonal demand weakness in the natural gas market.

Partly as a result, Piedmont again narrowed its fiscal 2009 earnings estimate, to between $1.50 per share and $1.60 per share, from the $1.45 per share to $1.60 per share forecast issued in March. Piedmont said it expects earnings to fall in the upper end of the range.

For the period ended July 31, the natural gas company posted a slightly narrower-than expected loss of $7.3 million, or 10 cents per share, compared with a loss of $7.7 million, or 10 cents per share, last year.

Analysts polled by Thomson Reuters, on average, estimated a loss of 11 cents per share.

Revenue declined by nearly half, to $180.2 million from $354.7 million a year earlier.

Shares of Piedmont Natural Gas fell 32 cents to $23.92 in afternoon trading.