Natural gas company Southern Union Co. (NYSE:SUG) said Friday its fourth-quarter profit increased nearly 10 percent, fueled by higher revenue at its transportation and storage and distribution segments.
Management said it expects its business segments to produce solid results this year.
The company reported net income of $55.9 million, or 45 cents a share, for the three months ended Dec. 31. That compares with net income of $51 million, or 41 cents a share, a year earlier.
Excluding special items, Southern Union's earnings amounted to 53 cents a share, the company said.
Revenue jumped to $670.3 million from $603.7 million a year earlier.
For the full year, Southern Union posted net income of $216.2 million, or $1.73 a share, compared with net income of $170.9 million, or $1.37 a share, in 2009. Revenue rose to $2.5 billion from $2.2 billion.
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