Atmos Energy Corp (ATO) has reported a 16.16 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $164.73 million, or $1.55 a share in the quarter, compared with $141.81 million, or $1.38 a share for the same period last year.
Operating income for the quarter was $285.17 million, compared with $251.66 million in the previous year period.
"Our solid financial performance in the second quarter reflects the continued execution of our growth strategy, coupled with weather mechanisms which effectively insulated us during a period of warmer than normal weather," said Kim Cocklin, chief executive officer of Atmos Energy Corporation. "Our results reflect the significant capital investments we have made in our infrastructure to safely and reliably deliver natural gas to our 3.2 million customers. For fiscal 2017, we remain on track to meet earnings from continuing operations of between $3.45 and $3.65 per diluted share," Cocklin concluded.
For fiscal year 2017, Atmos Energy Corp expects net income from continuing operations to be in the range of $365 million to $390 million. The company forecasts diluted earnings per share from continuing operations to be in the range of $3.45 to $3.65.
Operating cash flow improves
Atmos Energy Corp has generated cash of $552 million from operating activities during the first half, up 21.87 percent or $99.05 million, when compared with the last year period.
The company has spent $516.67 million cash to meet investing activities during the first six months as against cash outgo of $533.52 million in the last year period.
The company has spent $37.46 million cash to carry out financing activities during the first six months as against cash inflow of $99.83 million in the last year period.
Cash and cash equivalents stood at $45.40 million as on Mar. 31, 2017, down 5.25 percent or $2.52 million from $47.92 million on Mar. 31, 2016.
Working capital remains negative
Working capital of Atmos Energy Corp was negative $932.99 million on Mar. 31, 2017 compared with negative $574.44 million on Mar. 31, 2016. Current ratio was at 0.38 as on Mar. 31, 2017, down from 0.53 on Mar. 31, 2016.
Debt moves up marginally
Atmos Energy Corp has witnessed an increase in total debt over the last one year. It stood at $3,235.23 million as on Mar. 31, 2017, up 4.96 percent or $152.74 million from $3,082.49 million on Mar. 31, 2016. Total debt was 31.22 percent of total assets as on Mar. 31, 2017, compared with 32.30 percent on Mar. 31, 2016. Debt to equity ratio was at 0.84 as on Mar. 31, 2017, down from 0.92 as on Mar. 31, 2016. Interest coverage ratio improved to 10.58 for the quarter from 9.13 for the same period last year.
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