Atmos Energy Corp. reported adjusted net income of $152.2 million, or $1.40 per share, in the first quarter of its fiscal 2018, up from $114.0 million, or $1.08 per share, in the prior-year period.
The adjusted net income excludes a one-time income tax benefit of $161.9 million, or $1.49 per share, related to the Tax Cuts and Jobs Act of 2017 due to the revaluation of the company's net deferred tax liabilities.
The S&P Capital IQ consensus normalized EPS estimate for the fiscal first quarter was $1.14.
Operating income was $241.56 million, up from $209.92 million in the prior-year period.
Fiscal 2018 earnings guidance was increased to between $3.85 per share and $4.05 per share from $3.75 per share to $3.95 per share. Capital expenditures are expected to remain in the previously announced range of $1.3 billion to $1.4 billion in fiscal 2018, the company said in a Feb. 6 news release.
"Executing on our strategy of infrastructure investment continues to deliver solid results," Atmos Energy President and CEO Mike Haefner said. "Additionally, we believe that the impact of tax reform will be good for our customers and the lower tax rate will result in over $100 million of annual savings to customer bills."
