National Fuel Gas Q3 Profit Down

(RTTNews) - National Fuel Gas Company (NFG) reported that its net income for the third quarter of its 2023 declined to $92.6 million or $1.00 per share, from $108.2 million, or $1.17 per share, in the prior year.

Adjusted operating results were $93.4 million or $1.01 per share, compared to $141.9 million, or $1.54 per share, in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share for the quarter. Analysts' estimates typically exclude special items. Operating revenues were $428.70 million down from $502.62 million in the previous year. Analysts expected revenue of $510.6 million for the quarter.

The company narrowed its fiscal 2023 earnings guidance to a range of $5.15 to $5.25 per share, excluding items impacting comparability. Analysts expect annual earnings of $5.11 per share.

The company has initiated its fiscal 2024 earnings guidance with a range of $5.50 to $6.00 per share, an increase of 11% from fiscal 2023, at the midpoint. Analysts expect annual earnings of $5.64 per share.

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