National Fuel Gas Company ( NFG Quick Quote NFG - Free Report) posted first-quarter fiscal 2021 operating earnings of $1.06 per share, which beat the Zacks Consensus Estimate of $1.03 by 2.9%. Earnings also improved 4.9% from the year-ago figure of $1.01 per share. GAAP earnings for the reported quarter were 85 cents per share compared with $1.00 in the year-ago period. The difference between GAAP and operating earnings for the reported quarter was due to a gain of 40 cents on the sale of timber properties, 60-cent impact of impairment of oil and gas properties, as well as loss on other investments. Total Revenues
Total revenues of $441.2 million missed the Zacks Consensus Estimate of $588 million by 24.9%. The top line also dropped 0.7% from the prior-year figure of $444.2 million. The year-over-year decline was primarily due to lower contribution from its Utility and Energy Marketing business.
Highlights of the Release
Total operating expenses for the reported quarter increased 17.7% from the year-ago level to $348.7 million.
The Exploration and Production segment’s net production of 79.5 billions of cubic feet equivalent (Bcfe) reflected an increase of 21.1 Bcfe or 36% from the prior year, primarily due to the acquisition of Appalachian assets. For the reported quarter, average realized price of natural gas was $2.14 per thousand cubic feet, down 18 cents from the previous year. Average realized price of oil was $49.91 per barrel, down by $13.01 from the last year. It incurred interest expenses of $32.3 million, up 27.2% from the year-ago figure. Financial Highlights
As of Dec 31, 2020, National Fuel Gas had cash and cash equivalents of $109.4 million compared with $20.5 million on Sep 30, 2019.
Long-term debt (excluding current maturities) was $2,130.5 million as of Dec 31, 2020 compared with the Sep 30, 2019 level of $2,629.6 million. The company’s cash flow from operating activities for first-quarter fiscal 2021 was $204.8 million, up from $167.8 million recorded in the year-ago period. Total capital expenditure for first-quarter fiscal 2021 was $183.3 million, down from $198.5 million in the year-ago period. Guidance
National Fuel Gas revised its fiscal 2021 earnings guidance to the range of $3.65-$3.95 from the prior expectation of $3.55-$3.85. The mid-point of the new guidance is $3.80, which is higher than the Zacks Consensus Estimate of $3.72.
National Fuel Gas reiterated its fiscal 2021 capital expenditure guidance in the range of $720-$830 million. National Fuel Gas revised its fiscal 2021 production to the range of 310-335 Bcfe from the prior expectation of 305-335 Bcfe. Zacks Rank
Currently, National Fuel Gas has a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Other Releases Atmos Energy Corporation ( ATO Quick Quote 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%. MDU Resources Group Inc. ( MDU Quick Quote MDU - Free Report) reported fourth-quarter 2020 operating earnings of 56 cents per share, which increased 19.1% from the year-ago level. UGI Corporation ( UGI Quick Quote UGI - Free Report) reported first-quarter fiscal 2020 adjusted earnings of $1.18 per share, beating the Zacks Consensus Estimate of $1.11 by 6.3%. Breakout Biotech Stocks with Triple-Digit Profit Potential
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