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Atmos Energy (ATO) Q1 Earnings Top, Revenues Miss Estimates
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Atmos Energy Corporation (ATO - Free Report) posted first-quarter fiscal 2021 earnings of $1.71 per share, which surpassed the Zacks Consensus Estimate of $1.58 by 8.2%.
The reported earnings also improved 16.3% 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 $914.5 million missed the Zacks Consensus Estimate of $1,011 million by 9.5%. However, the top line increased 4.4% from the year-ago reported figure.
Atmos Energy Corporation Price, Consensus and EPS Surprise
Distribution: Revenues from the segment increased 5.8% to $876.7 million from $828.5 million in the prior-year quarter. The improvement was driven by an increase in rates.
Pipeline and Storage: Revenues from the segment increased 7.8% to $159.7 million from $148.2 million in the year-ago quarter.
Quarterly Highlights
Purchased gas cost for the quarter was $288.3 million, down 2.9% from the year-ago period. Operation and maintenance expenses for the quarter were $138.6 million, down 8.9% from the year-ago period.
Operating income for the reported quarter was up 18.2% year over year to $298.8 million.
The company incurred interest expenses of $22 million, down 19.4% from the year-ago period.
Financial Highlights
As of Dec 31, 2020, Atmos Energy had cash and cash equivalents of $457.8 million compared with $20.8 million on Sep 30, 2020.
Long-term debt was $5.12 billion as of Dec 31, 2020, up from $4.53 billion on Sep 30, 2020.
The company’s cash flow from operating activities for fiscal first-quarter 2021 was $157.1 million, down from $172.4 million recorded in the year-ago period.
It invested $456.8 million in fiscal first-quarter 2021 to strengthen operations. The figure was down 13.7% from the year-ago period, primarily due to timing of spending in its distribution segment. Nearly 87% of the capital spending was associated with system safety and increased reliability of services.
Guidance
Atmos Energy reiterated its fiscal 2021 earnings guidance 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.
MDU Resources Group Inc. (MDU - Free Report) is scheduled to release 2020 operating earnings on Feb 4. The Zacks Consensus Estimate for earnings for the current year is pegged at $1.90 per share.
UGI Corporation (UGI - Free Report) is scheduled to release fiscal first-quarter 2021 operating earnings on Feb 4. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.11 per share.
Plains All American Pipeline, L.P. (PAA - Free Report) is scheduled to release fourth-quarter 2020 operating earnings on Feb 9. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 32 cents per unit.
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Atmos Energy (ATO) Q1 Earnings Top, Revenues Miss Estimates
Atmos Energy Corporation (ATO - Free Report) posted first-quarter fiscal 2021 earnings of $1.71 per share, which surpassed the Zacks Consensus Estimate of $1.58 by 8.2%.
The reported earnings also improved 16.3% 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 $914.5 million missed the Zacks Consensus Estimate of $1,011 million by 9.5%. However, the top line increased 4.4% from the year-ago reported figure.
Atmos Energy Corporation Price, Consensus and EPS Surprise
Atmos Energy Corporation price-consensus-eps-surprise-chart | Atmos Energy Corporation Quote
Segment Revenues
Distribution: Revenues from the segment increased 5.8% to $876.7 million from $828.5 million in the prior-year quarter. The improvement was driven by an increase in rates.
Pipeline and Storage: Revenues from the segment increased 7.8% to $159.7 million from $148.2 million in the year-ago quarter.
Quarterly Highlights
Purchased gas cost for the quarter was $288.3 million, down 2.9% from the year-ago period. Operation and maintenance expenses for the quarter were $138.6 million, down 8.9% from the year-ago period.
Operating income for the reported quarter was up 18.2% year over year to $298.8 million.
The company incurred interest expenses of $22 million, down 19.4% from the year-ago period.
Financial Highlights
As of Dec 31, 2020, Atmos Energy had cash and cash equivalents of $457.8 million compared with $20.8 million on Sep 30, 2020.
Long-term debt was $5.12 billion as of Dec 31, 2020, up from $4.53 billion on Sep 30, 2020.
The company’s cash flow from operating activities for fiscal first-quarter 2021 was $157.1 million, down from $172.4 million recorded in the year-ago period.
It invested $456.8 million in fiscal first-quarter 2021 to strengthen operations. The figure was down 13.7% from the year-ago period, primarily due to timing of spending in its distribution segment. Nearly 87% of the capital spending was associated with system safety and increased reliability of services.
Guidance
Atmos Energy reiterated its fiscal 2021 earnings guidance 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.
Zacks Rank
Atmos Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
MDU Resources Group Inc. (MDU - Free Report) is scheduled to release 2020 operating earnings on Feb 4. The Zacks Consensus Estimate for earnings for the current year is pegged at $1.90 per share.
UGI Corporation (UGI - Free Report) is scheduled to release fiscal first-quarter 2021 operating earnings on Feb 4. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.11 per share.
Plains All American Pipeline, L.P. (PAA - Free Report) is scheduled to release fourth-quarter 2020 operating earnings on Feb 9. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 32 cents per unit.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>