ST. LOUIS, Mo. (KMOX) — The Laclede Group (NYSE: LG) reports an increase in earnings for the second quarter despite an unseasonably warm winter. Its second quarter ending March 31, 2012 totaled $29.7 million compared to $27.9 million for the same quarter last year.
For the first half of fiscal 2012, The Laclede Group reported a net income totaling $54.9 million, an $3.6 million increase from 2011.
The increased earnings were driven by Laclede Energy Resources, Inc. (LER), Laclede Group’s non-regulated natural gas service provider, which generated year-over-year increases in earnings the quarter. Laclede Gas Company, the Company’s core utility subsidiary, reported slightly lower earnings in both periods primarily due to the effect of record warm weather in its service area.
“We are pleased with the results of operations for the first half of our fiscal 2012,” said Suzanne Sitherwood, who assumed the role of president and chief executive officer of The Laclede Group during the quarter. “We continue to successfully navigate the ongoing challenges of our marketplace and the record warm weather through our initiatives to manage costs and re-invest in our business. Our businesses are solidly profitable and continue to deliver, providing us with a core foundation on which to pursue future opportunities.”