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Atmos Energy Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 3, 2012 05:22PM
Atmos Energy Corp. (ATO) filed Quarterly Report for the period ended 2012-03-31. Atmos Energy Cp has a market cap of $2.91 billion; its shares were traded at around $32.785 with a P/E ratio of 15.8 and P/S ratio of 0.7. The dividend yield of Atmos Energy Cp stocks is 4.3%. Atmos Energy Cp had an annual average earning growth of 5.4% over the past 10 years.
Highlight of Business Operations:We reported net income of $109.1 million, or $1.20 per diluted share for the three months ended March 31, 2012, compared with net income of $132.2 million or $1.45 per diluted share in the prior year. Excluding the impact of unrealized margins, diluted earnings per share decreased $0.19 compared with the prior-year quarter. Results for the prior-year period were influenced by the net positive impact of several one-time items totaling $11.1 million, or $0.12 per diluted share related to the following pre-tax amounts:
After excluding the impact of unrealized margins and the one-time items, net income and diluted earnings per share for the three months ended March 31, 2012 decreased $6.4 million, or $0.07 per diluted share when compared to the prior-year period, primarily due to lower earnings in our nonregulated segment due to historically warm winter weather and unfavorable natural gas market conditions. Included in the current quarter amount is net income from discontinued operations of $3.2 million, or $0.04 per diluted share associated with the pending sale of our Missouri, Illinois and Iowa service areas, a decrease of $0.8 million or $0.00 per diluted share compared with the prior-year quarter.
The $3.1 million increase in regulated transmission and storage gross profit compared to the prior-year quarter 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. Therefore, despite an 18 percent decrease in throughput to our Mid-Tex Division, we experienced an 18 percent increase in gross profit from Mid-Tex transportation.
The $10.8 million increase in regulated transmission and storage gross profit compared to the prior-year period was primarily a result of the previously discussed rate design changes approved in the rate case in the prior year. Therefore, despite a nine percent decrease in throughput to our Mid-Tex Division, we experienced a 26 percent increase in gross profit from Mid-Tex transportation.
For the year-to-date period, the enhanced rate design resulted in a $16.9 million increase in gross profit compared to the prior-year period. This increase was partially offset by the following:
Stocks Discussed: ATO,