National Fuel Gas Co. on Aug. 1 reported adjusted operating results of $61.8 million, or 71 cents per share, for the fiscal third quarter, down from $63.3 million, or 73 cents per share, in the prior-year quarter.
The S&P Global Market Intelligence consensus normalized EPS estimate for the fiscal third quarter was 66 cents, with four analysts reporting.
GAAP earnings were $63.8 million, or 73 cents per share, compared to $63.0 million, or 73 cents per share, in the corresponding quarter the previous year. Adjusted EBITDA was $182.9 million, up from $175.2 million a year earlier. Operating revenues stood at $357.2 million, an increase from $342.9 million in the previous third quarter.
National Fuel lowered its fiscal 2019 earnings guidance, with EPS projected at $3.40 to $3.50 per share, compared to the previous range of $3.45 to $3.65 per share. It also announced a preliminary fiscal 2020 earnings guidance of $3.25 to $3.55 per share.
The company reaffirmed its exploration and production segment's net production guidance for fiscal 2019 at 205 Bcfe to 215 Bcfe. Its production guidance for fiscal 2020 is estimated at 235 Bcfe to 245 Bcfe.
National Fuel is an integrated energy company with five operating segments: exploration and production, pipeline and storage, gathering, utility and energy marketing.