Summary
Atmos Energy Corporation (ATO) reported solid financial results for the three and six months ended March 31, 2013. The company demonstrated revenue growth across its segments, with a notable increase in operating income driven by regulated operations. Key to this performance was the natural gas distribution segment, which saw improved revenue and throughput, partially offset by the impact of recent rate design changes in Texas. The regulated transmission and storage segment also contributed positively with increased transportation volumes and operating income. Financially, Atmos Energy strengthened its balance sheet by issuing new long-term debt and repaying short-term borrowings. The company also proactively managed its liquidity through amendments to its credit facilities. While the nonregulated segment experienced some volatility, overall net income and diluted earnings per share showed positive trends compared to the prior year, indicating operational resilience and effective management of market risks. The divestiture of Georgia distribution operations was completed shortly after the quarter end, with the results already classified as discontinued operations.
Financial Highlights
46 data points| Gross Profit | $432.75M |
| Operating Expenses | $222.57M |
| Operating Income | $210.18M |
| Interest Expense | $33.33M |
| Net Income | $116.42M |
| EPS (Basic) | $1.28 |
| EPS (Diluted) | $1.27 |
| Shares Outstanding (Basic) | 90.53M |
| Shares Outstanding (Diluted) | 91.49M |
Key Highlights
- 1Total operating revenues increased to $1.31 billion for the three months ended March 31, 2013, up from $1.23 billion in the prior year.
- 2Net income rose to $116.4 million for the three months ended March 31, 2013, from $109.1 million in the same period last year.
- 3Diluted earnings per share (EPS) from continuing operations were $1.23 for the three months ended March 31, 2013, up from $1.12 in the prior year.
- 4The company successfully issued $500 million in new senior notes and used proceeds to repay short-term debt, strengthening its long-term financial position.
- 5Capital expenditures increased significantly to $389.1 million for the six months ended March 31, 2013, compared to $311.1 million in the prior year, reflecting investment in infrastructure.
- 6The company reported positive contributions from its regulated operations, which accounted for 91% of consolidated net income from continuing operations.
- 7Divestiture of Georgia natural gas distribution operations was completed on April 1, 2013, and its results are classified as discontinued operations for the reporting periods.