Atmos Energy posts higher quarterly profit on rate hikes
ATO•Net income and customer base
- The company reported net income of $243 million, or $1.43 per share, for the quarter ended June 30, compared with $186 million, or $1.16, a year ago.
- Atmos delivers natural gas to about 3.3 million distribution customers in eight U.S. states and operates regulated utility operations in Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee, Texas and Virginia.
Segment earnings and operating income increase
- Rate-case proceedings are used to determine how much customers must pay for electricity, natural gas, private water and steam services.
- Quarterly earnings at Atmos' distribution unit rose 14.2% to $109.1 million from a year ago, while earnings at its pipeline and storage unit rose 35% to $211.3 million.
- Operating income climbed 27% to $320.4 million in the third quarter, driven by rate increases at its Mid-Tex distribution territory and pipeline and storage business.
- The pipeline and storage segment primarily comprises the regulated pipeline and storage operations of the Atmos Pipeline-Texas division and its natural gas transmission operations in Louisiana.
Quarterly profit rises on approved rate increases
Aug. 5 (Reuters) - Atmos Energy on Wednesday posted a rise in third-quarter profit, benefiting from higher rates approved across its distribution and pipeline segments.
The Dallas, Texas-based natural gas utility is seeking to raise customer bills across multiple states, mainly to pay for infrastructure upgrades as it works to recover costs tied to aging pipeline systems and rising capital investment.
