Atmos Energy Corporation Reports Earnings for Fiscal 2024 First Quarter; Affirms Fiscal 2024 Guidance
February 06 2024 - 4:36PM
Business Wire
Atmos Energy Corporation (NYSE: ATO) today reported consolidated
results for its first fiscal quarter ended December 31, 2023. This
news release should be read in conjunction with our Form 10-Q and
earnings slides which are concurrently being posted at
www.atmosenergy.com.
Fiscal Year to Date Highlights
- Earnings per diluted share of $2.08 on net income of $311.3
million.
- Capital expenditures were $769.7 million with approximately 82
percent focused on safety and reliability.
- Strong financial profile with 60.2% equity capitalization and
$3.2 billion in available liquidity.
- Implemented $161.9 million in annualized regulatory outcomes,
including the settlement of Atmos Pipeline – Texas' general rate
case.
Outlook
- Fiscal 2024 earnings per diluted share guidance reaffirmed in
the range of $6.45 - $6.65.
- Fiscal 2024 capital expenditures are expected to approximate
$2.9 billion.
- The company's Board of Directors increased the quarterly
dividend 8.8% to $0.805 per common share. The indicated annual
dividend for fiscal 2024 is $3.22.
"Our first quarter results reflect the continued execution of
our proven strategy by all of our 5,000 dedicated employees of
operating safely and reliably while we modernize our natural gas
distribution, transmission, and storage systems," said Kevin Akers,
president and chief executive officer of Atmos Energy Corporation.
"This strategy, along with our employees' continued focus on our
vision to be the safest provider of natural gas services, continues
to benefit our customers, our communities, and it positions us to
continue delivering annual earnings per share growth in the six to
eight percent range,” Akers concluded.
Conference Call to be Webcast February 7,
2024
Atmos Energy will host a conference call with financial analysts
to discuss the fiscal 2024 first quarter financial results on
Wednesday, February 7, 2024, at 9:00 a.m. Eastern Time. The
domestic telephone number is 888-350-3846 and the international
telephone number is 646-960-0251. The conference ID is 9958104. The
conference call will be webcast live on the Atmos Energy website at
www.investors.atmosenergy.com/events-and-presentations. A playback
of the call will be available on the website later that day.
Forward-Looking Statements
The matters discussed in this news release may contain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of
historical fact included in this news release are forward-looking
statements made in good faith by the company and are intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. When used in this
news release or any of the company’s other documents or oral
presentations, the words “anticipate”, “believe”, “estimate”,
“expect”, “forecast”, “goal”, “intend”, “objective”, “plan”,
“projection”, “seek”, “strategy” or similar words are intended to
identify forward-looking statements. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those discussed in this
release, including the risks relating to regulatory trends and
decisions, the company’s ability to continue to access the credit
and capital markets, and the other factors discussed in the
company’s reports filed with the Securities and Exchange
Commission. These risks and uncertainties include the following:
federal, state and local regulatory and political trends and
decisions, including the impact of rate proceedings before various
state regulatory commissions; increased federal regulatory
oversight and potential penalties; possible increased federal,
state and local regulation of the safety of our operations;
possible significant costs and liabilities resulting from pipeline
integrity and other similar programs and related repairs; the
inherent hazards and risks involved in distributing, transporting
and storing natural gas; the availability and accessibility of
contracted gas supplies, interstate pipeline and/or storage
services; increased competition from energy suppliers and
alternative forms of energy; failure to attract and retain a
qualified workforce; natural disasters, terrorist activities or
other events and other risks and uncertainties discussed herein,
all of which are difficult to predict and many of which are beyond
our control; increased dependence on technology that may hinder the
Company's business if such technologies fail; the threat of
cyber-attacks or acts of cyber-terrorism that could disrupt our
business operations and information technology systems or result in
the loss or exposure of confidential or sensitive customer,
employee or Company information; the impact of new cybersecurity
compliance requirements; adverse weather conditions; the impact of
greenhouse gas emissions or other legislation or regulations
intended to address climate change; the impact of climate change;
the capital-intensive nature of our business; our ability to
continue to access the credit and capital markets to execute our
business strategy; market risks beyond our control affecting our
risk management activities, including commodity price volatility,
counterparty performance or creditworthiness and interest rate
risk; the concentration of our operations in Texas; the impact of
adverse economic conditions on our customers; changes in the
availability and price of natural gas; and increased costs of
providing health care benefits, along with pension and
postretirement health care benefits and increased funding
requirements.
Accordingly, while we believe these forward-looking statements
to be reasonable, there can be no assurance that they will
approximate actual experience or that the expectations derived from
them will be realized. Further, the company undertakes no
obligation to update or revise any of our forward-looking
statements whether as a result of new information, future events or
otherwise.
About Atmos Energy
Atmos Energy Corporation, an S&P 500 company headquartered
in Dallas, is the country’s largest natural gas-only distributor.
We safely deliver reliable, efficient and abundant natural gas to
over 3.3 million distribution customers in over 1,400 communities
across eight states located primarily in the South. As part of our
vision to be the safest provider of natural gas services, we are
modernizing our business and infrastructure while continuing to
invest in safety, innovation, environmental sustainability and our
communities. Atmos Energy manages proprietary pipeline and storage
assets, including one of the largest intrastate natural gas
pipeline systems in Texas. Find us online at
http://www.atmosenergy.com, Facebook, Twitter, Instagram and
YouTube.
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version on businesswire.com: https://www.businesswire.com/news/home/20240206240155/en/
Analysts and Media Contact: Dan Meziere (972)
855-3729
Atmos Energy (NYSE:ATO)
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