trending Market Intelligence /marketintelligence/en/news-insights/trending/3Br_MpXL6yQgP0_qFXAToQ2 content esgSubNav
In This List

ONE Gas posts earnings gains in Q1 after Texas, Okla. rate increases

Blog

Despite turmoil, project finance remains keen on offshore wind

Case Study

An Energy Company Assesses Datacenter Demand for Renewable Energy

Blog

Japan M&A By the Numbers: Q4 2023

Video

See the Big Picture: Energy Transition in 2024


ONE Gas posts earnings gains in Q1 after Texas, Okla. rate increases

on May 2 reportedfirst-quarter net income of $64.7 million, or $1.22 per share, compared to$60.4 million, or $1.13 per share, in the year-ago quarter.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was $1.20,with five analysts reporting.

First-quarteroperating income was $116.1 million, compared to $109.0 million in the sameperiod of 2015.

Net marginincreased by $9.6 million year over year. New rates in Oklahoma and Texasbrought in an additional $13.8 million, while ONE Gas reported a $2.8 milliondecrease from lower sales volumes from warmer weather and a $1.9 milliondecrease from lower transportation volumes in Kansas and Oklahoma.

Capitalexpenditures for the first quarter totaled $75.3 million, compared to $54.9million in the prior-year quarter.

ONE Gasended the first quarter with $52.7 million of cash and cash equivalents, noshort-term borrowings, and $1 million in letters of credit, which leaves $699million of credit available under its $700 million credit facility, accordingto the earnings release. The total debt-to-capitalization ratio at March 31 was39%.

The company's2016 financial guidance was reaffirmed, with net income forecast at $127million to $137 million, or $2.40 per share to $2.60 per share. CapEx isexpected to be about $305 million in 2016, with 70% planned for systemintegrity and replacement projects.