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Piedmont Natural Gas reports higher 2Q net income

Piedmont Natural Gas today said it had higher net income in the second quarter compared with the same quarter last year.

The Charlotte-based company reported net income of $47.4 million, or 66 cents per diluted share, compared with net income of $46.8 million, or 65 cents per share, for the same period in 2010.

For the six months that ended April 30, net income was $131.8 million, or $1.82 per diluted share, down from net income of $160.6 million, or $2.20 per share, for the same period in 2010.

During the first six months of last year, the company sold half of its 30 percent membership interest in SouthStar.

Piedmont today reaffirmed its fiscal 2011 earnings guidance of $1.50 to $1.60 per diluted share.

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