National Fuel Gas Slips To Loss In Q2

(RTTNews) - National Fuel Gas Co. (NFG) reported that GAAP net loss for the second quarter of its 2020 fiscal year was $106.1 million or $1.23 per share, compared to net income of $90.6 million, or $1.04 per share, in the prior year. The latest-quarter results included a $129.3 million after-tax impairment of oil and gas properties and a $56.8 million deferred tax valuation allowance.

Adjusted operating results were $84.2 million or $0.97 per share, compared to $92.9 million or $1.07 per share, in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues declined to $491.10 million from $552.54 million in the prior year. Analysts expected revenue of $600.75 million for the quarter.

National Fuel revised ts fiscal 2020 earnings guidance to reflect revised commodity price assumptions for the balance of the fiscal year, and the results of the fiscal second quarter.

The company now projects that annual earnings, excluding items impacting comparability, will be within the range of $2.75 to $2.95 per share, or $2.85 per share at the midpoint of the range. Analysts expect annual earnings of $2.90 per share.

In addition, the company lowered its consolidated capital expenditure guidance to a range of $680 to $740 million, a $30 million decrease from the midpoint of the Company's prior guidance range.