Summary
Atmos Energy Corporation (ATO) reported solid financial results for the nine months ended June 30, 2013, demonstrating growth in both its regulated and non-regulated segments. The company experienced a notable increase in operating revenues and gross profit, driven by rate increases in its natural gas distribution divisions and improved asset optimization in its non-regulated segment. The divestiture of Georgia operations was completed, contributing a gain to discontinued operations. The company maintained a strong balance sheet, with a debt-to-capitalization ratio of 50.1% as of June 30, 2013, and a significant increase in liquidity, highlighted by amendments to its credit facilities and the issuance of long-term senior notes. Capital expenditures remained robust, focusing on growth projects and system improvements in regulated operations. Despite some challenges in the non-regulated segment due to market conditions, overall profitability showed a positive trend, supported by effective management of financial instruments and operational efficiencies.
Financial Highlights
47 data points| Cost of Revenue | -$558K |
| Gross Profit | $316.50M |
| Operating Expenses | $230.10M |
| Operating Income | $86.40M |
| Interest Expense | $32.74M |
| Net Income | $38.77M |
| EPS (Basic) | $0.43 |
| EPS (Diluted) | $0.42 |
| Shares Outstanding (Basic) | 90.60M |
| Shares Outstanding (Diluted) | 91.55M |
Key Highlights
- 1Net income increased by $26.9 million to $235.7 million for the nine months ended June 30, 2013, compared to the prior year, with diluted EPS rising to $2.57.
- 2Operating revenues grew to $3.2 billion for the nine months ended June 30, 2013, up from $2.9 billion in the prior year, indicating strong top-line performance.
- 3The company successfully completed the sale of its Georgia natural gas distribution operations on April 1, 2013, recognizing a net gain of $5.3 million.
- 4Capital expenditures for the nine months ended June 30, 2013, were $582.5 million, a slight increase from the prior year, reflecting continued investment in infrastructure.
- 5Long-term debt increased to $2.46 billion as of June 30, 2013, driven by the issuance of $500 million in new senior notes, while maintaining a healthy debt-to-capitalization ratio.
- 6The regulated transmission and storage segment showed strong performance, with a $7.55 million increase in net income for the nine-month period.
- 7The non-regulated segment experienced a decrease in operating income, impacted by lower asset optimization margins and increased litigation expenses, but remained a contributor to overall results.