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Northwest Natural Gas reiterates full-year guidance

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May 2, 2008

PORTLAND, Ore.—Utility company Northwest Natural Gas Co. on Friday reaffirmed its full-year earnings per share estimate in a range that includes analysts' average estimate.

The company said it expects full-year earnings per share in the range of $2.48 to $2.63. Analysts polled by Thomson Financial expect, on average, $2.62.

Last year, the company earned $2.76 per share.

Northwest said it continues to target long-term earnings-per-share growth of 5 percent or more.

Shares rose 8 cents in afternoon trading to $45.61.

Also Friday, the utility said rising natural-gas costs during the first quarter offset the benefit of lower operating and maintenance costs and more customers. During the quarter, its profit fell 7 percent to $1.63 per share; analysts expected $1.67. Revenue fell 2 percent to $387.7 million; analysts expected $401.4 million.

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