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National Fuel Gas (NFG) Q1 Earnings & Revenues Top Estimates
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National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2023 adjusted operating earnings of $1.84 per share, beating the Zacks Consensus Estimate of $1.65 by 11.5%. The bottom line improved by 24.3% from the year-ago figure of $1.48 per share.
GAAP earnings for the reported quarter were $1.84 per share, up 28% from the year-ago figure of $1.44.
Total Revenues
Total revenues of $659 million beat the Zacks Consensus Estimate of $600 million by 9.8%.
The top line improved by 20.5% from the prior-year figure of $547 million. The year-over-year rise was primarily due to higher contributions from National Fuel Gas’ utility, exploration & production and pipeline & storage segments.
National Fuel Gas Company Price, Consensus and EPS Surprise
Total operating expenses for the reported quarter increased 20.1% from the year-ago level to $404.5 million due to price hikes in purchased gas expenses.
The operating income for the reported quarter was up 21.3% year over year to $254.4 million.
NFG incurred interest expenses of $29.6 million, down 1.7% from the year-ago figure of $30.1 million.
Financial Highlights
As of Dec 31, 2022, National Fuel Gas had cash and temporary cash investments of $244.1 million compared with $46.1 million as of Sep 30, 2022.
The long-term debt (excluding current maturities) was $2,084.4 million as of Dec 31, 2022 compared with the Sep 30, 2022 level of $2,083.4 million.
The company’s net cash provided by operating activities for first-quarter fiscal 2023 was $327.4 million, up 90.9% from $171.5 million recorded in the year-ago period.
Total capital expenditures for first-quarter fiscal 2023 were $233.5 million compared with $213.5 million in the year-ago period.
Guidance
National Fuel Gas lowered its fiscal 2023 earnings guidance to the range of $5.35-$5.75 per share from the earlier range of $6.40-$6.90 per share. The Zacks Consensus Estimate is pegged at $5.40 per share. The decline in earnings per share guidance takes into account the expectation of a lower natural gas price.
NFG reiterated its consolidated capital expenditures for fiscal 2023 in the range of $830-$940 million. NFG continues to expect fiscal 2023 production volume in the range of 370-390 billion cubic feet equivalent (Bcfe).
Zacks Rank
National Fuel Gas currently has a Zacks Rank #4 (Sell).
Dominion Energy (D - Free Report) is scheduled to announce fourth-quarter 2022 results on Feb 8. The Zacks Consensus Estimate for earnings is pegged at $1.03 per share.
Dominion’s long-term (three- to five-year) earnings growth is projected at 5.8%. The Zacks Consensus Estimate for 2022 earnings per share suggests year-over-year growth of 6.2%.
MDU Resources Group Inc. (MDU - Free Report) is scheduled to announce fourth-quarter 2022 results on Feb 9. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
MDU Resources’ long-term earnings growth is projected at 6%. The Zacks Consensus Estimate for 2023 earnings per share suggests year-over-year growth of 17.9%.
Edison International (EIX - Free Report) is scheduled to announce fourth-quarter 2022 results on Feb 23. The Zacks Consensus Estimate for earnings per share is pegged at $1.08.
Edison International’s long-term earnings growth is 3%. The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 4.3%.
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National Fuel Gas (NFG) Q1 Earnings & Revenues Top Estimates
National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2023 adjusted operating earnings of $1.84 per share, beating the Zacks Consensus Estimate of $1.65 by 11.5%. The bottom line improved by 24.3% from the year-ago figure of $1.48 per share.
GAAP earnings for the reported quarter were $1.84 per share, up 28% from the year-ago figure of $1.44.
Total Revenues
Total revenues of $659 million beat the Zacks Consensus Estimate of $600 million by 9.8%.
The top line improved by 20.5% from the prior-year figure of $547 million. The year-over-year rise was primarily due to higher contributions from National Fuel Gas’ utility, exploration & production and pipeline & storage 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 20.1% from the year-ago level to $404.5 million due to price hikes in purchased gas expenses.
The operating income for the reported quarter was up 21.3% year over year to $254.4 million.
NFG incurred interest expenses of $29.6 million, down 1.7% from the year-ago figure of $30.1 million.
Financial Highlights
As of Dec 31, 2022, National Fuel Gas had cash and temporary cash investments of $244.1 million compared with $46.1 million as of Sep 30, 2022.
The long-term debt (excluding current maturities) was $2,084.4 million as of Dec 31, 2022 compared with the Sep 30, 2022 level of $2,083.4 million.
The company’s net cash provided by operating activities for first-quarter fiscal 2023 was $327.4 million, up 90.9% from $171.5 million recorded in the year-ago period.
Total capital expenditures for first-quarter fiscal 2023 were $233.5 million compared with $213.5 million in the year-ago period.
Guidance
National Fuel Gas lowered its fiscal 2023 earnings guidance to the range of $5.35-$5.75 per share from the earlier range of $6.40-$6.90 per share. The Zacks Consensus Estimate is pegged at $5.40 per share. The decline in earnings per share guidance takes into account the expectation of a lower natural gas price.
NFG reiterated its consolidated capital expenditures for fiscal 2023 in the range of $830-$940 million. NFG continues to expect fiscal 2023 production volume in the range of 370-390 billion cubic feet equivalent (Bcfe).
Zacks Rank
National Fuel Gas currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Dominion Energy (D - Free Report) is scheduled to announce fourth-quarter 2022 results on Feb 8. The Zacks Consensus Estimate for earnings is pegged at $1.03 per share.
Dominion’s long-term (three- to five-year) earnings growth is projected at 5.8%. The Zacks Consensus Estimate for 2022 earnings per share suggests year-over-year growth of 6.2%.
MDU Resources Group Inc. (MDU - Free Report) is scheduled to announce fourth-quarter 2022 results on Feb 9. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
MDU Resources’ long-term earnings growth is projected at 6%. The Zacks Consensus Estimate for 2023 earnings per share suggests year-over-year growth of 17.9%.
Edison International (EIX - Free Report) is scheduled to announce fourth-quarter 2022 results on Feb 23. The Zacks Consensus Estimate for earnings per share is pegged at $1.08.
Edison International’s long-term earnings growth is 3%. The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 4.3%.