Laclede reports lower first quarter profit
February 1st, 2010
Laclede Group Inc., the owner of Missouri’s largest natural gas utility, said fiscal first-quarter profit fell 27 percent on lower margins and sales from its wholesale gas marketing unit.
Net income for the quarter ended Dec. 31 was $22.9 million, or $1.03 per share, compared with $31.3 million, or $1.41, a year earlier.
The wholesale gas unit, Laclede Energy Resources, "was impacted by pricing dynamics resulting from additional pipeline infrastructure brought online over the past year," Laclede CEO Douglas H. Yaeger said in a statement.
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