Southern Union's First-Quarter Profit Falls 44%, an Industrial Info News Alert

Wednesday, May 13, 2009 5:52 AM

(Source: MARKETWIRE) tracking

Researched by Industrial Info Resources (Sugar Land, Texas) -- Southern Union Company (NYSE:SUG) (Houston, Texas) has posted a first-quarter 2009 net income of $44.1 million, down 43.9% compared with $78.6 million in the same period last year. Revenue for the quarter totaled $683.9 million, down 28.2% compared with $952.7 million year over year. The lower profit is attributed to lower natural gas prices and repairs, including a $10.1 million charge related to repairs and abandonment costs of the Sea Robin pipeline system as a result of Hurricane Ike.

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