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National Fuel Gas (NFG) Q4 Earnings & Revenues Lag Estimates

Zacks Equity Research
·4-min read

National Fuel Gas Company NFG posted fourth-quarter fiscal 2022 adjusted operating earnings of $1.19 per share, lagging the Zacks Consensus Estimate of $1.26 by 5.6%. The bottom line improved 25.3% from the year-ago figure of 95 cents per share.

GAAP earnings for the reported quarter were $1.71 per share, up 80% from the year-ago figure of 95 cents.

Fiscal 2022 adjusted earnings per share were $5.88, up 37.1% year over year. The fiscal earnings of NFG were within the guided range of $5.85-$5.95 per share.

Total Revenues

Total revenues of $435 million missed the Zacks Consensus Estimate of $494 million by 11.9%.

The top line improved however 22.2% from the prior-year figure of $356 million. The year-over-year rise was primarily due to higher contributions from National Fuel Gas’ utility, energy marketing, exploration, production, pipeline and storage segments.

Fiscal 2022 revenues were $2,186.1 million, up 25.4% year over year.

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 15.1% from the year-ago level to $257.1 million due to price hikes in purchased gas and operating and maintenance expenses.

The operating income for the reported quarter was up 34.4% year over year to $177.8 million.

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

Financial Highlights

As of Sep 30, 2022, National Fuel Gas had cash and temporary cash investments of $46.1 million compared with $31.5 million as of Sep 30, 2021.

The long-term debt (excluding current maturities) was $2,083.4 million as of Sep 30, 2022 compared with the Sep 30, 2021 level of $2,628.7 million.

The company’s net cash provided by operating activities for fiscal 2022 was $812.5 million, up from $791.6 million recorded in the year-ago period.

Total capital expenditures for fiscal 2022 were $811.8 million compared with $751.7 million in the year-ago period.

Guidance

National Fuel Gas lowered its fiscal 2023 earnings guidance to the range of $6.40-$6.90 per share from the earlier range of $7.25-$7.75 per share. The Zacks Consensus Estimate is pegged at $7.44 per share.

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

Zacks Rank

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

Other Releases

Pinnacle West Capital Corporation PNW reported third-quarter 2022 operating earnings per share of $2.88, which surpassed the Zacks Consensus Estimate of $2.62 by 9.9%.

The Zacks Consensus Estimate for the fourth quarter is pegged at a loss of 23 cents per share, suggesting a decline of 195.8% from the year-ago quarter.

MDU Resources Group Inc. MDU reported third-quarter 2022 operating earnings per share of 75 cents, which surpassed the Zacks Consensus Estimate of 69 cents by 8.7%.

The Zacks Consensus Estimate for MDU’s fourth-quarter earnings is pegged at 51 cents per share, suggesting an increase of 21.4% from the year-ago quarter.

Evergy, Inc. EVRG reported third-quarter 2022 operating earnings of $2.01 per share, which surpassed the Zacks Consensus Estimate of $1.89 by 6.3%.

The Zacks Consensus Estimate for EVRG’s 2022 earnings is pegged at $3.59 per share, suggesting an increase of 1.4% from the year-ago quarter.


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