ONE Gas Inc. (OGS - Free Report) reported first-quarter 2022 operating earnings per share (EPS) of $1.83, which missed the Zacks Consensus Estimate of $1.95 by 6.2%.
However, the bottom line improved by 2.2% from the year-ago earnings of $1.79 per share, primarily due to contributions from the new rates, demand from an expanding residential customer base and a fall in bad debt expenses.
Total Revenues
ONE Gas recorded revenues of $971.5 million in the first quarter, which surpassed the Zacks Consensus Estimate of $642 million by 51.3%. The top line also improved by 55.4% from the year-ago level.
Highlights of the Release
Total natural gas volumes delivered in the first quarter were 148.2billion cubic feet, up 0.9% from the year-ago level due to an improving transportation sales volume and the commercial and industrial sales volumes.
Total operating expenses in the reported quarter increased 5.5% from the year-ago figure to $190.8 million.
The operating income in the reported quarter increased 8.1% year over year to $140.8 million.
ONE Gas incurred net interest expenses of $15.6 million, up 1.3%.
Financial Highlights
As of Mar 31, 2022, OGS had cash and cash equivalents of $12.4 million compared with $8.9 million as of Dec 31, 2021.
Long-term debt (excluding current maturities) was $2,283.6 million as of Mar 31, 2022, compared with $3,683.4 million as of Dec 31, 2021.
Cash provided by (used in) the operating activities for the first three months of 2022 was $107.6 million compared with $1,659.3 million in year-ago quarter.
Guidance
ONE Gas affirmed the 2022 net income in the range of $215-$227 million and EPS in the band of $3.96-$4.20. The midpoint of the earnings guidance is $4.08, lower than the Zacks Consensus Estimate of $4.10 per share.
Capital expenditure is expected at $650 million for 2022.
The board of directors declared a second-quarter dividend of 62 cents per share or $2.48 per share on an annualized basis, up 6.9% from the year-ago quarter, payable on Jun 1, 2022 to shareholders of record at the close of the business on May 16, 2022.
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.
Upcoming Releases
Atmos Energy Corporation (ATO - Free Report) is slated to report first-quarter 2022 earnings on May 4 after market close. The Zacks Consensus Estimate for Atmos Energy’s first-quarter EPS is pegged at $2.39.
Atmos Energy’s long-term earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 7.4%.
National Fuel Gas Company (NFG - Free Report) is slated to report first-quarter 2022 earnings on May 6 before market open. The Zacks Consensus Estimate for National Fuel Gas Company’s first-quarter EPS is pegged at $1.68.
National Fuel Gas Company’s long-term earnings growth is currently pegged at 10.3%. The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 41.5%.
MDU Resources Group (MDU - Free Report) is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for MDU Resources Group’s first-quarter EPS is pegged at 17 cents.
MDU Resources Group’s long-term earnings growth is currently pegged at 6.7%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 9.1%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
ONE Gas Inc. (OGS - Free Report) reported first-quarter 2022 operating earnings per share (EPS) of $1.83, which missed the Zacks Consensus Estimate of $1.95 by 6.2%.
However, the bottom line improved by 2.2% from the year-ago earnings of $1.79 per share, primarily due to contributions from the new rates, demand from an expanding residential customer base and a fall in bad debt expenses.
Total Revenues
ONE Gas recorded revenues of $971.5 million in the first quarter, which surpassed the Zacks Consensus Estimate of $642 million by 51.3%. The top line also improved by 55.4% from the year-ago level.
Highlights of the Release
Total natural gas volumes delivered in the first quarter were 148.2billion cubic feet, up 0.9% from the year-ago level due to an improving transportation sales volume and the commercial and industrial sales volumes.
Total operating expenses in the reported quarter increased 5.5% from the year-ago figure to $190.8 million.
The operating income in the reported quarter increased 8.1% year over year to $140.8 million.
ONE Gas incurred net interest expenses of $15.6 million, up 1.3%.
Financial Highlights
As of Mar 31, 2022, OGS had cash and cash equivalents of $12.4 million compared with $8.9 million as of Dec 31, 2021.
Long-term debt (excluding current maturities) was $2,283.6 million as of Mar 31, 2022, compared with $3,683.4 million as of Dec 31, 2021.
Cash provided by (used in) the operating activities for the first three months of 2022 was $107.6 million compared with $1,659.3 million in year-ago quarter.
Guidance
ONE Gas affirmed the 2022 net income in the range of $215-$227 million and EPS in the band of $3.96-$4.20. The midpoint of the earnings guidance is $4.08, lower than the Zacks Consensus Estimate of $4.10 per share.
Capital expenditure is expected at $650 million for 2022.
The board of directors declared a second-quarter dividend of 62 cents per share or $2.48 per share on an annualized basis, up 6.9% from the year-ago quarter, payable on Jun 1, 2022 to shareholders of record at the close of the business on May 16, 2022.
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.
Upcoming Releases
Atmos Energy Corporation (ATO - Free Report) is slated to report first-quarter 2022 earnings on May 4 after market close. The Zacks Consensus Estimate for Atmos Energy’s first-quarter EPS is pegged at $2.39.
Atmos Energy’s long-term earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 7.4%.
National Fuel Gas Company (NFG - Free Report) is slated to report first-quarter 2022 earnings on May 6 before market open. The Zacks Consensus Estimate for National Fuel Gas Company’s first-quarter EPS is pegged at $1.68.
National Fuel Gas Company’s long-term earnings growth is currently pegged at 10.3%. The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 41.5%.
MDU Resources Group (MDU - Free Report) is slated to report first-quarter 2022 earnings on May 5 before market open. The Zacks Consensus Estimate for MDU Resources Group’s first-quarter EPS is pegged at 17 cents.
MDU Resources Group’s long-term earnings growth is currently pegged at 6.7%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 9.1%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on ATO - FREE
Get the latest research report on MDU - FREE
Get the latest research report on NFG - FREE
Get the latest research report on OGS - FREE