Atmos Energy Corporation ATO posted fourth-quarter fiscal 2020 earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 52 cents by 1.9%. The reported earnings also improved 8.2% from the prior-year figure. The year-over-year improvement in earnings was due to positive rate outcomes in both the segments and customer growth in its distribution segment. Total Revenues
Total revenues of $474.9 million missed the Zacks Consensus Estimate of $571 million by 16.8%. However, the top line increased 7% from the year-ago figure of $443.7 million.
Segment Revenues Distribution: Revenues from the segment increased 6.5% to $430.2 million from $403.9 million in the prior-year quarter. Pipeline and Storage: Revenues from the segment increased 6.2% to $156.9 million from $147.7 million in the year-ago quarter. The improvement was driven by an increase in rates. Quarterly Highlights
Purchased gas cost for the quarter was $18.1 million, up 32.1% from the year-ago period. Operation and maintenance expenses for the quarter were $180.1 million, up 1.3% from the year-ago period.
Operating income for the reported quarter was up 12.4% year over year to $100.8 million. The company incurred interest expenses of $15.5 million, down 46.2% from the year-ago period. Financial Highlights
As of Sep 30, 2020, Atmos Energy had cash and cash equivalents of $20.8 million compared with $24.6 million on Sep 30, 2019.
Long-term debt was $4.53 billion as of Sep 30, 2020, up from $3.53 billion on Sep 30, 2019. The company’s cash flow from operating activities for fiscal 2020 was $1,037.9 million, up from $968.8 million recorded in the comparable year-ago period. It invested $1,925.5 million in fiscal 2020 to strengthen operations. The figure was up 14% from the year-ago period. Nearly 88% of the capital spending was related to system safety and increased reliability of its services. Guidance
Atmos Energy expects fiscal 2021 earnings in the range of $4.90-$5.10 per share. The Zacks Consensus Estimate for fiscal 2021 earnings is $5.03 per share. It expects capital expenditure in the range of $2-$2.2 billion for fiscal 2021.
Atmos Energy currently has a Zacks Rank #3 (Hold). You can see
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