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Atmos Energy Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 8, 2012 09:13PM
Atmos Energy Corp. (ATO) filed Quarterly Report for the period ended 2011-12-31. Atmos Energy Corp. has a market cap of $2.97 billion; its shares were traded at around $32.87 with a P/E ratio of 14.6 and P/S ratio of 0.7. The dividend yield of Atmos Energy Corp. stocks is 4.2%. Atmos Energy Corp. had an annual average earning growth of 5.5% over the past 10 years.
Highlight of Business Operations:We reported net income of $68.5 million, or $0.75 per diluted share for the three months ended December 31, 2011 compared with net income of $74.0 million, or $0.81 per diluted share in the prior-year quarter. Regulated operations contributed 93 percent of our net income during this period with our nonregulated operations contributing the remaining seven percent. Excluding the impact of unrealized margins, diluted earnings per share decreased $0.20 compared with the prior-year quarter. The $0.20 per diluted share decrease primarily reflects the adverse impact of unfavorable natural gas market conditions on our nonregulated segment and increased operating expenses in our natural gas distribution segment. These decreases were partially offset by a five percent increase in consolidated throughput in our regulated transmission and storage segment and the favorable impact of ratemaking efforts in our natural gas distribution segment.
The $7.8 million increase in regulated transmission and storage gross profit was primarily a result of rate design changes approved in the rate case in the prior year. The current rate design allows us to recover fixed costs associated with transportation and storage services through monthly customer charges rather than through a volumetric charge, which should allow us to earn margin more ratably during the fiscal year. Additionally, consolidated throughput increased about five percent due to increased through-system demand and the execution of new delivery contracts with local producers.
Stocks Discussed: ATO,