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

Zacks Equity Research
·4-min read

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 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 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 Jun 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 Jun 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 Jun 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 Jun 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%.


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