National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2019 operating earnings of $1.12 per share, beating the Zacks Consensus Estimate of $1.07 by 4.7%. Also, the bottom line improved 9.8% from the year-ago figure of $1.02 per share.
Total Revenues
Total revenues of $490.3 million surpassed the Zacks Consensus Estimate of $478 million by 2.6%. The top line also increased 16.8% from the prior-year figure of $419.7 million.
Utility and Energy Marketing revenues improved 20.6% year over year to $272.1 million, and Pipeline, Storage and Gathering revenues moved up 1.3% to $54.2 million. Exploration and Production, and Other revenues also improved 16.7% from the prior-year quarter to $163.9 million.
National Fuel Gas Company Price, Consensus and EPS Surprise
Highlights of the Release
Total operating expenses in the reported quarter increased 21.6% from the year-ago quarter to $328.6 million, due to a rise in operating and maintenance expenses, and purchased gas prices.
Total gas production in the reported quarter was 45,807 million cubic feet (MMcf), up from the year-ago quarter figure of 36,109 MMcf, primarily due to higher production from the Appalachia region.
Operating income in the reported quarter was up 8.2% year over year to $161.7 million.
The company incurred interest expenses of $25.5 million, up 9.3% from the year-ago period.
Financial Highlights
On Dec 31, 2018, National Fuel Gas had cash and cash equivalents of $109 million compared with $229.6 million on Sep 30, 2018.
Long-term debt (excluding current maturities) was $2,131.8 million as of Dec 31, 2018 compared with Sep 30, 2018 level of $2,131.4 million.
The company’s cash flow from operating activities in the first quarter of fiscal 2019 was $104.3 million, up from $97.5 million recorded in the prior-year period.
Total capital expenditure in the reported quarter was $174.9 million, up from $126.5 million in the year-ago quarter.
Guidance
National Fuel Gas upwardly revised its fiscal 2019 earnings per share guidance. It now expects earnings in the range of $3.45-$3.65, up from the prior guided range of $3.35-$3.65 per share.
National Fuel Gas reiterated its fiscal 2019 production in the range of 210-230 billion cubic feet equivalent. Capital expenditure for fiscal 2019 is expected in the range of $725-$810 million.
Upcoming Releases
MDU Resources Group (MDU - Free Report) is expected to report fourth-quarter 2018 results on Feb 6, 2019. The Zacks Consensus Estimate for the quarter is pegged at 42 cents.
ONE Gas, Inc. (OGS - Free Report) is expected to report fourth-quarter 2018 earnings on Feb 20, 2019. The Zacks Consensus Estimate for the quarter to be reported is pegged at 85 cents.
ONEOK Inc. (OKE - Free Report) is expected to report fourth-quarter 2018 numbers on Feb 25, 2019. The Zacks Consensus Estimate for the quarter is pegged at 74 cents.
Zacks Rank
National Fuel Gas currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2019 operating earnings of $1.12 per share, beating the Zacks Consensus Estimate of $1.07 by 4.7%. Also, the bottom line improved 9.8% from the year-ago figure of $1.02 per share.
Total Revenues
Total revenues of $490.3 million surpassed the Zacks Consensus Estimate of $478 million by 2.6%. The top line also increased 16.8% from the prior-year figure of $419.7 million.
Utility and Energy Marketing revenues improved 20.6% year over year to $272.1 million, and Pipeline, Storage and Gathering revenues moved up 1.3% to $54.2 million. Exploration and Production, and Other revenues also improved 16.7% from the prior-year quarter to $163.9 million.
National Fuel Gas Company Price, Consensus and EPS Surprise
Highlights of the Release
Total operating expenses in the reported quarter increased 21.6% from the year-ago quarter to $328.6 million, due to a rise in operating and maintenance expenses, and purchased gas prices.
Total gas production in the reported quarter was 45,807 million cubic feet (MMcf), up from the year-ago quarter figure of 36,109 MMcf, primarily due to higher production from the Appalachia region.
Operating income in the reported quarter was up 8.2% year over year to $161.7 million.
The company incurred interest expenses of $25.5 million, up 9.3% from the year-ago period.
Financial Highlights
On Dec 31, 2018, National Fuel Gas had cash and cash equivalents of $109 million compared with $229.6 million on Sep 30, 2018.
Long-term debt (excluding current maturities) was $2,131.8 million as of Dec 31, 2018 compared with Sep 30, 2018 level of $2,131.4 million.
The company’s cash flow from operating activities in the first quarter of fiscal 2019 was $104.3 million, up from $97.5 million recorded in the prior-year period.
Total capital expenditure in the reported quarter was $174.9 million, up from $126.5 million in the year-ago quarter.
Guidance
National Fuel Gas upwardly revised its fiscal 2019 earnings per share guidance. It now expects earnings in the range of $3.45-$3.65, up from the prior guided range of $3.35-$3.65 per share.
National Fuel Gas reiterated its fiscal 2019 production in the range of 210-230 billion cubic feet equivalent. Capital expenditure for fiscal 2019 is expected in the range of $725-$810 million.
Upcoming Releases
MDU Resources Group (MDU - Free Report) is expected to report fourth-quarter 2018 results on Feb 6, 2019. The Zacks Consensus Estimate for the quarter is pegged at 42 cents.
ONE Gas, Inc. (OGS - Free Report) is expected to report fourth-quarter 2018 earnings on Feb 20, 2019. The Zacks Consensus Estimate for the quarter to be reported is pegged at 85 cents.
ONEOK Inc. (OKE - Free Report) is expected to report fourth-quarter 2018 numbers on Feb 25, 2019. The Zacks Consensus Estimate for the quarter is pegged at 74 cents.
Zacks Rank
National Fuel Gas currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
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 >>
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