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ONE Gas (OGS) Q2 Earnings Miss Estimates, Revenues Down Y/Y
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ONE Gas, Inc. (OGS - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 48 cents, which lagged the Zacks Consensus Estimate of 49 cents by 2%. The figure was also 17.2% lower than the year-ago quarter’s earnings of 58 cents per share.
Total Revenues
ONE Gas recorded revenues of $354 million, which missed the Zacks Consensus Estimate of $417 million by 15.1%. The top line also decreased 11.1% from $398 million reported in the prior-year quarter.
Total natural gas volumes delivered were 68.2 billion cubic feet, down 4.9% on a year-over-year basis. OGS served 2,284,000 customers, up 0.7% year over year.
Total operating expenses were $212.8 million, up 4.4% year over year. The upside was due to a rise in operations and maintenance, and depreciation and amortization expenses.
Operating income increased 8.4% year over year to $69.4 million.
OGS incurred net interest expenses of $37 million, up 34.5% on a year-over-year basis.
Financial Highlights
As of Jun 30, OGS had cash and cash equivalents of $10.7 million compared with $18.8 million as of Dec 31, 2023.
Total long-term debt (excluding current maturities) was $2.15 billion as of Jun 30, compared with $2.16 billion as of Dec 31, 2023.
Cash provided by operating activities in the first six months of 2024 was $250.9 million compared with $748.7 million in the year-ago quarter.
Capital expenditures and asset removal costs were $194.6 million compared with $190.2 million in the year-earlier quarter.
2024 Guidance
Management reaffirmed its financial guidance, with 2024 net income expected to be in the range of $214-$231 million or $3.70-$4.00 per share. The Zacks Consensus Estimate for earnings is pegged at $3.85 per share, equal to the mid-point of the company’s guided range.
OGS continues to expect capital expenditures, including asset removal costs, of $750 million.
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 EPS loss of 14 cents, which beat the Zacks Consensus Estimate of negative 18 cents by 0.4%.
SR’s long-term (three to five years) earnings growth rate is 5%. The Zacks Consensus Estimate for fiscal 2024 EPS is pegged at $4.28, implying an improvement of 5.7% from the year-earlier levels.
National Fuel Gas Company (NFG - Free Report) reported fiscal third-quarter EPS of 99 cents, which beat the Zacks Consensus Estimate of 92 cents by 7.6%. The company’s bottom line decreased 2% from $1.01 in the prior-year quarter.
The Zacks Consensus Estimate for NFG’s 2024 EPS is pegged at $5.11, implying a decrease of 1.2% from the year-earlier levels.
IDACORP, Inc. (IDA - Free Report) reported second-quarter EPS of $1.71, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The company’s bottom line increased 26.7% from $1.35 reported in the prior-year quarter.
The Zacks Consensus Estimate for IDA’s 2024 EPS is pegged at $5.37, implying an improvement of 4.5% from the year-earlier level.
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ONE Gas (OGS) Q2 Earnings Miss Estimates, Revenues Down Y/Y
ONE Gas, Inc. (OGS - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 48 cents, which lagged the Zacks Consensus Estimate of 49 cents by 2%. The figure was also 17.2% lower than the year-ago quarter’s earnings of 58 cents per share.
Total Revenues
ONE Gas recorded revenues of $354 million, which missed the Zacks Consensus Estimate of $417 million by 15.1%. The top line also decreased 11.1% from $398 million reported in the prior-year quarter.
ONE Gas, Inc. Price, Consensus and EPS Surprise
ONE Gas, Inc. price-consensus-eps-surprise-chart | ONE Gas, Inc. Quote
Highlights of the Release
Total natural gas volumes delivered were 68.2 billion cubic feet, down 4.9% on a year-over-year basis. OGS served 2,284,000 customers, up 0.7% year over year.
Total operating expenses were $212.8 million, up 4.4% year over year. The upside was due to a rise in operations and maintenance, and depreciation and amortization expenses.
Operating income increased 8.4% year over year to $69.4 million.
OGS incurred net interest expenses of $37 million, up 34.5% on a year-over-year basis.
Financial Highlights
As of Jun 30, OGS had cash and cash equivalents of $10.7 million compared with $18.8 million as of Dec 31, 2023.
Total long-term debt (excluding current maturities) was $2.15 billion as of Jun 30, compared with $2.16 billion as of Dec 31, 2023.
Cash provided by operating activities in the first six months of 2024 was $250.9 million compared with $748.7 million in the year-ago quarter.
Capital expenditures and asset removal costs were $194.6 million compared with $190.2 million in the year-earlier quarter.
2024 Guidance
Management reaffirmed its financial guidance, with 2024 net income expected to be in the range of $214-$231 million or $3.70-$4.00 per share. The Zacks Consensus Estimate for earnings is pegged at $3.85 per share, equal to the mid-point of the company’s guided range.
OGS continues to expect capital expenditures, including asset removal costs, of $750 million.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 EPS loss of 14 cents, which beat the Zacks Consensus Estimate of negative 18 cents by 0.4%.
SR’s long-term (three to five years) earnings growth rate is 5%. The Zacks Consensus Estimate for fiscal 2024 EPS is pegged at $4.28, implying an improvement of 5.7% from the year-earlier levels.
National Fuel Gas Company (NFG - Free Report) reported fiscal third-quarter EPS of 99 cents, which beat the Zacks Consensus Estimate of 92 cents by 7.6%. The company’s bottom line decreased 2% from $1.01 in the prior-year quarter.
The Zacks Consensus Estimate for NFG’s 2024 EPS is pegged at $5.11, implying a decrease of 1.2% from the year-earlier levels.
IDACORP, Inc. (IDA - Free Report) reported second-quarter EPS of $1.71, which beat the Zacks Consensus Estimate of $1.37 by 24.8%. The company’s bottom line increased 26.7% from $1.35 reported in the prior-year quarter.
The Zacks Consensus Estimate for IDA’s 2024 EPS is pegged at $5.37, implying an improvement of 4.5% from the year-earlier level.