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National Fuel Gas (NFG) Beats on Q3 Earnings, Cuts EPS View

Zacks Equity Research
·3 min read

National Fuel Gas Company NFG posted third-quarter fiscal 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 48 cents by 18.8%. However, earnings declined 19.7% from the year-ago figure of 71 cents per share.

Total Revenues

Total revenues of $323 million missed the Zacks Consensus Estimate of $376 million by 14.1%. The top line also dropped 9.6% from the prior-year figure of $357.2 million.

Highlights of the Release

Total operating costs for the reported quarter decreased 0.7% from the year-ago level to $242.6 million, owing to lower purchased gas expenses.

It incurred interest expenses of $27.1 million, up 7.1% from the year-ago figure.

National Fuel Gas Company Price, Consensus and EPS Surprise

National Fuel Gas Company Price, Consensus and EPS Surprise
National Fuel Gas Company Price, Consensus and EPS Surprise

National Fuel Gas Company price-consensus-eps-surprise-chart | National Fuel Gas Company Quote

Financial Highlights

As of Jun 30, 2020, National Fuel Gas had cash and temporary cash investments of $555.3 million compared with $20.4 million on Sep 30, 2019.

Long-term debt (excluding current maturities) was $2,628.8 million as of Jun 30, 2020 compared with the Sep 30, 2019 level of $2,133.7 million.

The company’s cash flow from operating activities for the first nine months of fiscal 2020 was $623.9 million, up from $570.6 million recorded in the comparable year-ago period.

Total capital expenditure for the first nine months of fiscal 2020 was $551 million, down from $587.4 million in the comparable year-ago period.

Guidance

National Fuel Gas downwardly revised its fiscal 2020 earnings guidance to the range of $2.75-$2.85 from the prior expectation of $2.75-$2.95. The mid-point of the new guidance is higher than the Zacks Consensus Estimate of $2.78. The company expects fiscal 2021 earnings per share in the range of $3.40-$3.70.

National Fuel Gas reiterated its fiscal 2020 capital expenditure guidance in the range of $680-$740 million. Capital expenditure for fiscal 2021 is expected in the range of $660-$770 million.

The company lowered fiscal 2020 net production expectation to the range of 240-245 billions of cubic feet equivalent (Bcfe). Fiscal 2021 production is expected in the range of 305-335 Bcfe.

Zacks Rank

Currently, National Fuel Gas has a Zacks Rank #4 (Sell).
 
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Atmos Energy Corporation ATO posted third-quarter fiscal 2020 earnings of 79 cents per share, which surpassed the Zacks Consensus Estimate of 76 cents by 3.9%.

Plains All American Pipeline PAA posted second-quarter 2020 operating earnings of 25 cents per unit, which lagged the Zacks Consensus Estimate by 10.7%.

ONEOK Inc. OKE posted second-quarter 2020 operating earnings of 32 cents per share, which missed the Zacks Consensus Estimate of 50 cents by 36%.

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Plains All American Pipeline, L.P. (PAA) : Free Stock Analysis Report
 
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National Fuel Gas Company (NFG) : Free Stock Analysis Report
 
Atmos Energy Corporation (ATO) : Free Stock Analysis Report
 
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Zacks Investment Research