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Atmos Energy (ATO) Q3 Earnings Top Estimates, Sales Rise Y/Y
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Atmos Energy (ATO - Free Report) posted third-quarter fiscal 2024 earnings of $1.08 per share, which surpassed the Zacks Consensus Estimate of $1.05 by 2.9%. The bottom line also improved 14.9% from the year-ago quarter’s 94 cents.
Revenues
Total revenues of $701.5 million lagged the Zacks Consensus Estimate of $925 million by 24%. However, the top line increased 5.9% from the year-ago quarter’s reported number of $662.7 million.
Atmos Energy Corporation Price, Consensus and EPS Surprise
Distribution: Revenues totaled $633.2 million, highlighting a 2.8% increase from $616.1 million in the year-ago quarter.
Pipeline and Storage: Revenues amounted to $250.7 million, reflecting a 20.4% increase from $208.2 million in the year-ago quarter.
Highlights of the Release
Operation and maintenance expenses amounted to $211.3 million, up 8.4% from the year-ago quarter’s level.
Operating income totaled $220.3 million, up 30.1% from the year-ago quarter’s level.
Atmos Energy incurred interest expenses of $41.2 million, up 31.6% from the year-ago quarter’s figure.
The company reported 72.4 million cubic feet of consolidated distribution throughput for the quarter, down 3.8% from the year-ago quarter’s reported actuals.
Financial Highlights
As of Jun 30, 2024, Atmos Energy reported a strong balance sheet with available liquidity of approximately $4.3 billion.
As of Jun 30, 2024, ATO had cash and cash equivalents of $674.6 million compared with $15.4 million as of Sep 30, 2023.
Net cash flow provided by operating activities in the first nine months of fiscal 2024 was $1.4 billion compared with $3.2 billion in the year-ago quarter.
In the first nine months of fiscal 2024, the company invested nearly $2.1 billion, with 82% of the amount allocated for improving the safety and reliability of its distribution and transportation systems.
Guidance
Atmos Energy continues to expect its fiscal 2024 earnings in the range of $6.70-$6.80 per share. The Zacks Consensus Estimate is pegged at $6.77 per share, higher than the company’s guided range.
ATO also reaffirmed its fiscal 2024 capital expenditure guidance at $3.1 billion.
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 bottom line decreased 2% from $1.01 in the prior-year quarter.
The Zacks Consensus Estimate for 2024 EPS is pegged at $5.13, which implies a decrease of 0.8% from the year-earlier level.
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents by 0.4%.
SR’s long-term (three to five years) earnings growth rate is 5%. The consensus estimate for fiscal 2024 EPS is pegged at $4.26, implying an improvement of 5.2% from the year-earlier level.
ONE Gas, Inc. (OGS - Free Report) reported second-quarter EPS of 48 cents, which missed the Zacks Consensus Estimate of 49 cents by 2%. The bottom line decreased 17.2% from 58 cents in the prior-year quarter.
OGS’ long-term earnings growth rate is 5%. The consensus estimate for 2024 EPS is pegged at $3.85, implying a decrease of 7% from the year-earlier level.
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Atmos Energy (ATO) Q3 Earnings Top Estimates, Sales Rise Y/Y
Atmos Energy (ATO - Free Report) posted third-quarter fiscal 2024 earnings of $1.08 per share, which surpassed the Zacks Consensus Estimate of $1.05 by 2.9%. The bottom line also improved 14.9% from the year-ago quarter’s 94 cents.
Revenues
Total revenues of $701.5 million lagged the Zacks Consensus Estimate of $925 million by 24%. However, the top line increased 5.9% from the year-ago quarter’s reported number of $662.7 million.
Atmos Energy Corporation Price, Consensus and EPS Surprise
Atmos Energy Corporation price-consensus-eps-surprise-chart | Atmos Energy Corporation Quote
Segmental Revenues
Distribution: Revenues totaled $633.2 million, highlighting a 2.8% increase from $616.1 million in the year-ago quarter.
Pipeline and Storage: Revenues amounted to $250.7 million, reflecting a 20.4% increase from $208.2 million in the year-ago quarter.
Highlights of the Release
Operation and maintenance expenses amounted to $211.3 million, up 8.4% from the year-ago quarter’s level.
Operating income totaled $220.3 million, up 30.1% from the year-ago quarter’s level.
Atmos Energy incurred interest expenses of $41.2 million, up 31.6% from the year-ago quarter’s figure.
The company reported 72.4 million cubic feet of consolidated distribution throughput for the quarter, down 3.8% from the year-ago quarter’s reported actuals.
Financial Highlights
As of Jun 30, 2024, Atmos Energy reported a strong balance sheet with available liquidity of approximately $4.3 billion.
As of Jun 30, 2024, ATO had cash and cash equivalents of $674.6 million compared with $15.4 million as of Sep 30, 2023.
Net cash flow provided by operating activities in the first nine months of fiscal 2024 was $1.4 billion compared with $3.2 billion in the year-ago quarter.
In the first nine months of fiscal 2024, the company invested nearly $2.1 billion, with 82% of the amount allocated for improving the safety and reliability of its distribution and transportation systems.
Guidance
Atmos Energy continues to expect its fiscal 2024 earnings in the range of $6.70-$6.80 per share. The Zacks Consensus Estimate is pegged at $6.77 per share, higher than the company’s guided range.
ATO also reaffirmed its fiscal 2024 capital expenditure guidance at $3.1 billion.
Zacks Rank
The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
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 bottom line decreased 2% from $1.01 in the prior-year quarter.
The Zacks Consensus Estimate for 2024 EPS is pegged at $5.13, which implies a decrease of 0.8% from the year-earlier level.
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents by 0.4%.
SR’s long-term (three to five years) earnings growth rate is 5%. The consensus estimate for fiscal 2024 EPS is pegged at $4.26, implying an improvement of 5.2% from the year-earlier level.
ONE Gas, Inc. (OGS - Free Report) reported second-quarter EPS of 48 cents, which missed the Zacks Consensus Estimate of 49 cents by 2%. The bottom line decreased 17.2% from 58 cents in the prior-year quarter.
OGS’ long-term earnings growth rate is 5%. The consensus estimate for 2024 EPS is pegged at $3.85, implying a decrease of 7% from the year-earlier level.