ONE Gas Inc. (OGS - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 59 cents, which missed the Zacks Consensus Estimate of 62 cents by 4.8%.
However, the bottom line improved by 5.4% from the year-ago earnings of 56 cents per share, primarily due to contributions from the new rates and demand from an expanding residential customer base.
Total Revenues
ONE Gas recorded revenues of $428.9 million in the second quarter, which surpassed the Zacks Consensus Estimate of $348 million by 23.3%. The top line also improved by 35.9% from the year-ago level.
Highlights of the Release
Total natural gas volumes delivered in the second quarter were 73.9 billion cubic feet, up 0.8% 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 6.7% from the year-ago figure to $182.2 million.
The operating income in the reported quarter increased 14.7% year over year to $58.6 million.
ONE Gas incurred net interest expenses of $16.3 million, up 8.7%.
Financial Highlights
As of Jun 30, 2022, OGS had cash and cash equivalents of $7.4 million compared with $8.9 million as of Dec 31, 2021.
Long-term debt (excluding current maturities) was $2,283.9 million as of Jun 30, 2022 compared with $3,683.4 million as of Dec 31, 2021.
Cash provided by (used in) operating activities for the first six months of 2022 was $286.7 million compared with ($1,577.3) 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, higher than the Zacks Consensus Estimate of $4.05 per share.
Capital expenditure is expected at $650 million for 2022.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #4 (Sell).
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 third-quarter fiscal 2022 earnings on Aug 3 after market close. The Zacks Consensus Estimate for Atmos Energy’s fiscal third-quarter EPS is pegged at 86 cents.
Atmos Energy’s long-term earnings growth is currently pegged at 7.4%. The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 8.2%.
National Fuel Gas Company (NFG - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for National Fuel Gas Company’s second-quarter EPS is pegged at $1.47.
National Fuel Gas Company’s long-term earnings growth is currently pegged at 15.2%. The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 35%.
MDU Resources Group (MDU - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for MDU Resources Group’s second-quarter EPS is pegged at 49 cents.
MDU Resources Group’s long-term earnings growth is currently pegged at 6.9%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 9.6%.
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ONE Gas Inc. (OGS - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 59 cents, which missed the Zacks Consensus Estimate of 62 cents by 4.8%.
However, the bottom line improved by 5.4% from the year-ago earnings of 56 cents per share, primarily due to contributions from the new rates and demand from an expanding residential customer base.
Total Revenues
ONE Gas recorded revenues of $428.9 million in the second quarter, which surpassed the Zacks Consensus Estimate of $348 million by 23.3%. The top line also improved by 35.9% from the year-ago level.
Highlights of the Release
Total natural gas volumes delivered in the second quarter were 73.9 billion cubic feet, up 0.8% 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 6.7% from the year-ago figure to $182.2 million.
The operating income in the reported quarter increased 14.7% year over year to $58.6 million.
ONE Gas incurred net interest expenses of $16.3 million, up 8.7%.
Financial Highlights
As of Jun 30, 2022, OGS had cash and cash equivalents of $7.4 million compared with $8.9 million as of Dec 31, 2021.
Long-term debt (excluding current maturities) was $2,283.9 million as of Jun 30, 2022 compared with $3,683.4 million as of Dec 31, 2021.
Cash provided by (used in) operating activities for the first six months of 2022 was $286.7 million compared with ($1,577.3) 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, higher than the Zacks Consensus Estimate of $4.05 per share.
Capital expenditure is expected at $650 million for 2022.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #4 (Sell).
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 third-quarter fiscal 2022 earnings on Aug 3 after market close. The Zacks Consensus Estimate for Atmos Energy’s fiscal third-quarter EPS is pegged at 86 cents.
Atmos Energy’s long-term earnings growth is currently pegged at 7.4%. The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 8.2%.
National Fuel Gas Company (NFG - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for National Fuel Gas Company’s second-quarter EPS is pegged at $1.47.
National Fuel Gas Company’s long-term earnings growth is currently pegged at 15.2%. The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 35%.
MDU Resources Group (MDU - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for MDU Resources Group’s second-quarter EPS is pegged at 49 cents.
MDU Resources Group’s long-term earnings growth is currently pegged at 6.9%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 9.6%.
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Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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