Atmos Energy Corporation (ATO) has reported a 21.55 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $125.03 million, or $1.19 a share in the quarter, compared with $102.86 million, or $1 a share for the same period last year.
Operating income for the quarter was $209.92 million, compared with $192.73 million in the previous year period.
"Our first quarter results reflect the positive execution of our growth strategy," said Kim Cocklin, Chief Executive Officer of Atmos Energy Corporation. “Ongoing capital investments made to our infrastructure have enhanced the safe and reliable delivery of natural gas to our customers and provided a steady return to shareholders. In addition, we are pleased that Atmos Energy has become a fully regulated, pure-play natural gas utility after closing on the sale of our nonregulated natural gas marketing business in January. Fiscal 2017 earnings from continuing operations are still expected to range from between $3.45 and $3.65 per diluted share," Cocklin concluded.
For financial year 2017, Atmos Energy Corporation projects Net income from continuing operations to be in the range of $365 million to $390 million. The company expects diluted earnings from continuing operations per share to be in the range of $3.45 to $3.65.
Operating cash flow improves significantly
Atmos Energy Corporation has generated cash of $116.96 million from operating activities during the quarter, up 66.75 percent or $46.82 million, when compared with the last year period.
The company has spent $392.14 million cash to meet investing activities during the quarter as against cash outgo of $290.29 million in the last year period.
Cash flow from financing activities was $272.26 million for the quarter, up 0.69 percent or $1.86 million, when compared with the last year period.
Cash and cash equivalents stood at $44.62 million as on Dec. 31, 2016, down 43.44 percent or $34.28 million from $78.90 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Atmos Energy Corporation was negative $970.38 million on Dec. 31, 2016 compared with negative $651.79 million on Dec. 31, 2015. Current ratio was at 0.50 as on Dec. 31, 2016, down from 0.57 on Dec. 31, 2015.
Debt moves up
Atmos Energy Corporation has witnessed an increase in total debt over the last one year. It stood at $3,504.95 million as on Dec. 31, 2016, up 8.89 percent or $286.24 million from $3,218.71 million on Dec. 31, 2015. Total debt was 33.13 percent of total assets as on Dec. 31, 2016, compared with 33.69 percent on Dec. 31, 2015. Debt to equity ratio was at 0.95 as on Dec. 31, 2016, down from 0.98 as on Dec. 31, 2015. Interest coverage ratio improved to 6.77 for the quarter from 6.53 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
