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Piedmont Natural Gas reported a record net income of $142 million for its fiscal year ending Oct. 31, a 15 percent increase over 2009’s net income of $123 million.
The company attributes the increase to the sale of half of Piedmont’s 30 percent ownership interest in SouthStar Energy Services to AGL Resources at the beginning of 2010. The transaction brought in a $30.3 million after-tax profit for Piedmont Natural Gas. In a statement, Piedmont Chairman, President and Chief Executive Officer, Thomas Skains also touted the company’s 11,000 new customers in 2010 despite the difficult economy as evidence of the company’s growth.
