Northwest Natural Gas (NYSE: NWN) reported Q1 EPS of $1.73, $0.34 better than the analyst estimate of $1.39. Revenue for the quarter came in at $285.35 million versus the consensus estimate of $259.05 million.

• Earned $1.50 per share from continuing operations for the first quarter of 2019, compared to $1.46 per share for 2018
• Added more than 12,500 natural gas meters over the last 12 months equating to a 1.7% growth rate
• Finished construction of the North Mist gas storage expansion with the commissioning phase nearly complete
• Received the final Oregon general rate case order

"This year is off to a good start. Our financial results benefited from customer growth and new rates at the natural gas utility," said David H. Anderson, president and CEO of NW Natural Holdings. "Operationally our distribution system performed well when the Pacific Northwest experienced cold weather and pipeline constraints, particularly in February which was the third coldest on record since 1989."

"We continue making progress on our long-term growth strategy," added Anderson. "We expect the Sunriver transaction to close soon and to complete several more pending water acquisitions this summer. In 2019, we remain focused on high-quality customer service, working collaboratively with stakeholders, and continuing to grow our natural gas and water platforms."

GUIDANCE:

Northwest Natural Gas sees FY2019 EPS of $2.25-$2.45, versus the consensus of $2.32.

2019 EARNINGS GUIDANCEOn March 1, 2019, NW Natural Holdings initiated 2019 earnings guidance from continuing operations in the range of $2.25 to $2.45 per share. As previously disclosed, this range did not incorporate a potential regulatory disallowance from an Oregon all-party settlement. On March 25, 2019, the OPUC issued an order requiring NW Natural to forego $10.5 million ($6.6 million after-tax or $0.23 per share) of costs associated with the pension balancing account. As a result of the disallowance, NW Natural Holdings' 2019 GAAP earnings guidance from continuing operations is expected to range from $2.02 to $2.22 per share. Excluding the pension disallowance on a non-GAAP basis, 2019 earnings guidance from continuing operations is expected to range from $2.25 to $2.45 per share.

This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant laws or regulations. The expected sale of Gill Ranch and the related gain, and any operating results associated with it, are not included in this guidance range, as they are, and are expected to continue to be, reported as Discontinued Operations.

For earnings history and earnings-related data on Northwest Natural Gas (NWN) click here.