ONE Gas (OGS) Tops Q3 EPS by 4c, Revenues Beat; Offers FY20 EPS Guidance

ONE Gas (NYSE: OGS) reported Q3 EPS of $0.39, $0.04 better than the analyst estimate of $0.35. Revenue for the quarter came in at $244.64 million versus the consensus estimate of $242.4 million.

THIRD QUARTER HIGHLIGHTS

• Third quarter 2020 net income was $21.1 million, or $0.39 per diluted share, compared with $17.5 million, or $0.33 per diluted share, in the third quarter 2019;
• Year to date 2020 net income was $138.1 million, or $2.59 per diluted share, compared with $135.6 million, or $2.55 per diluted share, in the same period last year; 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 Dec. 1, 2020, to shareholders of record at the close of business on Nov. 16, 2020.

"New rates and residential customer growth contributed to our third quarter results," said Pierce H. Norton II, president and chief executive officer. "Our employees continue to show their resilience in these unprecedented times while remaining focused on safety. Protecting our workforce, customers and assets remains our top priority as we execute on our proven strategy of modernizing our infrastructure to provide clean, reliable natural gas to customers."

GUIDANCE:

ONE Gas sees FY2020 EPS of $3.44-$3.68, versus the consensus of $3.56.

• ONE Gas updated its 2020 financial guidance, with net income and earnings per diluted share now expected to be near the upper end of the ranges of $186 million to $198 million for net income and $3.44 to $3.68 for earnings per share.
• Capital expenditures, including asset removal costs, are still expected to be in the range of $500 million to $525 million for 2020.

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

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