Atmos Energy : Third Quarter Earnings Conference Call
August 03, 2023 at 03:10 am EDT
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Analyst Call to Review
Fiscal 2023 Third Quarter
Financial Results
August 3, 2023
10:00 a.m. Eastern
Fiscal Q3 2023 Review
As of August 3, 2023
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Q3 Fiscal 2023 Financial Performance
Fiscal 2023 Highlights
Financial Performance
YTD Diluted EPS of $5.33
$2.1 billion in capital spending; 86% allocated to safety and reliability spending
Reaffirmed fiscal 2023 EPS guidance range of $6.00 to $6.10
8.8% increase in fiscal 2023 annual dividend to $2.96 per diluted share
39th consecutive year of rising dividends
Executed Our Regulatory Strategy
Completed $263.1 million as of August 3, 2023
$263.0 million currently in progress
Strong Balance Sheet
Approximately $3.1 billion in liquidity
$1.5 billion of financing to support operations
Issued $500 million 30-year senior notes at 5.75%1
Issued $300 million 10-year senior notes at 5.45%
Settled $671.6 million of equity forwards
Equity capitalization at 61.8% as of June 30, 2023
1. 4.50% effective rate after giving effect to the settlement of our interest rate swap.
As of August 3, 2023
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Q3 Fiscal 2023 Financial Performance
Consolidated Financial Highlights
Three Months Ended
Nine Months Ended
June 30
June 30
Segment Net Income
2023
2022
2023
2022
($millions, except EPS)
Distribution
$
60
$
58
$
542
$
506
Pipeline & Storage
78
71
225
197
Net Income
$
138
$
129
$
767
$
703
Diluted EPS1
$
0.94
$
0.92
$
5.33
$
5.12
Capital Expenditures
668.1
$
536.0
$
2,083.5
1,726.0
1. Since Atmos Energy has non-vestedshare-based payments with a nonforfeitable right to dividends, there is a requirement to use the two-class method of computing earnings per share. As a result, EPS cannot be calculated directly from the income statement.
As of August 3, 2023
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Q3 Fiscal 2023 Financial Performance
Segment Operating Income Highlights
Three Months Ended
June 30
2023
2022
Change
($millions)
Distribution
$
71.7
$
66.1
$
5.6
Pipeline & Storage
97.6
88.5
9.1
Operating Income
$
169.3
$
154.6
$
14.7
Distribution Key Drivers
$29.1MM - Increase due to rate adjustments
$ 3.5MM - Increase due to residential customer growth
$ 16.8MM - Increase in D&A and property tax expense
$ 4.4MM - Increase in line locate spending and pipeline system maintenance
Pipeline & Storage Key Drivers
$22.6MM - Increase due to rate adjustments
$ 8.0MM - Increase in O&M primarily due to timing of inspection spending
$ 6.4MM - Increase in D&A and property tax expense
As of August 3, 2023
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Disclaimer
AEC - Atmos Energy Corporation published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 07:09:28 UTC.
Atmos Energy Corporation is one of the leading U.S. distributors of natural gas. Net sales break down by activity as follows:
- sale of natural gas sales (92.7%): mainly to residential customers (6.5% of net sales), commercial customers (28.1%), and industrial customers (3.8%);
- transmission and storage of natural gas (4.2%);
- transport services (2.8%);
- other (0.3%).
ATMOS ENERGY CORPORATION 
