Northwest Natural Gas (NYSE: NWN) reported Q1 EPS of $1.58, $0.01 better than the analyst estimate of $1.57. Revenue for the quarter came in at $285.15 million versus the consensus estimate of $300.07 million.

• Reported first quarter 2020 earnings of $1.58 per share from continuing operations, compared to earnings of $1.50 per share and adjusted earnings1 of $1.73 per share for the same period in 2019
• Provided customers with essential natural gas and water utility services during coronavirus pandemic (COVID-19)
• Added more than 12,400 natural gas meters over the last 12 months equating to a 1.6% growth rate
• Closed four water utility transactions in 2020 bringing our total connections to 25,000 serving about 61,000 people
• Reaffirmed 2020 GAAP earnings guidance from continuing operations in the range of $2.25 to $2.45 per share and guided toward the lower end of the range given potential effects from the COVID-19

"I want to express my deepest sympathy to those directly affected by the coronavirus pandemic, my appreciation for our health care workers on the front line of this crisis, and my gratitude to our employees for their tireless dedication to ensure our essential services are provided during these difficult times,” said David H. Anderson, president and CEO of NW Natural Holdings. "For more than 160 years we've provided critical services through both prosperous and challenging times. We're committed to doing what's needed, when it's needed most by our communities."

"We quickly mobilized our incident command and business continuity protocols in March to ensure safe and uninterrupted service to our customers amid the pandemic," continued Anderson. "NW Natural initiated a special COVID-19 giving campaign aimed at assisting the most vulnerable members of our communities, which will supplement the Company's local, state, and federal gas assistance programs that also help customers struggling financially. We've also filed a request with regulators to provide customers with their annual June bill credit related to our revenue sharing mechanism, which this year equates to a 30% reduction in an average monthly residential bill. During March, we also rapidly secured financing to provide our business with ample cash liquidity. Each and every day we care about the safety and wellbeing of our customers and employees, and we're taking extra precautions to protect our employees, prevent the spread of the virus, and assist our communities."

GUIDANCE:

Northwest Natural Gas sees FY2020 EPS of $2.25-$2.45, versus the consensus of $2.36.

NW Natural Holdings reaffirmed 2020 earnings guidance from continuing operations in the range of $2.25 to $2.45 per share and guided toward the lower end of the range due to potential implications from COVID-19. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant local, state or federal laws, legislation or regulations. The expected sale of Gill Ranch and the related gain, and any operating loss associated with it, are not included in this guidance range, as they are, and are expected to continue to be, reported as Discontinued Operations.

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