ONE Gas, Inc. ( OGS Quick Quote OGS - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of $1.84, which missed the Zacks Consensus Estimate of $1.85 by 0.54%. The bottom line, however, increased 0.55% from the year-ago quarter’s figure of $1.83. Total Revenues
ONE Gas recorded revenues of $1,032.1 million, which surpassed the Zacks Consensus Estimate of $837 million by 23.3%. The top line also increased 6.2% from $971.5 million in the prior-year period.
Highlights of the Release
Total natural gas volumes delivered in the reported quarter were 138.8 billion cubic feet, down 6.3% from the year-ago level. ONE Gas served 2,280,000 customers during the same time frame, up 0.7% from the prior-year quarter’s number.
Total operating expenses were $217.1 million, up 13.8% from that recorded in the comparable period of 2022. Operating income increased 6% year over year to $149.2 million. ONE Gas incurred net interest expenses of $30.1 million, up 93.1% from the year-ago level. Financial Highlights
As of Mar 31, 2023, OGS had cash and cash equivalents of $7.8 million compared with $9.7 million as of Dec 31, 2022.
Long-term debt (excluding current maturities) was $1,875.6 million as of Mar 31, 2023, compared with $2,661.7 million as of Dec 31, 2022. In first-quarter 2023, cash provided by operating activities was $469.1 million compared with $107.6 million in the year-ago quarter. 2023 Guidance
ONE Gas has reaffirmed its net income guidance in the range of $224-$238 million. The company’s EPS expectations lie in the band of $4.02-$4.26 per share. The Zacks Consensus Estimate for earnings is pegged at $4.13 per share, a cent lower than the mid-point of the company’s guided range.
OGS expects capital expenditures, including asset removal costs, to be approximately $675 million. Zacks Rank
Currently, ONE Gas carries a Zacks Rank #3 (Hold). You can see
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