Piedmont Natural Gas, a national natural gas distributor, reported net loss for the third quarter of $7.3 million of $0.09 per share, as compared to the net loss of $2.3 million of $0.03 each year from last year.
The company has been serving over one million industrial and residential customers along with 51,600 wholesale customers. Some of the areas they have served include Tennessee, South Carolina, and North Carolina. During 2013, the company was awarded as Platinum-Level Start Fit-Friendly Company by the American Heart Association. This was awarded to the company by AHA in order for providing high quality working environment and health care for its staff. As of October 2012, the company already owns 36.1 million dekatherms of natural gas. Their natural gas comes from the Gulf Coast production land.
Piedmont Natural Gas has started its operation in 1951 after becoming incorporated in New York in 1950. They merged with North Carolina Corporation in 1995 with similar company name and moving their business to North Carolina as well.
According to Thomson Reuter’s analysts, they expect that the company loss is $0.07 per share with their revenue of $176.55 million in the third quarter. Furthermore, the company reaffirmed its revised fiscal year 2014 of $1.8 to $1.9 per share and concentrating in the upper range. Currently, the analysts expect to earn $1.89 per share for 2014 fiscal year.
Even with this low, Piedmont is recognized to collaborate and take care of the employee welfare. Their approaches and new ideas are well-received by the employees. The company’s increasing operating expense, on the other hand, has contributed to market share loss and net income decline. Aside from non-utility and regulated utility, Piedmont Natural Gas also operates on retail natural gas market, intrastate natural gas transportation, distribution mains, and other transmission pipelines to residential and commercial consumers in different states.