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National Fuel Gas (NFG) Q2 Earnings Meet Estimates, Sales Rise
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National Fuel Gas Company (NFG - Free Report) posted second-quarter fiscal 2022 adjusted operating earnings of $1.68 per share, on par with the Zacks Consensus Estimate. The bottom line improved by 25.4% from the year-ago figure of $1.34 per share.
GAAP earnings for the reported quarter were $1.82 per share, up 48% from the year-ago figure of $1.23. The difference between operating and GAAP earnings for the reported quarter was due to an impact of 16 cents from the reduction of other post-retirement regulatory liability, net of tax and 2 cents unrealized loss on other investments.
Total Revenues
Total revenues of $701.72 million surpassed the Zacks Consensus Estimate of $665 million by 5.6%.
The top line improved by 27.4% from the prior-year figure of $551.1 million. The year-over-year rise was primarily due to higher contributions from National Fuel Gas’ utility and energy marketing and exploration and production segments.
National Fuel Gas Company Price, Consensus and EPS Surprise
Total operating expenses for the reported quarter increased 35.1% from the year-ago level to $455.4 million due to an increase in operating and maintenance expenses.
The operating income for the reported quarter was up 15.1% year over year to $246.4 million.
NFG incurred interest expenses of $30.1 million, down 38.3% from the year-ago figure of $48.8 million.
Financial Highlights
As of Mar 31, 2022, National Fuel Gas had cash and temporary cash investments of $52.6 million compared with $79.1 million as of Dec 31, 2021.
The long-term debt (excluding current maturities) was $2,081.5 million as of Mar 31, 2022 compared with the Dec 31, 2021 level of $2,629.6 million.
The company’s net cash provided by operating activities for the six months ended Mar 31 was $425.6 million, up from the $417.1 million recorded in the year-ago period.
Total capital expenditure for the first six months ended Mar 31 was $415.4 million, up from $338.9 million in the year-ago period.
Guidance
National Fuel Gas increased its fiscal 2022 earnings guidance to the range of $5.70-$6.00 per share from the prior expectation of the $5.20-$5.50 band. The midpoint of the new guidance is $5.85, lower than the Zacks Consensus Estimate for the metric of $6.07 per share.
National Fuel Gas increased its fiscal 2022 capex guidance to the range of $725-$870 million from the prior expectation of the $665-$810 million range.
National Fuel Gas updated its fiscal 2022 production guidance to the range of 340-360 billion cubic feet equivalent (Bcfe) from the prior expectation in the range of 340-365 Bcfe.
Duke Energy (DUK - Free Report) is set to release first-quarter 2022 results on May 9 before market open. The Zacks Consensus Estimate for earnings per share (EPS) is pegged at $1.37.
Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.2%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce first-quarter 2022 results on May 9 after market close. The Zacks Consensus Estimate for earnings is pegged at 42 cents per share.
Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%. The Zacks Consensus Estimate for HE’s 2023 EPS suggests year-over-year growth of 6%.
Algonquin Power & Utilities (AQN - Free Report) is set to release first-quarter 2022 results on May 12 after market close. The Zacks Consensus Estimate for EPS is pegged at 23 cents.
Algonquin Power & Utilities’ long-term (three to five years) earnings growth is projected at 8.1%. The Zacks Consensus Estimate for AQN’s 2022 EPS indicates year-over-year growth of 5.6%.
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National Fuel Gas (NFG) Q2 Earnings Meet Estimates, Sales Rise
National Fuel Gas Company (NFG - Free Report) posted second-quarter fiscal 2022 adjusted operating earnings of $1.68 per share, on par with the Zacks Consensus Estimate. The bottom line improved by 25.4% from the year-ago figure of $1.34 per share.
GAAP earnings for the reported quarter were $1.82 per share, up 48% from the year-ago figure of $1.23. The difference between operating and GAAP earnings for the reported quarter was due to an impact of 16 cents from the reduction of other post-retirement regulatory liability, net of tax and 2 cents unrealized loss on other investments.
Total Revenues
Total revenues of $701.72 million surpassed the Zacks Consensus Estimate of $665 million by 5.6%.
The top line improved by 27.4% from the prior-year figure of $551.1 million. The year-over-year rise was primarily due to higher contributions from National Fuel Gas’ utility and energy marketing and exploration and production 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 35.1% from the year-ago level to $455.4 million due to an increase in operating and maintenance expenses.
The operating income for the reported quarter was up 15.1% year over year to $246.4 million.
NFG incurred interest expenses of $30.1 million, down 38.3% from the year-ago figure of $48.8 million.
Financial Highlights
As of Mar 31, 2022, National Fuel Gas had cash and temporary cash investments of $52.6 million compared with $79.1 million as of Dec 31, 2021.
The long-term debt (excluding current maturities) was $2,081.5 million as of Mar 31, 2022 compared with the Dec 31, 2021 level of $2,629.6 million.
The company’s net cash provided by operating activities for the six months ended Mar 31 was $425.6 million, up from the $417.1 million recorded in the year-ago period.
Total capital expenditure for the first six months ended Mar 31 was $415.4 million, up from $338.9 million in the year-ago period.
Guidance
National Fuel Gas increased its fiscal 2022 earnings guidance to the range of $5.70-$6.00 per share from the prior expectation of the $5.20-$5.50 band. The midpoint of the new guidance is $5.85, lower than the Zacks Consensus Estimate for the metric of $6.07 per share.
National Fuel Gas increased its fiscal 2022 capex guidance to the range of $725-$870 million from the prior expectation of the $665-$810 million range.
National Fuel Gas updated its fiscal 2022 production guidance to the range of 340-360 billion cubic feet equivalent (Bcfe) from the prior expectation in the range of 340-365 Bcfe.
Zacks Rank
National Fuel Gas currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Upcoming Releases
Duke Energy (DUK - Free Report) is set to release first-quarter 2022 results on May 9 before market open. The Zacks Consensus Estimate for earnings per share (EPS) is pegged at $1.37.
Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.2%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce first-quarter 2022 results on May 9 after market close. The Zacks Consensus Estimate for earnings is pegged at 42 cents per share.
Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%. The Zacks Consensus Estimate for HE’s 2023 EPS suggests year-over-year growth of 6%.
Algonquin Power & Utilities (AQN - Free Report) is set to release first-quarter 2022 results on May 12 after market close. The Zacks Consensus Estimate for EPS is pegged at 23 cents.
Algonquin Power & Utilities’ long-term (three to five years) earnings growth is projected at 8.1%. The Zacks Consensus Estimate for AQN’s 2022 EPS indicates year-over-year growth of 5.6%.