National Fuel Gas (NFG) Q4 Earnings & Sales Lag Estimates
National Fuel Gas Company NFG reported fiscal fourth-quarter 2023 adjusted operating earnings of 78 cents per share, which missed the Zacks Consensus Estimate of 83 cents by 6%. The bottom line declined 34.5% from the year-ago figure of $1.19.
GAAP earnings in the quarter were 80 cents per share, down 53.2% from the year-ago level of $1.71.
Total Revenues
Sales of $368.9 million lagged the Zacks Consensus Estimate of $446 million by 17.3%.
The top line decreased 15.2% from the prior-year figure of $435.1 million. The year-over-year fall was primarily due to lower realized natural gas prices, higher operating expenses and higher income tax expenses in the upstream business.
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 decreased 5.3% to $243.6 million year over year.
Operating income was down 29.5% year over year to $125.3 million.
Interest expenses totaled $28.4 million, down 6% from the year-ago figure of $30.2 million.
Financial Highlights
As of Sep 30, 2023, National Fuel Gas had cash and temporary cash investments of $55.4 million compared with $46.1 million as of Sep 30, 2022.
Long-term debt (excluding current maturities) was $2,384.5 million as of Sep 30, 2023, compared with $2,083.4 million as of Sep 30, 2022.
Net cash provided by operating activities for fiscal 2023 was $1,237.1 million compared with $812.5 million a year ago.
Total capital expenditures in fiscal 2023 totaled $1,009.9 million compared with $811.8 million in fiscal 2022.
Guidance
National Fuel Gas revised its fiscal 2024 earnings guidance to the range of $5.40-$5.90 per share from $5.50-$6.00. The Zacks Consensus Estimate for the same is pegged at $5.61 per share.
NFG expects capital expenditures in the range of $865-$975 million for fiscal 2024. It expects production volume in the band of 390-410 billion cubic feet equivalent for the same year.
Zacks Rank
National Fuel Gas currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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