Piedmont Natural Gas Co. Inc. (NYSE:PNY) Q3 2015 Earnings Conference Call - Final Transcript
Sep 08, 2015 • 10:00 am ET
Good day and welcome to the Piedmont Natural Gas third quarter 2015 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Nick Giaimo. Please go ahead, sir.
Thank you, Gina. Good morning, everyone, and thank you for joining the Piedmont Natural Gas third-quarter 2015 earnings conference call. If you're listening to this call over the Webcast but would like to dial in, please dial 646-254-3387.
The call is open to the general public and is being webcast live over the Internet. If you would like to access the webcast of this call or view the slides of the accompanying presentation, please visit our website at PiedmontNG.com and choose the For Investors link. On the right hand side of that page you will find the appropriate links.
On the call today presenting prepared remarks we have Tom Skains, President, Chairman and Chief Executive Officer; and Karl Newlin, Senior Vice President and Chief Financial Officer. Other officers of the Company are also in attendance to take your questions.
Finally, this call may include forward-looking statements and our actual results may materially differ from those statements. More information about the risks and uncertainties relating to these forward-looking statements may be found in Piedmont's third-quarter Form 10-Q, filed last Thursday with the SEC. Again, we are having some technical difficulties, so if you're listening on the Webcast and would like to dial in, the number is 646-254-3387. With that, I will turn the call over to Tom.
Thank you, Nick. And good morning, everybody, and thank you for joining us for our third quarter 2015 earnings conference call. As you know, on Thursday we filed our 10-Q and issued our third-quarter earnings release.
This morning I'm going to talk about our third-quarter performance and provide you with a general update on the Company, including our recently announced Integrity Management Rider, or IMR settlement in North Carolina for which we filed an 8-K earlier this morning. Then I'll turn the call over to Karl to give you a more detailed discussion of our forecasted capital investments, financial results, and financing plan.
I'll begin with slide 2. Due to the seasonal nature of our business, we typically experienced losses during the summer months that make up our third quarter. This quarter we recorded a net loss of $8.3 million or $0.10 per diluted share.
Regarding customer growth, we continue to see positive trends with the addition of more than 12,000 customers year to date, a 5% improvement from last year's growth level. Last week we reached an IMR settlement on the 2014 review and future IMR filings with the North Carolina public staff, subject to North Carolina Utility Commission approval. I will discuss the details of the settlement in just a moment.
We continue to work diligently on our large capital expansion program for fiscal year 2015. As Karl will address, we expect our utility capital expenditures and joint venture contributions to total more than $500