Northwest Natural Holding Q1 Net Income Rises; Operating Revenues Up 32%

(RTTNews) - Northwest Natural Holding Company (NWN) reported first quarter net income of $71.7 million or $2.01 per share, compared to $56.2 million or $1.80 per share, prior year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $1.90, for the quarter. Analysts' estimates typically exclude special items.

Operating revenues were $462.42 million, up 32%. Analysts on average had estimated $363.28 million in revenue.

The company noted that its results reflected new rates in Oregon and Washington for natural gas utility, customer growth and lower pension expense, offset by higher operations and maintenance expenses.

NW Natural Holdings reaffirmed 2023 earnings guidance in the range of $2.55 to $2.75 per share. Long-term earnings per share growth rate target is 4% to 6% compounded annually from 2022 through 2027.

The board of NW Natural Holdings declared a quarterly dividend of 48.50 cents per share on common stock. The dividend is payable on May 15, 2023 to shareholders of record on April 28, 2023. The current indicated annual dividend rate is $1.94 per share.

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