Southern Union sees limited hurricane damage

The company said its inspections have identified only limited damage at the company's onshore Texas and Louisiana transportation & storage facilities.

All of its onshore facilities are fully operational. Offshore facilities have suffered damage to several platforms and are continuing to experience reduced volumes. The company said it is completing its damage assessment and working with customers to develop an appropriate action plan.

The company said notwithstanding the hurricane impacts, it is affirming its previously announced earnings forecast of $1.80 to $1.90 per share for 2008, but now expects to be at the lower end of the range.

Nine analysts polled by Thomson Reuters project annual earnings of $1.89 per share, on average, with estimates ranging between $1.74 and $1.96.

The guidance excludes the impact of accounting for open commodity derivatives and charges related to the extinguishment of preferred stock and includes the value of natural gas liquids in storage.

Shares of the company closed unchanged at $20.65.