Yahoo Finance ONE Gas (OGS) Q1 Earnings Miss Estimates, Revenues Down Y/Y
ONE Gas, Inc. OGS reported first-quarter 2024 operating earnings per share (EPS) of $1.75, which lagged the Zacks Consensus Estimate of $1.78 by 1.7%. The bottom line was also 4.9% lower than the year-ago quarter’s figure of $1.84.
The year-over-year decline in EPS was due to an increase in employee related expenses and lower sales volume owing to warmer-than-normal weather. These were marginally offset by higher revenues on the back of implementation of new rates.
Total Revenues
ONE Gas recorded revenues of $0.76 billion, which missed the Zacks Consensus Estimate of $1.01 billion by 25.4%. The top line also decreased 26.5% from $1.03 billion reported in the prior-year quarter.
ONE Gas, Inc. Price, Consensus and EPS Surprise
ONE Gas, Inc. price-consensus-eps-surprise-chart | ONE Gas, Inc. Quote
Highlights of the Release
Total natural gas volumes delivered were 133.9 billion cubic feet (bcf), down 3.5% on a year-over-year basis. OGS served 2,290,000 customers, up 0.4% year over year.
Total operating expenses were $229.5 million, up 5.7% year over year. The upside was caused by a rise in operations and maintenance (O&M), and depreciation and amortization expenses.
Operating income decreased 2.2% year over year to $145.9 million.
OGS incurred net interest expenses of $31.4 million, up 4.3% on a year-over-year basis.
Financial Highlights
As of Mar 31, OGS had cash and cash equivalents of $11.5 million compared with $18.8 million as of Dec 31, 2023.
Total long-term debt (excluding current maturities) was $2.14 billion as of Mar 31, compared with $2.16 billion as of Dec 31, 2023.
Cash provided by operating activities was $108.3 million compared with $469.1 million in the year-ago quarter.
Capital expenditures and asset removal costs were $179.4 million compared with $164.6 million in the year-earlier quarter.
2024 Guidance
Management reaffirmed its EPS projection in the range of $3.70-$4.00. The Zacks Consensus Estimate is pegged at $3.86, a tad higher than the mid-point of the company’s guided range of $3.85.
OGS continues to expect capital expenditures, including asset removal costs, of $750 million.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
UGI Corporation UGI reported fiscal second-quarter 2024 operating EPS of $1.97, which surpassed the Zacks Consensus Estimate of $1.65 by 19.4%. The bottom line also increased 17.3% from the year-ago quarter’s level of $1.68.
The Zacks Consensus Estimate for UGI’s fiscal 2024 EPS is pinned at $2.91, reflecting an increase of 1.74% in the past 60 days.
Spire Inc. SR reported second-quarter fiscal 2024 EPS of $3.45, which missed the Zacks Consensus Estimate of $3.86 by 10.6%. The company’s bottom line also declined 6.8% from $3.70 reported in the prior-year quarter.
The Zacks Consensus Estimate for SR’s fiscal 2024 EPS is pegged at $4.34, implying an improvement of 7.16% from the year-earlier levels.
MDU Resources Group Inc. MDU reported first-quarter 2024 operating EPS of 52 cents, which increased 20.9% from the year-ago quarter’s 43 cents.
The Zacks Consensus Estimate for MDU’s 2024 EPS is pegged at $1.55, reflecting a rise of 4% in the past 60 days.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
UGI Corporation (UGI) : Free Stock Analysis Report
MDU Resources Group, Inc. (MDU) : Free Stock Analysis Report
Spire Inc. (SR) : Free Stock Analysis Report
ONE Gas, Inc. (OGS) : Free Stock Analysis Report
