Atmos Energy's profit climbs on higher prices
08/11/2023 23:27
Nov 8 (Reuters) - Natural gas distributor Atmos Energy
ATO.N reported a rise in fourth-quarter profit on Wednesday,
helped by higher prices and customer growth in its distribution
unit, and forecast higher earnings in 2024.
The company's shares rose 1.2% in extended trade.
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 U.S.
For fiscal 2024, the company expects per-share profit
between $6.45 and $6.65 and capital expenditure of $2.9 billion.
It earned $6.10 per share in fiscal 2023.
The company said its consolidated operating income rose to
$154.1 million for the reported quarter compared with $105.4
million a year earlier, due to favorable outcomes in rate cases,
a formal process used to determine the amounts to be charged to
customers for electricity, natural gas, private water and steam
services provided by regulated utilities.
The Dallas-based company posted a net income of $118.5
million, or 80 cents per share, for the quarter, compared with
$71.6 million, or 51 cents per share, a year earlier.
The company also raised its fiscal 2024 dividend by 8.8% to
$3.22 per share.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shounak
Dasgupta and Krishna Chandra Eluri)
((sourasis.bose@thomsonreuters.com))