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National Fuel Gas (NFG) Q1 Earnings & Revenues Top Estimates

National Fuel Gas Company NFG posted first-quarter fiscal 2023 adjusted operating earnings of $1.84 per share, beating the Zacks Consensus Estimate of $1.65 by 11.5%. The bottom line improved by 24.3% from the year-ago figure of $1.48 per share.

GAAP earnings for the reported quarter were $1.84 per share, up 28% from the year-ago figure of $1.44.

Total Revenues

Total revenues of $659 million beat the Zacks Consensus Estimate of $600 million by 9.8%.

The top line improved by 20.5% from the prior-year figure of $547 million. The year-over-year rise was primarily due to higher contributions from National Fuel Gas’ utility, exploration & production and pipeline & storage segments.

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

Highlights of the Release

Total operating expenses for the reported quarter increased 20.1% from the year-ago level to $404.5 million due to price hikes in purchased gas expenses.

The operating income for the reported quarter was up 21.3% year over year to $254.4 million.

NFG incurred interest expenses of $29.6 million, down 1.7% from the year-ago figure of $30.1 million.

Financial Highlights

As of Dec 31, 2022, National Fuel Gas had cash and temporary cash investments of $244.1 million compared with $46.1 million as of Sep 30, 2022.

The long-term debt (excluding current maturities) was $2,084.4 million as of Dec 31, 2022 compared with the Sep 30, 2022 level of $2,083.4 million.

The company’s net cash provided by operating activities for first-quarter fiscal 2023 was $327.4 million, up 90.9% from $171.5 million recorded in the year-ago period.

Total capital expenditures for first-quarter fiscal 2023 were $233.5 million compared with $213.5 million in the year-ago period.

Guidance

National Fuel Gas lowered its fiscal 2023 earnings guidance to the range of $5.35-$5.75 per share from the earlier range of $6.40-$6.90 per share. The Zacks Consensus Estimate is pegged at $5.40 per share. The decline in earnings per share guidance takes into account the expectation of a lower natural gas price.

NFG reiterated its consolidated capital expenditures for fiscal 2023 in the range of $830-$940 million. NFG continues to expect fiscal 2023 production volume in the range of 370-390 billion cubic feet equivalent (Bcfe).

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.

Upcoming Releases

Dominion Energy D is scheduled to announce fourth-quarter 2022 results on Feb 8. The Zacks Consensus Estimate for earnings is pegged at $1.03 per share.

Dominion’s long-term (three- to five-year) earnings growth is projected at 5.8%. The Zacks Consensus Estimate for 2022 earnings per share suggests year-over-year growth of 6.2%.

MDU Resources Group Inc. MDU is scheduled to announce fourth-quarter 2022 results on Feb 9. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.

MDU Resources’ long-term earnings growth is projected at 6%. The Zacks Consensus Estimate for 2023 earnings per share suggests year-over-year growth of 17.9%.

Edison International EIX is scheduled to announce fourth-quarter 2022 results on Feb 23. The Zacks Consensus Estimate for earnings per share is pegged at $1.08.

Edison International’s long-term earnings growth is 3%. The Zacks Consensus Estimate for 2023 earnings per share indicates a year-over-year decline of 4.3%.

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