National Fuel Gas Q1 Profit Down; Cuts FY Profit Outlook

(RTTNews) - National Fuel Gas Co. (NFG) reported that its first-quarter earnings declined to $86.6 million or $1.00 per share, from $102.7 million or $1.18 per share, in the prior year.

Adjusted operating results were $87.4 million or $1.01 per share, compared to $97.5 million or $1.12 per share, in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share. Analysts' estimates typically exclude special items.

Operating revenues decreased to $228.03 million from $272.09 million in the prior year. Analysts expected revenue of $525.18 million for the quarter.

The company lowered its fiscal 2020 earnings guidance to a range of $2.95 - $3.15 per share from the prior estimate of $3.00 - $3.30 per share, due to lower natural gas prices. Analysts expect annual earnings of $3.09 per share.