Business briefs
Peoples Natural Gas to refund customers
Peoples Natural Gas will give back about $3.8 million in unlawful earnings to customers of its Equitable Division. Due to a “computational error,” the North Shorebased gas utility exceeded its allowed profits under a tariff approved by the state in 2013. The refunds will amount to about $14 per customer and appear as credits on monthly bills.
Pittsburgh International Airport official leaving job
The man who was largely responsible for jump-starting the development of land surrounding Pittsburgh International Airport has left his post. Randy Forister, senior director of development for the Allegheny County Airport Authority, spent his last day on the job July 20. Mr. Forister started working at the authority in November 2002. Mr. Forister, who was paid $147,585 a year, also played a major role in negotiating the Consol Energy gas drilling contract at the airport. He said he left the job on his own accord. “I just felt it was time to move on and look for some other things,” he said. No replacement has been named.
Earnings
• Fiscal fourth quarter profits fell 53 percent for Latrobe toolmaker Kennametal, which said it will increase its quarterly dividend 2 cents to 20 cents per share. The company reported net income for its fiscal fourth quarter of $21.1 million, or 26 cents per diluted share vs. earnings of $45.5 million, or 57 cents per share, in the year-ago quarter. Sales fell 17 percent to $637.7 million, with the stronger U.S. dollar and weakness in the energy and other markets contributing to the slide. For the fiscal year that ended June 30, Kennametal said it lost $373.9 million, or $4.71 per share, vs. earnings of $158.4 million, or $1.99 per share, in the previous fiscal year. Sales declined 7 percent to $2.65 billion.
• Vitamin and health supplements retailer GNC Holdings Inc. saw profits drop 3.6 percent in the
second quarter. The Downtownbased company reported net income of $67.4 million, which compares to $69.9 million during the same period a year ago. On a per share basis, earnings rose from 77 cents in last year’s second quarter to 79 cents this year. Sales in stores that have been open at least a year fell 2.8 percent in companyowned stores in the U.S., while they were down 2.4 percent in franchise locations. • North Shore-based Matthews International reported fiscal third quarter net income of $23.2 million, or 70 cents per share, compared to net income of $19.4 million, or 69 cents per share, for the same quarter last year. Sales were $365 million compared to sales of $280 million for the fiscal third quarter last year.
• Ampco-Pittsburgh reported a second quarter loss of $520,000, or 5 cents per share, vs. earnings of $1.1 million, or 11 cents per share, in the year ago-quarter. The industrial products company said sales declined 14 percent to $60 million, citing slumps in the steel and aluminum industries and the stronger U.S. dollar.
• FirstEnergy Corp. beat its own expectations during the past three months, with net income of $187 million, or 44 cents per share. That’s up from $64 million, or 16 cents per share during the second quarter of 2014. The Akron, Ohio-based parent of West Penn Power had flat revenue of $3.5 million between the two quarters.
• Royal Bank of Scotland announced Thursday that second-quarter profit rose 27 percent, but warned the cost of past scandals may continue to weigh on earnings. Net income for the period advanced to 293 million pounds ($458 million) from 230 million pounds a year earlier as the value of RBS’s stake in U.S.-based Citizens Bank increased.
• Siemens AG said net profit fell in the most recent quarter as better earnings from sales of medical equipment were offset by slower business at its power and gas division. Profits for the April-June quarter eased 2 percent to 1.376 billion euros, down from 1.399 billion euros in the same quarter a year ago.