Atmos Energy's profit climbs on higher prices
Nov 8 (Reuters) - Natural gas distributor Atmos Energy reported a rise in fourth-quarter profit on Wednesday, helped by higher prices and customer growth in its distribution unit, and forecast higher earnings in 2024.
The company's shares rose 1.2% in extended trade.
Atmos delivers natural gas to more than 3 million distribution customers in over 1,400 communities across nine states located primarily in the south of U.S.
For fiscal 2024, the company expects per-share profit between $6.45 and $6.65 and capital expenditure of $2.9 billion. It earned $6.10 per share in fiscal 2023.
The company said its consolidated operating income rose to $154.1 million for the reported quarter compared with $105.4 million a year earlier, due to favorable outcomes in rate cases, a formal process used to determine the amounts to be charged to customers for electricity, natural gas, private water and steam services provided by regulated utilities.
The Dallas-based company posted a net income of $118.5 million, or 80 cents per share, for the quarter, compared with $71.6 million, or 51 cents per share, a year earlier.
The company also raised its fiscal 2024 dividend by 8.8% to $3.22 per share.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra Eluri)
