Business
Business

AGL Resources report higher second-quarter profits

By Kristi E Swartz
Aug 3, 2011

Atlanta-based AGL Resources’ second-quarter net income rose to $18 million, or 23 cents a share, compared with $14 million, or 17 cents a share during the same period a year ago, the company reported Wednesday.

Net income excluded 10 cents a share from AGL’s pending acquisition of Nicor Inc.

AGL is buying the Naperville, Ill., gas utility for $2.4 billion in cash and stock in a deal that will make the company the nation’s largest natural gas-only utility.

AGL approved four members of Nicor’s board to its 12-member board of directors Tuesday. They will join AGL's board once the purchase of Nicor is complete.

AGL’s distribution operations unit, which includes Atlanta Gas Light, reported earnings of $76 million, a 10 percent increase over the year-ago period. The numbers were boosted partly by an increase in Atlanta Gas Light's operating revenue after a rate hike in 2010.

Atlanta Gas Light President Suzanne Sitherwood left the company in June to take over St. Louis-based Laclede Group, parent of Missouri's largest natural gas company. AGL has not named a replacement.

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Kristi E Swartz
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