Q3 2024 Atmos Energy Corp Earnings Call Transcript
Key Points
- Atmos Energy Corp (ATO) reported a significant increase in diluted earnings per share, rising from $5.33 to $6 year-over-year.
- Regulatory outcomes and customer growth have driven an increase in operating income by $238 million.
- The company added 57,000 new customers over the past year, with a significant portion in Texas, indicating strong market expansion.
- Atmos Energy Corp (ATO) has a strong financial position with an equity capitalization of 61% and approximately $4.3 billion in liquidity.
- The company anticipates its fiscal 2024 earnings per share guidance to be at the higher end of the $6.70 to $6.80 range, reflecting strong financial performance.
- Operating and maintenance (O&M) expenses increased by $16 million, primarily due to higher employee-related costs and insurance premiums.
- The company experienced planned and unplanned maintenance on several pipelines, affecting takeaway capacity and potentially impacting future spreads.
- Capital spending increased to $2.1 billion, which, while aimed at improving safety and reliability, represents a significant expenditure.
- Atmos Energy Corp (ATO) faces potential challenges with regulatory outcomes, as $182 million in annualized outcomes are still in progress.
- The company anticipates continued higher O&M spending in the fourth fiscal quarter, which could impact overall profitability.
Thank you for standing by. My name is Krista, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Atmos Energy Corporation fiscal 2024 third quarter earnings conference call. (Operator Instructions) Thank you.
I would now like to turn the conference over to Dan Meziere, Vice President of Investor Relations and Treasurer. Dan, you may begin.
All right. Thank you, Krista. Good morning, everyone, and thank you for joining our fiscal 2024 third quarter earnings call. With me today are Kevin Akers, President and Chief Executive Officer, and Chris Forsythe, Senior Vice President and Chief Financial Officer.
Our earnings release and conference call slide presentation, which we will reference in our prepared remarks, are available at atmosenergy.com under the Investor Relations tab. As we review these financial results and discuss future expectations, please keep in mind that some of our discussion might contain forward-looking statements within the
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