AGL Resources to sell Tropical Shipping in ~$220M deal

|About: AGL Resources (GAS)|By:, SA News Editor

AGL Resources (GAS) agrees to sell its Tropical Shipping business to Saltchuk Resources in an estimated $220M deal; AGL says it wants to focus on its regulated natural gas utilities and related assets.

AGL expects the deal to result in an income tax expense and non-cash goodwill impairment loss of $0.42/share in Q1 and $0.24 in Q2.

Also expects to report economic earnings EBIT of ~$270M in Q1, vs. $29M for Q1 2013.