ONE Gas (OGS) Misses Q1 EPS by 6c, Revenues Miss; Offers FY20 EPS Mid-Point Guidance Below Cosnensus

ONE Gas (NYSE: OGS) reported Q1 EPS of $1.72, $0.06 worse than the analyst estimate of $1.78. Revenue for the quarter came in at $528.17 million versus the consensus estimate of $604.42 million.

FIRST QUARTER 2020 KEY PERFORMANCE DRIVERS AND HIGHLIGHTS

• First quarter 2020 net income was $91.7 million, or $1.72 per diluted share, compared with $93.7 million, or $1.76 per diluted share, in the first quarter 2019;
• Actual heating degree days across the company's service areas were 4,714 in the first quarter 2020, 10% warmer than normal and 19% warmer than the same period last year;
• Delivered natural gas sales volumes for the first quarter 2020 were 16% lower compared with the first quarter 2019, primarily as a result of the warmer weather;
• The company ended the quarter with $474.7 million of commercial paper and $1.2 million in letters of credit outstanding, leaving $224.1 million available in its commercial paper program;
• In February 2020, the company initiated an at-the-market equity program with an aggregate offering price up to $250 million. As of March 31, 2020, no shares have been issued or sold under the program;
• In April 2020, the company entered into a $250 million, 364-day revolving credit agreement; and
• The board of directors declared a quarterly dividend of $0.54 per share, or $2.16 per share on an annualized basis, payable on June 1, 2020, to shareholders of record at the close of business on May 13, 2020.

"In the midst of the COVID-19 pandemic, our focus remains on continuing to protect our workforce and customers while operating our systems safely during this difficult time," said Pierce H. Norton II, president and chief executive officer. "Our employees have displayed unwavering courage and resolve during these unprecedented times."

GUIDANCE:

ONE Gas sees FY2020 EPS of $3.44-$3.68, versus the consensus of $3.60.

For earnings history and earnings-related data on ONE Gas (OGS) click here.

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