UPDATE: Piedmont Natural Gas FQ2 Profit Up 6%

Piedmont Natural Gas Co

reported a 6% rise in its profit in the fiscal second quarter. Its quarterly profit climbed to $50.2 million, or $0.70 per share, from $47.4 million, or $0.66 per share, in the year-ago period. Its revenue dropped 21% to $308.4 million from $392.6 million. Analysts were expecting a profit of $0.71 per share on revenue of $393.5 million. The cost of gas fell 38% y/y, while utility interest charges dropped 56%. The company also backed its full-year profit view of $1.58 to $1.68 per share, versus analysts' estimates of $1.59 per share. Piedmont Natural Gas shares gained 0.25% to $31.69 in after-hours trading.