National Fuel Gas (NFG) Q3 Earnings Top Estimates, Sales Up Y/Y

National Fuel Gas Company NFG posted third-quarter fiscal 2022 adjusted operating earnings of $1.54 per share, surpassing the Zacks Consensus Estimate of $1.47 by 4.8%. The bottom line improved by 65.6% from the year-ago figure of 93 cents per share.

GAAP earnings for the reported quarter were $1.17 per share, up 48% from the year-ago figure of 94 cents.

Total Revenues

Total revenues of $502.6 million missed the Zacks Consensus Estimate of $563 million by 10.7%.

The top line improved by 27.4% from the prior-year figure of $394.4 million. The year-over-year rise was primarily due to higher contributions from National Fuel Gas’ utility and energy marketing, exploration and production and pipeline and storage segments.

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 for the reported quarter increased 37% from the year-ago level to $334.7 million due to an increase in operating and maintenance expenses.

The operating income for the reported quarter was up 20.4% year over year to $180.7 million.

NFG incurred interest expenses of $30.1 million, down 0.3% from the year-ago figure of $30.2 million.

Financial Highlights

As of June 30, 2022, National Fuel Gas had cash and temporary cash investments of $432.6 million compared with $79.1 million as of Dec 31, 2021.

The long-term debt (excluding current maturities) was $2,082.5 million as of June 30, 2022 compared with the Sep 30, 2021 level of $2,628.7 million.

The company’s net cash provided by operating activities for the six months ended June 30 was $425.6 million, up from the $417.1 million recorded in the year-ago period.

The total capital expenditure for the first nine months ended June 30 was $654 million compared with $671.8 million in the year-ago period.

Guidance

National Fuel Gas revised its fiscal 2022 earnings guidance to the range of $5.85-$5.95 per share from the prior expectation of the $5.70-$6.00 band. The midpoint of the new guidance is $5.90, higher than the Zacks Consensus Estimate for the metric of $5.79 per share.

National Fuel Gas initiated its fiscal 2023 earnings guidance in the range of $7.25-$7.75 per share, up 27% from the fiscal 2022 midpoint.

National Fuel Gas updated its fiscal 2022 Capex guidance to the range of $775-$840 million from the prior expectation of the $725-$870 million range. NFG also expects consolidated capital expenditures in fiscal 2023 in the range of $830 million-$940 million.

National Fuel Gas updated its fiscal 2022 production guidance to the range of 350-355 billion cubic feet equivalent (Bcfe) from the prior expectation in the range of 340-360 Bcfe. NFG also expects fiscal 2023 production guidance to the range of 370-390 Bcfe.

Zacks Rank

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

Upcoming Releases

Dominion Energy D is scheduled to announce second-quarter 2022 results on Aug 8 before market open. The Zacks Consensus Estimate for earnings is pegged at 77 cents per share. Dominion Energy’s long-term earnings growth is projected at 6.4%.

Hawaiian Electric Industries HE is scheduled to announce second-quarter 2022 results on Aug 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 52 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%.

Southwest Gas Holdings SWX is set to release second-quarter 2022 results on Aug 9 after market close. The Zacks Consensus Estimate for earnings per share is pegged at 53 cents. Southwest Gas’ long-term earnings growth is projected at 5%.

Free: Top Stocks for the $30 Trillion Metaverse Boom

The metaverse is a quantum leap for the internet as we currently know it – and it will make some investors rich. Just like the internet, the metaverse is expected to transform how we live, work and play. Zacks has put together a new special report to help readers like you target big profits. The Metaverse – What is it? And How to Profit with These 5 Pioneering Stocks reveals specific stocks set to skyrocket as this emerging technology develops and expands.

Download Zacks’ Metaverse Report now >>

Click to get this free report

Hawaiian Electric Industries, Inc. (HE): Free Stock Analysis Report

Dominion Energy Inc. (D): Free Stock Analysis Report

Southwest Gas Corporation (SWX): Free Stock Analysis Report

National Fuel Gas Company (NFG): Free Stock Analysis Report

To read this article on Zacks.com click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker