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ONE Gas (OGS) Q2 Earnings Miss Estimates, Revenues Beat
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ONE Gas Inc. (OGS - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 59 cents, which missed the Zacks Consensus Estimate of 62 cents by 4.8%.
However, the bottom line improved by 5.4% from the year-ago earnings of 56 cents per share, primarily due to contributions from the new rates and demand from an expanding residential customer base.
Total Revenues
ONE Gas recorded revenues of $428.9 million in the second quarter, which surpassed the Zacks Consensus Estimate of $348 million by 23.3%. The top line also improved by 35.9% from the year-ago level.
Total natural gas volumes delivered in the second quarter were 73.9 billion cubic feet, up 0.8% from the year-ago level due to an improving transportation sales volume and the commercial and industrial sales volumes.
Total operating expenses in the reported quarter increased 6.7% from the year-ago figure to $182.2 million.
The operating income in the reported quarter increased 14.7% year over year to $58.6 million.
ONE Gas incurred net interest expenses of $16.3 million, up 8.7%.
Financial Highlights
As of Jun 30, 2022, OGS had cash and cash equivalents of $7.4 million compared with $8.9 million as of Dec 31, 2021.
Long-term debt (excluding current maturities) was $2,283.9 million as of Jun 30, 2022 compared with $3,683.4 million as of Dec 31, 2021.
Cash provided by (used in) operating activities for the first six months of 2022 was $286.7 million compared with ($1,577.3) million in year-ago quarter.
Guidance
ONE Gas affirmed the 2022 net income in the range of $215-$227 million and EPS in the band of $3.96-$4.20. The midpoint of the earnings guidance is $4.08, higher than the Zacks Consensus Estimate of $4.05 per share.
Capital expenditure is expected at $650 million for 2022.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #4 (Sell).
Atmos Energy Corporation (ATO - Free Report) is slated to report third-quarter fiscal 2022 earnings on Aug 3 after market close. The Zacks Consensus Estimate for Atmos Energy’s fiscal third-quarter EPS is pegged at 86 cents.
Atmos Energy’s long-term earnings growth is currently pegged at 7.4%. The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 8.2%.
National Fuel Gas Company (NFG - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for National Fuel Gas Company’s second-quarter EPS is pegged at $1.47.
National Fuel Gas Company’s long-term earnings growth is currently pegged at 15.2%. The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 35%.
MDU Resources Group (MDU - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for MDU Resources Group’s second-quarter EPS is pegged at 49 cents.
MDU Resources Group’s long-term earnings growth is currently pegged at 6.9%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 9.6%.
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ONE Gas (OGS) Q2 Earnings Miss Estimates, Revenues Beat
ONE Gas Inc. (OGS - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 59 cents, which missed the Zacks Consensus Estimate of 62 cents by 4.8%.
However, the bottom line improved by 5.4% from the year-ago earnings of 56 cents per share, primarily due to contributions from the new rates and demand from an expanding residential customer base.
Total Revenues
ONE Gas recorded revenues of $428.9 million in the second quarter, which surpassed the Zacks Consensus Estimate of $348 million by 23.3%. The top line also improved by 35.9% from the year-ago level.
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 the second quarter were 73.9 billion cubic feet, up 0.8% from the year-ago level due to an improving transportation sales volume and the commercial and industrial sales volumes.
Total operating expenses in the reported quarter increased 6.7% from the year-ago figure to $182.2 million.
The operating income in the reported quarter increased 14.7% year over year to $58.6 million.
ONE Gas incurred net interest expenses of $16.3 million, up 8.7%.
Financial Highlights
As of Jun 30, 2022, OGS had cash and cash equivalents of $7.4 million compared with $8.9 million as of Dec 31, 2021.
Long-term debt (excluding current maturities) was $2,283.9 million as of Jun 30, 2022 compared with $3,683.4 million as of Dec 31, 2021.
Cash provided by (used in) operating activities for the first six months of 2022 was $286.7 million compared with ($1,577.3) million in year-ago quarter.
Guidance
ONE Gas affirmed the 2022 net income in the range of $215-$227 million and EPS in the band of $3.96-$4.20. The midpoint of the earnings guidance is $4.08, higher than the Zacks Consensus Estimate of $4.05 per share.
Capital expenditure is expected at $650 million for 2022.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Atmos Energy Corporation (ATO - Free Report) is slated to report third-quarter fiscal 2022 earnings on Aug 3 after market close. The Zacks Consensus Estimate for Atmos Energy’s fiscal third-quarter EPS is pegged at 86 cents.
Atmos Energy’s long-term earnings growth is currently pegged at 7.4%. The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 8.2%.
National Fuel Gas Company (NFG - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for National Fuel Gas Company’s second-quarter EPS is pegged at $1.47.
National Fuel Gas Company’s long-term earnings growth is currently pegged at 15.2%. The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 35%.
MDU Resources Group (MDU - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for MDU Resources Group’s second-quarter EPS is pegged at 49 cents.
MDU Resources Group’s long-term earnings growth is currently pegged at 6.9%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 9.6%.