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National Fuel Gas (NFG) Q3 Earnings Beat Estimates, View Up
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National Fuel Gas Company (NFG - Free Report) posted third-quarter fiscal 2021 adjusted operating earnings of 93 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 8.1%. Earnings also improved 63.2% from the year-ago figure of 57 cents per share.
GAAP earnings for the reported quarter were 94 cents per share compared with 47 cents in the year-ago period.
Total Revenues
Total revenues of $394.3 million missed the Zacks Consensus Estimate of $483 million by 18.3%. The top line, however, improved 21.9% from the prior-year figure of $323.1 million. The year-over-year rise was primarily due to higher contribution from the company’s exploration and production, pipeline and storage, and gathering segments.
National Fuel Gas Company Price, Consensus and EPS Surprise
Total operating expenses for the reported quarter increased 0.7% from the year-ago level to $244.3 million.
The Exploration and Production segment’s net production of 83.1 billion cubic feet equivalent (Bcfe) reflected an increase of 27.1 Bcfe or 48% from the prior year.
For the reported quarter, average realized price of natural gas was $2.2 per thousand cubic feet, up 28 cents from the previous year. Average realized price of oil was $59.22 per barrel, up $8.52 from the prior-year level.
The company incurred interest expenses of $30.2 million, up 11.4% from the year-ago figure.
Financial Highlights
As of Jun 30, 2021, National Fuel Gas had cash and temporary cash investments of $118 million compared with $20.5 million on Sep 30, 2020.
Long-term debt (excluding current maturities) was $2,627.8 million as of Jun 30, 2021 compared with the Sep 30, 2020 level of $2,629.6 million.
The company’s net cash provided by operating activities in the first nine months of fiscal 2021 was $671.8 million, up from $623.9 million recorded in the year-ago period.
Total capital expenditure for the first nine months of fiscal 2021 was $512.8 million, down from $551 million in the year-ago period.
Guidance
National Fuel Gas revised its fiscal 2021 earnings guidance to the range of $4.05-$4.15 from the prior expectation of $3.85-$4.05. The mid-point of the new guidance is $4.1, higher than the Zacks Consensus Estimate for the metric of $3.95. The company initiated its fiscal 2022 earnings per share guidance in the range of $4.40-$4.80.
The company revised its fiscal 2021 capex guidance to the $745-$835 million range. National Fuel Gas initiated its fiscal 2022 capex guidance in the range of $640-$760 million.
It upwardly raised fiscal 2021 production view to the 320-330 Bcfe band from the previous projection of 311-330 Bcfe.
Atmos Energy Corporation (ATO - Free Report) posted third-quarter fiscal 2021 earnings of 78 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents by 5.4%.
ONE Gas Inc. (OGS - Free Report) reported second-quarter 2021 earnings of 56 cents per share, beating the Zacks Consensus Estimate of 49 cents by 14.3%.
MDU Resources Group Inc. (MDU - Free Report) reported second-quarter 2021 operating earnings of 50 cents per share, which missed the Zacks Consensus Estimate of 53 cents by 5.7%.
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National Fuel Gas (NFG) Q3 Earnings Beat Estimates, View Up
National Fuel Gas Company (NFG - Free Report) posted third-quarter fiscal 2021 adjusted operating earnings of 93 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 8.1%. Earnings also improved 63.2% from the year-ago figure of 57 cents per share.
GAAP earnings for the reported quarter were 94 cents per share compared with 47 cents in the year-ago period.
Total Revenues
Total revenues of $394.3 million missed the Zacks Consensus Estimate of $483 million by 18.3%. The top line, however, improved 21.9% from the prior-year figure of $323.1 million. The year-over-year rise was primarily due to higher contribution from the company’s exploration and production, pipeline and storage, and gathering segments.
National Fuel Gas Company Price, Consensus and EPS Surprise
National Fuel Gas Company price-consensus-eps-surprise-chart | National Fuel Gas Company Quote
Highlights of the Release
Total operating expenses for the reported quarter increased 0.7% from the year-ago level to $244.3 million.
The Exploration and Production segment’s net production of 83.1 billion cubic feet equivalent (Bcfe) reflected an increase of 27.1 Bcfe or 48% from the prior year.
For the reported quarter, average realized price of natural gas was $2.2 per thousand cubic feet, up 28 cents from the previous year. Average realized price of oil was $59.22 per barrel, up $8.52 from the prior-year level.
The company incurred interest expenses of $30.2 million, up 11.4% from the year-ago figure.
Financial Highlights
As of Jun 30, 2021, National Fuel Gas had cash and temporary cash investments of $118 million compared with $20.5 million on Sep 30, 2020.
Long-term debt (excluding current maturities) was $2,627.8 million as of Jun 30, 2021 compared with the Sep 30, 2020 level of $2,629.6 million.
The company’s net cash provided by operating activities in the first nine months of fiscal 2021 was $671.8 million, up from $623.9 million recorded in the year-ago period.
Total capital expenditure for the first nine months of fiscal 2021 was $512.8 million, down from $551 million in the year-ago period.
Guidance
National Fuel Gas revised its fiscal 2021 earnings guidance to the range of $4.05-$4.15 from the prior expectation of $3.85-$4.05. The mid-point of the new guidance is $4.1, higher than the Zacks Consensus Estimate for the metric of $3.95. The company initiated its fiscal 2022 earnings per share guidance in the range of $4.40-$4.80.
The company revised its fiscal 2021 capex guidance to the $745-$835 million range. National Fuel Gas initiated its fiscal 2022 capex guidance in the range of $640-$760 million.
It upwardly raised fiscal 2021 production view to the 320-330 Bcfe band from the previous projection of 311-330 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 - Free Report) posted third-quarter fiscal 2021 earnings of 78 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents by 5.4%.
ONE Gas Inc. (OGS - Free Report) reported second-quarter 2021 earnings of 56 cents per share, beating the Zacks Consensus Estimate of 49 cents by 14.3%.
MDU Resources Group Inc. (MDU - Free Report) reported second-quarter 2021 operating earnings of 50 cents per share, which missed the Zacks Consensus Estimate of 53 cents by 5.7%.