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Gas industry

Brooklyn Union Gas Reports Third Quarter Loss, But Earnings Trend Positive

Strategic Insights

— 1 min read

Brooklyn Union Gas's third quarter results revealed a loss of $6.2 million, or 13 cents per share, attributed to the seasonal nature of gas-heating sales. However, the company's consolidated earnings for the first nine months of fiscal 1995 were $110.1 million, or $2.29 per share, showing a positive earnings trend. The company's distribution operating margins have improved, while exploration and production earnings have been impacted by low gas prices. Brooklyn Union is also exploring new market opportunities and has seen an increase in deliveries to off-system customers.

Key Takeaways:

  • The company reported a loss of $6.2 million, or 13 cents per share, for the third quarter due to the seasonal nature of gas-heating sales.
  • Consolidated earnings for the first nine months of fiscal 1995 were $110.1 million, or $2.29 per share, showing a positive earnings trend.
  • Distribution operating margins improved due to cost reduction efforts, but were negatively impacted by low gas prices.
  • Deliveries to off-system customers increased by nearly 38.5% to 31 BCF for the first nine months of fiscal 1995.
  • Margins from Hub activities were up 162% compared to the same period last year.
  • Net income for the nine months ended June 30, 1995 was $4.9 million, compared to $5.1 million for the same period last year.
  • Total gas throughput for the twelve months ended June 30, 1995 was 182 BCF, an increase of 2% over the previous twelve-month period.
  • Brooklyn Union plans to file a petition with the New York State Public Service Commission to restructure its operations within a holding company structure.
  • The company has energy-related investments in gas exploration, production, and marketing.

Statistics:

  • Loss of $6.2 million, or 13 cents per share, for the third quarter.
  • Consolidated earnings for the first nine months of fiscal 1995: $110.1 million, or $2.29 per share.
  • Increase in deliveries to off-system customers: nearly 38.5% to 31 BCF for the first nine months of fiscal 1995.
  • Margins from Hub activities: up 162% compared to the same period last year.
  • Net income for the nine months ended June 30, 1995: $4.9 million.
  • Total gas throughput for the twelve months ended June 30, 1995: 182 BCF.

Sources:

  • Business Wire, "Consolidated Results of Operations" (July 26, 1995)
  • Brooklyn Union Gas, "Third Quarter Earnings Release" (July 26, 1995)

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