Atmos Energy's first-quarter profit climbs on lower costs
06/02/2024 23:00
Feb 6 (Reuters) - Atmos Energy ATO.N on Tuesday
reported a rise in first-quarter profit, as lower costs helped
the natural gas distributor offset the impact of lower demand
for the heating fuel due to milder weather conditions.
The Dallas-based firm said its operation and maintenance
expenses fell to $166.3 million from $185 million a year
earlier.
Atmos delivers natural gas to more than 3 million
distribution customers in over 1,400 communities across nine
states located primarily in the south of the United States.
The firm said its consolidated net income rose to $311.3
million, or $2.08 per share, in the three months ended Dec. 31,
from $271.9 million, or $1.91 per share, a year earlier.
Peers CMS Energy CMS.N and Xcel Energy XEL.O have also
posted a rise in quarterly income, as the utilities also
benefited from lower costs.
Atmos reaffirmed its full-year earnings forecast of $6.45 to
$6.65 per share, compared with average analysts' estimates of
$6.58 per share, according to data from LSEG.
(Reporting by Vallari Srivastava in Bengaluru; Editing by
Shinjini Ganguli)
((Srivastava.Vallari@thomsonreuters.com;))