Nicor earnings top analysts' estimates

Nicor Inc. said Wednesday that it has struggled with cost increases that prompted its pending request for higher utility rates.

The holding company for Nicor Gas said earnings for the three months that ended Dec. 31 had dropped 14 percent to $47.9 million, or $1.05 a share, from $55.5 million, or $1.22, in the year-earlier period.

For 2008, the company posted net income of $119.5 million, compared to $135.2 million for the same period the year before. Operating income was $185 million, with $2.63 earnings per share, compared to $206.5 million, and $2.99 earnings per share the year before.

Nicor Inc. rose 8 percent Wednesday to $31.81 and earlier advanced 10 percent, the most intraday since Oct. 13.