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Yahoo Finance Plus National Fuel Gas (NFG) Q2 Earnings Disappoint, Sales Rise Y/Y
National Fuel Gas Company NFG reported fiscal second-quarter 2023 adjusted operating earnings of $1.54 per share, which missed the Zacks Consensus Estimate of $1.55 by 0.6%. The bottom line also declined 8.3% from the year-ago figure of $1.68.
GAAP earnings for the quarter were $1.53 per share, down 16% from the year-ago level of $1.82.
Total Revenues
Sales of $717.3 million beat the Zacks Consensus Estimate of $686 million by 4.5%.
The top line also improved 2.2% from the prior-year figure of $701.7 million. The year-over-year rise was primarily due to higher contributions from NFG’s Utility segment.
National Fuel Gas Company Price, Consensus and EPS Surprise
National Fuel Gas Company price-consensus-eps-surprise-chart | National Fuel Gas Company Quote
Highlights of the Release
Total operating expenses increased 8.9% to $495.9 million year over year. This was primarily due to price hikes in purchased gas expenses.
Operating income was down 10.1% year over year to $221.4 million.
Interest expenses totaled $27.6 million, down 8.3% from the year-ago figure of $30.1 million.
Financial Highlights
As of Mar 31, 2023, National Fuel Gas had cash and temporary cash investments of $71.5 million compared with $46.1 million as of Sep 30, 2022.
Long-term debt (excluding current maturities) was $2,085.2 million as of Mar 31, 2023, compared with $2,083.4 million as of Sep 30, 2022.
Net cash provided by operating activities in the first six months of fiscal 2023 was $711.2 million compared with $425.6 million in the year-ago period.
Total capital expenditures in the first six months of fiscal 2023 totaled $496.4 million compared with $415.4 million in the corresponding period of 2022.
Total capital expenditures in the same time frame totaled $496.4 million compared with $415.4 million in the corresponding period of 2022.
Guidance
National Fuel Gas revised its fiscal 2023 earnings guidance to the range of $5.10-$5.40 per share from $5.35-$5.75 per share. The Zacks Consensus Estimate for the same is pegged at $5.11 per share.
NFG expects capital expenditures in the $830-$940 million range for fiscal 2023. It continues to expect production volume in the band of 370-390 billion cubic feet equivalent (Bcfe) for the same year.
Zacks Rank
National Fuel Gas currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
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ATO’s long-term (three to five years) earnings growth rate is currently pinned at 7.48%. The consensus estimate for 2023 earnings per share (EPS) stands at $6, indicating a year-over-year increase of 7.14%.
Spire Inc. SR reported second-quarter fiscal 2023 earnings of $3.70 per share, which beat the Zacks Consensus Estimate of $3.49 by 6%.
SR’s long-term earnings growth rate is currently pinned at 4.22%. The consensus estimate for 2023 EPS stands at $4.22, implying a year-over-year improvement of 9.33%.
ONE Gas, Inc. OGS reported first-quarter 2023 operating EPS of $1.84, which missed the Zacks Consensus Estimate of $1.85 by 0.54%.
OGS’ long-term earnings growth rate is currently pinned at 5%. The consensus mark for 2023 EPS stands at $4.14, indicating growth of 1.47% year over year.
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