Corning Natural Gas Holding Corporation Reports on Quarterly Earnings & Argo Merger Update
CORNING, N.Y., May 12, 2022 (GLOBE NEWSWIRE) — Corning Natural Gas Holding Corporation (OTCQX: CNIG) announced consolidated earnings of $2,407,480 or $0.73 per share for its second quarter ended March 31, 2022. This compares to consolidated earnings of $2,269,001 or $0.69 per share for its second quarter ended March 31, 2021. Consolidated earnings for its 2022 fiscal year-to-date were $2,810,707, or $0.87 per share, versus $2,391,109, or $0.74 per share for the same period in 2021. CFO Charles Lenns stated, “The increase in Company earnings for both the second quarter and the 2022 fiscal year-to-date were due to colder weather in fiscal 2022 and the electric and gas rate increases at Pike County Light & Power. These gains were partially offset by losses on investment income and a loss associated with the disposition of property.”
Net income for the three months ended March 31, 2022 is not necessarily indicative of expected results for the fiscal year ending September 30, 2022. Quarterly earnings are affected by the highly seasonal nature of the business and weather conditions such as temperature variations.
Corning Natural Gas Holding Corporation provides natural gas and electric service to customers in New York and Pennsylvania through its operating subsidiaries Corning Natural Gas, Pike County Light & Power, and Leatherstocking Gas Company. The merger process of our companies with Argo Infrastructure Partners/ACP Crotana Corporation continues on schedule. The Pennsylvania Public Utility Commission granted approval for the Argo acquisition February 3rd, 2022, and the New York State Public Service Commission is expected to grant final approval in mid to late June 2022. Shareholders will receive letters instructing them how to proceed after the closing occurs.
From time-to-time, Corning Natural Gas Holding Corporation may produce forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, Corning Natural Gas Holding Corporation notes that a variety of factors could cause actual results and experiences to differ materially from anticipated results or other expectations expressed in any forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements.
Contact: Julie Lewis / 607-936-3755
