Dow Jones Newswire | Nicor Inc.’s first-quarter profit rose 38
percent as stronger sales in its gas distribution and energy-related
business more than offset weak shipping segment.
The utility, which has operations centered in northern Illinois, has
been increasing rates and reining in operating costs to combat soft
demand in the downturn. As a result, the company has seen results
improvement in past few quarters.
But Chairman and Chief Executive Russ Strobel on Monday said he recognized Nicor’s tropical shipping business “is facing continued pressure on revenue due to the market economics in the Bahamas and Caribbean, but we are actively addressing these challenges to minimize the impact of this economic downturn.”
The company reported a profit of $60.5 million, or $1.33 a share, up from $43.8 million, or 96 cents a share, a year earlier. Analysts polled by Thomson Reuters expected $1.34.
Revenue increased 7.4 percent to $1.19 billion.
Operating margin rose to 8% from 5.4 percent.
Shares closed Friday at $43.51 and were inactive premarket.
Wow, not bad, considering they have a monopoly in their areas of service. A four year old should be able to produce ever increasing profits.
For residential users there is only one gas company — that’s the one they are stuck with.
I should buy stock. At least that way I can get some type of reduction in my bill, aside from huddling in blankets all winter.
A poorly run monopoly that just raises rates to decrease demand and increase the misery of its customers.
People who complain about gas prices obviously don’t realize they’re regulated and the ICC…which is run by the government and intended to protect consumers. If you don’t like the prices, call the ICC. The only reason this is even “breaking news” is because the Trib likes to rile up people who aren’t particularly business-savvy. They could print and article that said “rabble rabble Nicor rabble rabble ComEd rabble rabble rate hike” and they’d get at least a dozen comments.
That’s right, Miz, Nicor and ComEd don’t want to raise prices, the ICC makes them do it.
According to a family I was in for more than 26 yars, Nicor is one of many companies involved in a current White House Coup. GE, Sears, Large Financial Groups and many others are included. The WH Coup is responsible for 911 and our Economy collapse. I was told in some detail about the Coup back in the 90’s while married. The Coup is funded by the sale of World Wide Distribution of Drugs to by pass Congress. The family I was in are directly involved in the Drug system. Obama while a lawyer in Chicago assisted the family with setting up their drug business in Florida. You don’t have to believe me as you can ask my adult children:
Ryan Didier
Kelly Didier
Kari Didier
Marty Didier
Northbrook, IL