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ONE Gas (OGS) Q4 Earnings Beat Estimates, Revenues Miss
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ONE Gas (OGS - Free Report) reported fourth-quarter 2019 earnings of 96 cents per share, which surpassed the Zacks Consensus Estimate of 95 cents by 1.1%.
The figure also rose 14.3% from the year-ago level driven by new rates, and residential customer growth in Oklahoma and Texas.
Total Revenues
The company recorded total revenues of $453 million in the fourth quarter, which missed the Zacks Consensus Estimate of $468 million by 3.3%. Revenues also declined 2.6% from the year-ago level.
Total operating expenses in the reported quarter increased 9.2% from the year-ago figure to $179.92 million.
Operating income in the reported quarter increased 1.2% year over year to $81.9 million.
The company incurred interest expenses of $15.7 million, up 7.5% from the prior-year figure. The increase in expenses was due to refinancing of its senior notes.
Financial Highlights
As of Dec 31, 2019, ONE Gas had cash and cash equivalents of $17.9 million compared with $21.3 million in the corresponding period of 2018.
Long-term debt (excluding current maturities) was $1,286.1 million as of Dec 31, 2019, up from the comparable year-ago level of $1,285.5 million.
The company’s cash flow from operating activities in 2019 was $310.4 million compared with $467.7 million a year ago.
Guidance
ONE Gas has maintained its 2020 guidance, declared on Jan 21, 2020, for net income in the range of $186-$198 million. Its earnings per share guidance is projected in the range of $3.44-$3.68. The midpoint of management’s 2020 EPS guidance is $3.56, lower than the current Zacks Consensus Estimate of $3.62 for the period.
The company’s capital expenditures guidance, including asset removal costs, is estimated to be $475 million for 2020. Out of this, 70% will be directed toward system integrity and replacement projects.
National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2020 operating earnings of $1.01 per share, beating the Zacks Consensus Estimate of 95 cents by 6.3%.
Atmos Energy Corporation (ATO - Free Report) posted first-quarter fiscal 2020 earnings of $1.47 per share, which lagged the Zacks Consensus Estimate of $1.49 by 1.3%.
Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2019 adjusted earnings of 63 cents per unit, beating the Zacks Consensus Estimate of 49 cents by 28.6%.
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ONE Gas (OGS) Q4 Earnings Beat Estimates, Revenues Miss
ONE Gas (OGS - Free Report) reported fourth-quarter 2019 earnings of 96 cents per share, which surpassed the Zacks Consensus Estimate of 95 cents by 1.1%.
The figure also rose 14.3% from the year-ago level driven by new rates, and residential customer growth in Oklahoma and Texas.
Total Revenues
The company recorded total revenues of $453 million in the fourth quarter, which missed the Zacks Consensus Estimate of $468 million by 3.3%. Revenues also declined 2.6% 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
Quarterly Highlights
Total operating expenses in the reported quarter increased 9.2% from the year-ago figure to $179.92 million.
Operating income in the reported quarter increased 1.2% year over year to $81.9 million.
The company incurred interest expenses of $15.7 million, up 7.5% from the prior-year figure. The increase in expenses was due to refinancing of its senior notes.
Financial Highlights
As of Dec 31, 2019, ONE Gas had cash and cash equivalents of $17.9 million compared with $21.3 million in the corresponding period of 2018.
Long-term debt (excluding current maturities) was $1,286.1 million as of Dec 31, 2019, up from the comparable year-ago level of $1,285.5 million.
The company’s cash flow from operating activities in 2019 was $310.4 million compared with $467.7 million a year ago.
Guidance
ONE Gas has maintained its 2020 guidance, declared on Jan 21, 2020, for net income in the range of $186-$198 million. Its earnings per share guidance is projected in the range of $3.44-$3.68. The midpoint of management’s 2020 EPS guidance is $3.56, lower than the current Zacks Consensus Estimate of $3.62 for the period.
The company’s capital expenditures guidance, including asset removal costs, is estimated to be $475 million for 2020. Out of this, 70% will be directed toward system integrity and replacement projects.
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
National Fuel Gas Company (NFG - Free Report) posted first-quarter fiscal 2020 operating earnings of $1.01 per share, beating the Zacks Consensus Estimate of 95 cents by 6.3%.
Atmos Energy Corporation (ATO - Free Report) posted first-quarter fiscal 2020 earnings of $1.47 per share, which lagged the Zacks Consensus Estimate of $1.49 by 1.3%.
Plains All American Pipeline, L.P. (PAA - Free Report) reported fourth-quarter 2019 adjusted earnings of 63 cents per unit, beating the Zacks Consensus Estimate of 49 cents by 28.6%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>