Atmos Energy Corporation
CEO : Mr. John Kevin Akers
Quarterly earnings growth(YoY,%)
| Period | Revenue | Operating Income | EPS | Release Date |
|---|---|---|---|---|
| 2023 Q1 | 42.2% YoY | -16.0% | -25.8% | 2023-02-08 |
Chris Forsythe says,
Key Performance Drivers
- Fiscal ’23 Q1 net income was $272 million or $1.91 per diluted share
- Consolidated operating income increased to $321 million or 16%
- Rate increases in both operating segments driven by increased safety and reliability spending totaled $79 million
- Consolidated O&M expense increased $26 million
- Consolidated capital spending increased 16% to $111 million to $796 million
Regulatory Filings
- $115 million in annualized regulatory outcomes implemented to date with $36 million in progress
- Planned filings outlined for the reminder of the fiscal year on Slide 16
Financing Activities
- Over $1 billion of long term debt and equity financing completed during the quarter
- $755 million of net proceeds available under existing forward sales arrangements
- $1.35 billion in forward starting interest rate swaps to mitigate interest rate risk
- Equity capitalization, excluding winter storm financing, was 60%
- Finished the quarter with approximately $3.4 billion of liquidity
Securitization
- Texas Public Financing Authority and the Bond Review Board continue to work on securitization
- Anticipate refinancing debt through a combination of syndicated bank term loan and existing credit facilities and cash
- Deferred carrying costs associated with the interim refinancing effective September 1st
- Received financing order from the Kansas Corporation Commission and anticipate completing securitization process this fiscal year
Fiscal ’23 Guidance
- Fiscal ’23 earnings per share guidance in the range of $5.90 to $6.10
- Details surrounding fiscal ’23 guidance on Slides 12 and 13
Kevin Akers says,
Q1 Financial Results
- Fiscal 2023 Q1 net income of $272 million or $1.91 per diluted share
- Fiscal 2023 earnings per share guidance reaffirmed in the range of $5.90 to $6.10
Atmos Pipeline Texas Milestones
- Bethel 1B cavern filled with over 6 Bcf of new working gas capacity
- 137-mile, 36-inch Line X integrity replacement project completed
- Phase 2 of three-phase line S2 project completed, bringing supply from Haynesville and Cotton Valley shale plays to the east side of Dallas Fort Worth metroplex
Customer Growth and Industrial Demand
- 47,000 of nearly 64,000 new customers added in Mid Tex and West Texas divisions for the 12 months ending December period
- 12 new industrial customers added with an anticipated annual load of approximately 9 Bcf
Procurement and Material Sourcing
- Capital investments supported by procurement team sourcing needed materials
- Maintain six months of inventory for distribution and transmission needs
- All anticipated steel pipe needs for FY 2023 have been ordered
Energy Assistance and Customer Support
- Nearly 17,000 customers received over $6 million in funding assistance during Q1
- 67,000 customers received approximately $34 million in funding assistance during fiscal 2022
Q & A sessions,
Q1 2023 Financial Results
- Net income of $272 million or $1.91 per diluted share
- Reaffirmed fiscal 2023 earnings per share guidance in the range of $5.90 to $6.10
Atmos Pipeline, Texas Division
- Completed filling the Cushing gas requirements at the Bethel 1B cavern
- Completed 137 mile, 36 inch Line X integrity replacement project
- Completed Phase 2 of three-phase line S2 project
- Added over 6 Bcf of new working gas capacity
Mid Tex and West Texas Division Growth
- Added approximately 47,000 of nearly 64,000 new customers in 12 months ending December period
- Added 12 new industrial customers with an anticipated annual load of approximately 9 Bcf once they’re fully operational
Fiscal 2023 Financing and Liquidity
- Hedged a significant portion of financing needs beyond fiscal year 2023
- Liquidity and balance sheet remain strong
Customer Assistance and Outreach Efforts
- Helped nearly 17,000 customers receive over $6 million in funding assistance during Q1 2023
- During fiscal 2022, energy assistance teams helped nearly 67,000 customers receive approximately $34 million of funding to help with their monthly bill
No bad stock 