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Atmos fiscal Q3 operating income dips by $17.7M

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Atmos fiscal Q3 operating income dips by $17.7M

Atmos Energy Corp. on Aug. 8 reported net income of $71.2 million, or 64 cents per share, in the fiscal third quarter, compared with the $70.8 million, or 67 cents per share, reported in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the fiscal third quarter was 67 cents per share.

Operating income was $123.0 million, versus $140.7 million in the prior-year period.

Atmos attributed the decrease in operating income mainly to the lower statutory tax rate in revenues due to tax reform legislation signed into law by President Donald Trump in late 2017 and higher operating expenses in the current-year quarter, including higher depreciation expense and ad valorem taxes due to increased infrastructure investments, partially offset by positive rate outcomes in both the distribution and pipeline and storage segments.

The company maintained fiscal-year 2018 earnings guidance of $3.85 to $4.05 per diluted share.