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ONE Gas' (OGS) Q4 Earnings Match Estimates, Revenues Beat
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ONE Gas Inc. (OGS - Free Report) reported fourth-quarter 2021 earnings of $1.12 per share, on par with the Zacks Consensus Estimate.
The bottom line improved 2.8% from the year-ago earnings, primarily due to contribution from new rates in Oklahoma and Texas, demand from expanding residential customer base and a fall in bad debt expenses.
Adjusted earnings of ONE Gas in 2021 were $3.85 per share, meeting the Zacks Consensus Estimate. Annual earnings per share increased 4.6% year over year. Earnings per share came within the guidance of $3.80-$3.90.
Total Revenues
ONE Gas recorded revenues of $593.7 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $507 million by 17.2%. The top line also improved 22.6% from the year-ago level.
Total revenues in 2021 were $1.8 billion, increasing 17.6% year over year and surpassing the Zacks Consensus Estimate of $1.71 billion by 5.3%.
Total natural gas volumes delivered in 2021 were 387.8 billion cubic feet (Bcf), up 0.7% from 2020 due to improving transportation sales volume and Commercial and industrial sales volume.
Total operating expenses in the reported quarter increased 4.2% from the year-ago figure to $198.9 million.
Operating income in the reported quarter increased 2.4% year over year to $87 million.
It incurred net interest expenses of $14.4 million, down 5.4%.
In 2021, ONE Gas’ customer base rose 0.9% from 2020, primarily due to additions to the residential customer group.
Financial Highlights
As of Dec 31, 2021, ONE Gas had cash and cash equivalents of $8.8 million compared with $8 million as of Dec 31, 2020.
Long-term debt (excluding current maturities) was $3,683.4 million as of Dec 31, 2021, compared with $1,582.2 million as of Dec 31, 2020.
Cash provided by (used in) operating activities during 2021 was ($1,535.6) million versus $364.5 million in 2020.
Guidance
ONE Gas expects 2022 net income in the range of $215-$227 million and earnings per share in the band of $3.96-$4.20. The midpoint of earnings guidance is $4.08, on par with the Zacks Consensus Estimate.
Capital expenditure is expected to be $650 million for 2022, with more than 65% of the planned expenditure for improving system integrity and expansion of services in new regions.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #3 (Hold).
Atmos Energy Corporation (ATO - Free Report) posted first-quarter fiscal 2022 earnings per share of $1.86, in line with the Zacks Consensus Estimate.
Atmos Energy’ long-term (three to five years) earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings implies year-over-year growth of 7.8%.
MDU Resources (MDU - Free Report) fourth-quarter 2021 operating earnings per share of 42 cents missed the Zacks Consensus Estimate of 55 cents by 23.6%.
MDU Resources’ long-term earnings growth is currently pegged at 6.70%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 11.7%.
NewJersey Resources (NJR - Free Report) posted first-quarter fiscal 2022 earnings per share of 69 cents, beating the Zacks Consensus Estimate of 59 cents by 16.9%.
NewJersey Resources’ long-term earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for NJR’s fiscal 2022 earnings implies year-over-year growth of 5.1%.
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ONE Gas' (OGS) Q4 Earnings Match Estimates, Revenues Beat
ONE Gas Inc. (OGS - Free Report) reported fourth-quarter 2021 earnings of $1.12 per share, on par with the Zacks Consensus Estimate.
The bottom line improved 2.8% from the year-ago earnings, primarily due to contribution from new rates in Oklahoma and Texas, demand from expanding residential customer base and a fall in bad debt expenses.
Adjusted earnings of ONE Gas in 2021 were $3.85 per share, meeting the Zacks Consensus Estimate. Annual earnings per share increased 4.6% year over year. Earnings per share came within the guidance of $3.80-$3.90.
Total Revenues
ONE Gas recorded revenues of $593.7 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $507 million by 17.2%. The top line also improved 22.6% from the year-ago level.
Total revenues in 2021 were $1.8 billion, increasing 17.6% year over year and surpassing the Zacks Consensus Estimate of $1.71 billion by 5.3%.
ONE Gas, Inc. Price, Consensus and EPS Surprise
ONE Gas, Inc. price-consensus-eps-surprise-chart | ONE Gas, Inc. Quote
Highlights of the Release
Total natural gas volumes delivered in 2021 were 387.8 billion cubic feet (Bcf), up 0.7% from 2020 due to improving transportation sales volume and Commercial and industrial sales volume.
Total operating expenses in the reported quarter increased 4.2% from the year-ago figure to $198.9 million.
Operating income in the reported quarter increased 2.4% year over year to $87 million.
It incurred net interest expenses of $14.4 million, down 5.4%.
In 2021, ONE Gas’ customer base rose 0.9% from 2020, primarily due to additions to the residential customer group.
Financial Highlights
As of Dec 31, 2021, ONE Gas had cash and cash equivalents of $8.8 million compared with $8 million as of Dec 31, 2020.
Long-term debt (excluding current maturities) was $3,683.4 million as of Dec 31, 2021, compared with $1,582.2 million as of Dec 31, 2020.
Cash provided by (used in) operating activities during 2021 was ($1,535.6) million versus $364.5 million in 2020.
Guidance
ONE Gas expects 2022 net income in the range of $215-$227 million and earnings per share in the band of $3.96-$4.20. The midpoint of earnings guidance is $4.08, on par with the Zacks Consensus Estimate.
Capital expenditure is expected to be $650 million for 2022, with more than 65% of the planned expenditure for improving system integrity and expansion of services in new regions.
Zacks Rank
Currently, ONE Gas carries 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 first-quarter fiscal 2022 earnings per share of $1.86, in line with the Zacks Consensus Estimate.
Atmos Energy’ long-term (three to five years) earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings implies year-over-year growth of 7.8%.
MDU Resources (MDU - Free Report) fourth-quarter 2021 operating earnings per share of 42 cents missed the Zacks Consensus Estimate of 55 cents by 23.6%.
MDU Resources’ long-term earnings growth is currently pegged at 6.70%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 11.7%.
NewJersey Resources (NJR - Free Report) posted first-quarter fiscal 2022 earnings per share of 69 cents, beating the Zacks Consensus Estimate of 59 cents by 16.9%.
NewJersey Resources’ long-term earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for NJR’s fiscal 2022 earnings implies year-over-year growth of 5.1%.