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Atmos Energy (ATO) Q2 Earnings and Revenues Beat Estimates

Zacks Equity Research
·3 min read

Atmos Energy Corporation ATO posted second-quarter fiscal 2021 earnings of $2.30 per share, which surpassed the Zacks Consensus Estimate of $2.05 by 12.2%.

The reported earnings also improved 17.9% from the prior-year figure. The year-over-year improvement in earnings was due to positive rate outcomes in both the segments and customer growth in its distribution segment.

Total Revenues

Total revenues of $1,319.1 million surpassed the Zacks Consensus Estimate of $1,129 million by 16.8%. The top line also increased 34.9% from the year-ago reported figure.

Atmos Energy Corporation Price, Consensus and EPS Surprise

Atmos Energy Corporation Price, Consensus and EPS Surprise
Atmos Energy Corporation Price, Consensus and EPS Surprise

Atmos Energy Corporation price-consensus-eps-surprise-chart | Atmos Energy Corporation Quote

Segment Revenues

Distribution: Revenues from the segment increased 37.5% to $1,282.7 million from $933 million in the prior-year quarter. The improvement was driven by an increase in rates and customer growth.

Pipeline and Storage: Revenues from the segment increased 5.5% to $154.2 million from $146.3 million in the year-ago quarter.

Quarterly Highlights

Purchased gas cost for the quarter was $573.8 million, up 80.5% from the year-ago period. Operation and maintenance expenses for the quarter were $156.4 million, up 5.8% from the year-ago period.

Operating income for the reported quarter was up 15.2% year over year to $381.9 million.

The company incurred interest expenses of $26.1 million, up 17.6% from the year-ago period.

Financial Highlights

As of Mar 31, 2021, Atmos Energy had cash and cash equivalents of $865.3 million compared with $20.8 million on Sep 30, 2020.

Long-term debt was $7.31 billion as of Mar 31, 2021, up from $4.53 billion on Sep 30, 2020.

The company’s cash flow (used in)/from operating activities for the first six months of fiscal 2021 was ($1,402.3) million against $633.8 million recorded in the comparable year-ago period.

It invested $845.7 million in the first six months of fiscal 2021 to strengthen operations. Nearly 87% of the capital spending was associated with system safety and increased reliability of services.

Guidance

Atmos Energy reiterated its fiscal 2021 earnings guidance in the range of $4.90-$5.10 per share. The Zacks Consensus Estimate for fiscal 2021 earnings is $5.05 per share. It expects capital expenditure in the range of $2-$2.2 billion for fiscal 2021.

Zacks Rank

Atmos Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

ONEOK Inc. OKE posted first-quarter 2021 operating earnings of 86 cents per share, surpassing the Zacks Consensus Estimate of 79 cents by 8.9%.

MDU Resources Group MDU posted first-quarter 2021 operating earnings of 26 cents per share, surpassing the Zacks Consensus Estimate of 20 cents by 30%.

Sempra Energy’s SRE first-quarter 2021 adjusted earnings per share came in at $2.95, surpassing the Zacks Consensus Estimate of $2.77 by 6.5%.

Zacks Top 10 Stocks for 2021

In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?

Last year’s 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.

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Sempra Energy (SRE) : Free Stock Analysis Report

MDU Resources Group, Inc. (MDU) : Free Stock Analysis Report

Atmos Energy Corporation (ATO) : Free Stock Analysis Report

To read this article on Zacks.com click here.

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