Piedmont Natural Gas's profit, sales fall

Piedmont Natural Gas Co. said its earnings fell 4.7% in the latest fiscal year on higher costs, including one-time expenses related to its pending acquisition by Duke Energy Corp.

For the 12-month period ended Oct. 31, Piedmont reported a profit of $137 million, or $1.73 a share, down from $143.8 million, or $1.84 a share, a year earlier. Excluding one-time items such as merger-related expenses, per-share earnings were $1.87. Revenue decreased 6.7% to $1.37 billion.

Analysts polled by Thomson Reuters expected a per-share profit of $1.87 and revenue of $1.43 billion.

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