Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2007. For the quarter, the company reported a net loss that was smaller than the prior year's loss. For the nine month period, net income increased 23% compared to the same period last year. Atmos Energy expects full year earnings to be at the lower end of its previous guidance range due to factors such as lower natural gas price volatility limiting opportunities in its natural gas marketing segment. Capital expenditures for the full fiscal year are expected to be between $365-385 million.
Atmos Energy Corporation reported higher earnings for the second quarter and first six months of fiscal year 2007 compared to the same periods in the previous fiscal year. Net income increased 20% for the quarter and 17% for the six months due primarily to improved performance across its utility, pipeline and storage, and natural gas marketing business segments. The company affirmed its fiscal year 2007 earnings guidance range of $1.90 to $2.00 per diluted share and expects capital expenditures for the year to be between $365 to $385 million.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2008. For the third quarter, the company reported a net loss of $6.6 million compared to a $13.4 million net loss in the prior year quarter. For the nine month period, net income was $178.7 million compared to $174.4 million in the prior year. The company reaffirmed its fiscal year 2008 earnings guidance of $1.95 to $2.05 per diluted share.
Atmos Energy reported financial results for fiscal year 2008, with net income of $180.3 million compared to $168.5 million the prior year. Regulated operations contributed $134.1 million of net income compared to $107.9 million the previous year. For the fourth quarter, net income was $1.6 million compared to a net loss of $5.9 million in the prior year fourth quarter, with regulated operations reporting a seasonal net loss of $14.7 million. Atmos Energy affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per diluted share.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Atmos Energy Corporation reported earnings for fiscal year 2007. Net income was $168.5 million, up from $147.7 million in fiscal year 2006. Regulated operations contributed $107.9 million of net income in 2007 compared to $79.5 million in 2006. Nonregulated operations contributed $60.6 million of net income in 2007 compared to $68.2 million in 2006. Atmos Energy expects fiscal year 2008 earnings to be between $1.95 to $2.05 per diluted share.
Atmos Energy Corporation reported earnings for the fiscal 2008 first quarter. Net income was $73.8 million compared to $81.3 million in the prior year. Regulated operations contributed higher net income of $50 million while nonregulated operations contributed lower net income of $23.8 million due to less volatility in natural gas prices. Atmos affirmed its fiscal 2008 earnings guidance of $1.95 to $2.05 per share.
Atmos Energy Corporation reported earnings for the second quarter and first six months of fiscal year 2008. Net income for the quarter was $111.5 million, up slightly from the prior year. Regulated operations contributed $100.9 million in net income while nonregulated operations contributed $10.6 million. For the six month period, net income was $185.3 million. Atmos affirmed its fiscal year 2008 guidance of $1.95 to $2.05 earnings per share.
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TXU reported financial results for the second quarter and first half of 2007. Net income was $121 million for Q2 2007, down from $497 million in Q2 2006, due to unrealized hedge losses and charges related to suspending generation projects. For the first half, TXU reported a net loss of $377 million compared to net income of $1,073 million in 2006, again due to hedge losses and generation project charges. Operational earnings, which exclude special items, were $430 million for Q2 2007 and $873 million for the first half, lower than the prior year periods due to factors including weather, plant outages, and lower prices. TXU continued to make progress on its proposed merger
Atmos Energy Corporation reported higher earnings for the second quarter and first six months of fiscal year 2007 compared to the same periods in the previous fiscal year. Net income increased 20% for the quarter and 17% for the six months due primarily to improved performance across its utility, pipeline and storage, and natural gas marketing business segments. The company affirmed its fiscal year 2007 earnings guidance range of $1.90 to $2.00 per diluted share and expects capital expenditures for the year to be between $365 to $385 million.
Atmos Energy Corporation reported financial results for the third quarter and first nine months of fiscal year 2008. For the third quarter, the company reported a net loss of $6.6 million compared to a $13.4 million net loss in the prior year quarter. For the nine month period, net income was $178.7 million compared to $174.4 million in the prior year. The company reaffirmed its fiscal year 2008 earnings guidance of $1.95 to $2.05 per diluted share.
Atmos Energy reported financial results for fiscal year 2008, with net income of $180.3 million compared to $168.5 million the prior year. Regulated operations contributed $134.1 million of net income compared to $107.9 million the previous year. For the fourth quarter, net income was $1.6 million compared to a net loss of $5.9 million in the prior year fourth quarter, with regulated operations reporting a seasonal net loss of $14.7 million. Atmos Energy affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per diluted share.
Atmos Energy Corporation reported earnings for the first quarter of fiscal year 2009. Net income was $76.0 million, up slightly from $73.8 million in the prior year. Regulated gas distribution operations contributed $57.8 million in net income, up 25% from the prior year. The company affirmed its fiscal year 2009 earnings guidance of $2.05 to $2.15 per share, excluding mark-to-market impacts. Capital expenditures for the year are expected to be $500-$515 million.
Atmos Energy Corporation reported earnings for fiscal year 2007. Net income was $168.5 million, up from $147.7 million in fiscal year 2006. Regulated operations contributed $107.9 million of net income in 2007 compared to $79.5 million in 2006. Nonregulated operations contributed $60.6 million of net income in 2007 compared to $68.2 million in 2006. Atmos Energy expects fiscal year 2008 earnings to be between $1.95 to $2.05 per diluted share.
Atmos Energy Corporation reported earnings for the fiscal 2008 first quarter. Net income was $73.8 million compared to $81.3 million in the prior year. Regulated operations contributed higher net income of $50 million while nonregulated operations contributed lower net income of $23.8 million due to less volatility in natural gas prices. Atmos affirmed its fiscal 2008 earnings guidance of $1.95 to $2.05 per share.
Atmos Energy Corporation reported earnings for the second quarter and first six months of fiscal year 2008. Net income for the quarter was $111.5 million, up slightly from the prior year. Regulated operations contributed $100.9 million in net income while nonregulated operations contributed $10.6 million. For the six month period, net income was $185.3 million. Atmos affirmed its fiscal year 2008 guidance of $1.95 to $2.05 earnings per share.
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TXU reported financial results for the second quarter and first half of 2007. Net income was $121 million for Q2 2007, down from $497 million in Q2 2006, due to unrealized hedge losses and charges related to suspending generation projects. For the first half, TXU reported a net loss of $377 million compared to net income of $1,073 million in 2006, again due to hedge losses and generation project charges. Operational earnings, which exclude special items, were $430 million for Q2 2007 and $873 million for the first half, lower than the prior year periods due to factors including weather, plant outages, and lower prices. TXU continued to make progress on its proposed merger
- Air Products reported record third quarter revenues and earnings, with net income of $285 million and diluted EPS of $1.28. Revenues increased 16% to a record $2.595 billion due to higher volumes and pricing.
- All six of Air Products' business segments saw sales increases compared to the prior year, with the Merchant Gases, Tonnage Gases, and Electronics and Performance Materials segments experiencing the strongest growth.
- Based on continued strong demand, Air Products raised its full-year EPS guidance to a range of $4.30 to $4.35, representing 23-24% year-over-year growth.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
Progress Energy reported lower earnings in Q4 2007 and full year 2007 compared to the same periods in 2006, primarily due to divestitures. For Q4, core ongoing earnings were $0.40 per share compared to $0.59 last year, with higher O&M expenses partially offsetting factors. For full year, core ongoing earnings were $2.81 per share compared to $2.63 last year, helped by lower taxes and favorable weather partially offset by higher O&M. Progress Energy reaffirmed its 2008 ongoing earnings target of $3.05 per share, within a range of 10 cents.
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TXU reported improved financial results for the first quarter of 2006 compared to the first quarter of 2005. Net income increased to $576 million from $416 million in the prior year period. Operational earnings, which exclude special items, also increased significantly, reaching $1.09 per share compared to $0.51 per share in 2005. TXU affirmed its outlook for 2006 and 2007, and announced plans to invest $10 billion to build new coal and lignite power plants in Texas to meet growing energy demand and lower costs.
UnitedHealth Group reported first quarter 2007 results, with key highlights including:
- Net earnings of $0.66 per share, or $0.74 per share excluding 409A charges, up 17% year-over-year.
- Revenues increased 8% to $19 billion.
- Operating margin was 8.3%, or 9.2% excluding 409A charges.
- Cash flows from operations were $2.6 billion, or $1.1 billion adjusted for CMS payment timing.
The company extended its relationship with AARP and positioned itself for continued diversified growth. UnitedHealth increased its full-year 2007 earnings outlook to $3.42-$3.46 per share
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TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
Duke Energy reported strong financial results in the second quarter of 2004. Net income was $432 million, or $0.46 per share, matching the previous year's results. Excluding special items, ongoing earnings per share were $0.42 compared to $0.30 in 2003. Several of Duke Energy's business units performed well, including Duke Energy Field Services and Crescent Resources which both posted significant increases in earnings compared to the previous year. Duke Energy continued progress on meeting financial targets such as debt reduction and asset sales.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
Celanese Corporation reported record second quarter results for 2008, with net sales increasing 20% and operating profit more than doubling compared to the second quarter of 2007. Several of Celanese's business segments saw higher sales and profits driven by increased pricing, volumes, and currency impacts. Despite challenges from higher raw material and energy costs, the company reaffirmed its full-year 2008 outlook for adjusted earnings per share and operating EBITDA.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
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TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Progress Energy reported third-quarter ongoing earnings of $1.44 per share, up 50% from the prior year, and GAAP earnings of $1.82 per share. Core regulated utility earnings grew due to higher retail margins from customer growth, usage, and weather, partially offset by higher operating costs. Synthetic fuel earnings increased significantly due to higher sales volumes and tax credit recognition. The company reaffirmed its 2005 ongoing earnings guidance range of $2.90 to $3.20 per share.
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TXU reported financial results for Q2 and year-to-date 2007. For Q2, net income was $121 million compared to $497 million in Q2 2006. Operational earnings, which exclude special items, were $430 million in Q2 2007 compared to $650 million in Q2 2006. For year-to-date, TXU reported a net loss of $377 million compared to net income of $1,073 million in 2006. Operational earnings were $873 million year-to-date 2007 compared to $1,179 million in 2006. Results were impacted by cooler weather, higher fuel costs, and lower average pricing. TXU also provided updates on its proposed merger with TEF Holdings and
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TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
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TXU reported third quarter results and maintained its full year earnings outlook range. Key highlights include:
- TXU invested $2.6 billion in capital expenditures in 2006 and plans to invest over $17 billion from 2006-2010 to meet growing electricity demand in Texas.
- Third quarter earnings were $1.004 billion compared to $565 million in the prior year. Operational earnings, which exclude special items, were $977 million compared to $574 million previously.
- For the full year, TXU expects operational earnings per share to be in the range of $5.50 to $5.75, excluding gains or losses from its long-term hedging program.
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TXU reported financial results for the fourth quarter and full year of 2006. For the fourth quarter, TXU reported net income of $475 million compared to $356 million in the previous year. For the full year, TXU reported net income of $2,552 million compared to $1,712 million the previous year. Operational earnings, which exclude special items, were $556 million for the fourth quarter and $2,592 million for the full year, increases from the previous years. TXU also announced that it had reached a definitive merger agreement to be acquired for $45 billion, representing a 25% premium over its share price.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
- Air Products reported record third quarter revenues and earnings, with net income of $285 million and diluted EPS of $1.28. Revenues increased 16% to a record $2.595 billion due to higher volumes and pricing.
- All six of Air Products' business segments saw sales increases compared to the prior year, with the Merchant Gases, Tonnage Gases, and Electronics and Performance Materials segments experiencing the strongest growth.
- Based on continued strong demand, Air Products raised its full-year EPS guidance to a range of $4.30 to $4.35, representing 23-24% year-over-year growth.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
Progress Energy reported lower earnings in Q4 2007 and full year 2007 compared to the same periods in 2006, primarily due to divestitures. For Q4, core ongoing earnings were $0.40 per share compared to $0.59 last year, with higher O&M expenses partially offsetting factors. For full year, core ongoing earnings were $2.81 per share compared to $2.63 last year, helped by lower taxes and favorable weather partially offset by higher O&M. Progress Energy reaffirmed its 2008 ongoing earnings target of $3.05 per share, within a range of 10 cents.
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TXU reported improved financial results for the first quarter of 2006 compared to the first quarter of 2005. Net income increased to $576 million from $416 million in the prior year period. Operational earnings, which exclude special items, also increased significantly, reaching $1.09 per share compared to $0.51 per share in 2005. TXU affirmed its outlook for 2006 and 2007, and announced plans to invest $10 billion to build new coal and lignite power plants in Texas to meet growing energy demand and lower costs.
UnitedHealth Group reported first quarter 2007 results, with key highlights including:
- Net earnings of $0.66 per share, or $0.74 per share excluding 409A charges, up 17% year-over-year.
- Revenues increased 8% to $19 billion.
- Operating margin was 8.3%, or 9.2% excluding 409A charges.
- Cash flows from operations were $2.6 billion, or $1.1 billion adjusted for CMS payment timing.
The company extended its relationship with AARP and positioned itself for continued diversified growth. UnitedHealth increased its full-year 2007 earnings outlook to $3.42-$3.46 per share
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TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
Duke Energy reported strong financial results in the second quarter of 2004. Net income was $432 million, or $0.46 per share, matching the previous year's results. Excluding special items, ongoing earnings per share were $0.42 compared to $0.30 in 2003. Several of Duke Energy's business units performed well, including Duke Energy Field Services and Crescent Resources which both posted significant increases in earnings compared to the previous year. Duke Energy continued progress on meeting financial targets such as debt reduction and asset sales.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
Celanese Corporation reported record second quarter results for 2008, with net sales increasing 20% and operating profit more than doubling compared to the second quarter of 2007. Several of Celanese's business segments saw higher sales and profits driven by increased pricing, volumes, and currency impacts. Despite challenges from higher raw material and energy costs, the company reaffirmed its full-year 2008 outlook for adjusted earnings per share and operating EBITDA.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
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TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Progress Energy reported third-quarter ongoing earnings of $1.44 per share, up 50% from the prior year, and GAAP earnings of $1.82 per share. Core regulated utility earnings grew due to higher retail margins from customer growth, usage, and weather, partially offset by higher operating costs. Synthetic fuel earnings increased significantly due to higher sales volumes and tax credit recognition. The company reaffirmed its 2005 ongoing earnings guidance range of $2.90 to $3.20 per share.
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TXU reported financial results for Q2 and year-to-date 2007. For Q2, net income was $121 million compared to $497 million in Q2 2006. Operational earnings, which exclude special items, were $430 million in Q2 2007 compared to $650 million in Q2 2006. For year-to-date, TXU reported a net loss of $377 million compared to net income of $1,073 million in 2006. Operational earnings were $873 million year-to-date 2007 compared to $1,179 million in 2006. Results were impacted by cooler weather, higher fuel costs, and lower average pricing. TXU also provided updates on its proposed merger with TEF Holdings and
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TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
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TXU reported third quarter results and maintained its full year earnings outlook range. Key highlights include:
- TXU invested $2.6 billion in capital expenditures in 2006 and plans to invest over $17 billion from 2006-2010 to meet growing electricity demand in Texas.
- Third quarter earnings were $1.004 billion compared to $565 million in the prior year. Operational earnings, which exclude special items, were $977 million compared to $574 million previously.
- For the full year, TXU expects operational earnings per share to be in the range of $5.50 to $5.75, excluding gains or losses from its long-term hedging program.
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TXU reported financial results for the fourth quarter and full year of 2006. For the fourth quarter, TXU reported net income of $475 million compared to $356 million in the previous year. For the full year, TXU reported net income of $2,552 million compared to $1,712 million the previous year. Operational earnings, which exclude special items, were $556 million for the fourth quarter and $2,592 million for the full year, increases from the previous years. TXU also announced that it had reached a definitive merger agreement to be acquired for $45 billion, representing a 25% premium over its share price.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
National Fuel and their Marcellus Shale drilling subsidiary Seneca Resources issued their fiscal year second quarter results yesterday, which show a 57% increase in shale oil and gas production coming from the Marcellus region.
The document summarizes Sonoco's 2009 second quarter financial results. Key points:
- Net sales declined 21% year-over-year due to lower volumes, especially in industrial markets impacted by recession.
- Base earnings were $0.41 per share compared to $0.62 per share last year, with higher pension costs partially offsetting improvements from cost reductions.
- The Consumer Packaging segment saw a 6% sales decline but a 20% increase in operating profits due to price increases and productivity gains.
- CIT reported record quarterly and annual results for Q4 2006 and full year 2006, with EPS growth of 16% and 15% respectively excluding noteworthy items.
- Key drivers were strong loan and lease origination volume of $11.6 billion in Q4 2006, up 20% from prior year, leading to higher other revenue from gains on receivable sales and syndications.
- Credit quality remained solid across segments despite some increases in consumer metrics, and full year net charge-offs declined.
- Expenses increased due to investments in sales force and origination platforms, but efficiency ratio improved slightly.
- As a result, CIT increased 2007 EPS guidance to $5.40
This document is Altria Group's third quarter 2007 earnings release. It reports an 18.1% increase in diluted EPS from continuing operations to $1.24 per share. Adjusted diluted EPS excluding items increased 13.1% to $1.21. Altria raised its full-year 2007 EPS forecast to a range of $4.20 to $4.25. Key business units like Philip Morris USA and Philip Morris International saw revenue and operating income increases.
- In the second quarter of fiscal year 2009, AmerisourceBergen reported record diluted EPS of $0.95, a 17% increase over the previous year. Revenue was $17.3 billion, down 2.5% due to one less business day.
- For the full fiscal year 2009, the company increased guidance for diluted EPS to $3.18-$3.30, a 10-14% increase over 2008, due to lower expected shares outstanding and interest expenses.
- In the first six months of fiscal 2009, diluted EPS was $1.67, up 14% over the previous year, while revenue was $34.7 billion, down 1.1%.
- CIT reported third quarter results with diluted EPS of $1.44, up from $1.02 the prior year, on record new business volume of $11 billion, up 40% from last year.
- Earnings improved due to increased loan and lease origination volume, asset growth, and higher other revenue including syndication fees, partially offset by lower margins and higher expenses.
- Excluding noteworthy one-time items, total net revenue was up 19% from last year and EPS was up 17% from the prior year.
- Southern Company reported third quarter earnings of $780.4 million, or $1.01 per share, compared to $762 million, or $1.00 per share in the third quarter of 2007. Revenues increased 12.3% to $5.43 billion.
- Kilowatt-hour sales decreased 4.6% for the quarter and 1.7% for the first nine months of the year compared to the same periods in 2007, due primarily to milder weather.
- Earnings were positively impacted by increased retail rates and market-response rates for commercial and industrial customers, but offset by mild weather, asset depreciation, and a sluggish economy.
TXU reported better than expected earnings for the first quarter of 2003, with earnings from continuing operations of $101 million (exceeding the target of $0.20 per share). Full year 2003 guidance remains at $1.95 to $2.05 per share. Earnings were higher than expected due to increased contributions from the North America Energy Delivery segment and cost reductions, though partially offset by higher fuel costs and interest expenses. TXU has also accomplished debt reduction and cost cutting objectives to strengthen its financial position.
Clear Channel Communications reported financial results for the third quarter of 2007, with revenue increasing 5% to $1.7 billion compared to the previous year. Operating expenses also increased 6% while income before discontinued operations rose 51% and diluted earnings per share increased 53%. The company's OIBDAN was $583.5 million, a 4% increase from 2006. Clear Channel's shareholders approved a merger agreement with a private equity group in September 2007. The company continues its plans to divest radio stations and its television group, with definitive agreements signed to sell 353 radio stations and its television business.
TRW reported its financial results for the 4th quarter and full year of 2007. Key highlights include:
- Record sales of $14.7 billion for the full year, an increase of 11.9% over 2006.
- 4th quarter sales were $3.9 billion, an increase of 18.8% over the same period in 2006.
- Net earnings for the full year were $90 million, or $0.88 per share. Excluding one-time items, earnings were $2.28 per share.
- Guidance for 2008 expects sales between $15.6-16 billion and earnings per share between $2.15-2.45.
Avery Dennison reported a loss per share of $0.07 for Q4 2005 compared to a profit of $0.83 per share in Q4 2004. The loss was due to restructuring charges and divestitures. Excluding these, earnings per share were $0.92. For the full year, earnings per share were $2.25 compared to $2.78 in 2004. The company expects 2006 earnings per share between $3.45-$3.80.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
Altria reported its 2008 third-quarter results, with adjusted diluted EPS up 15% to $0.46. PM USA's adjusted OCI increased 6.3% due to lower promotional rates and costs. Marlboro gained retail share. Altria reaffirmed its full-year EPS guidance of $1.63 to $1.67, representing 9-11% growth. It also announced that its proposed acquisition of UST passed federal antitrust review.
DTE Energy announced its third quarter 2007 earnings. Operating earnings were $181 million compared to $255 million in third quarter 2006, primarily due to one-time gains in 2006 and startup costs for new systems in 2007. For the first nine months, operating earnings were $317 million compared to $377 million in 2006, mainly due to onetime costs at Detroit Edison including new system startup costs and a temporary rate reduction. The company expects to meet its annual operating earnings guidance and sees strong cash flow providing flexibility for growth.
This financial review provides operating and financial information for Northeast Utilities (NU) and its subsidiaries through June 30, 2008. Key information includes:
- NU's consolidated revenues for 2007 were $5.822 billion and operating income was $539 million.
- The largest subsidiary, The Connecticut Light and Power Company (CL&P), had revenues of $3.682 billion in 2007 and operating income of $285 million.
- Financial information such as sales, revenues, income, capitalization, debt ratings and dividend payments are presented for NU, CL&P and other subsidiaries from 2007 back to 2003.
1. The 2008 Annual Meeting of Shareholders of Northeast Utilities will be held on May 13, 2008 at 10:30am at the offices of Public Service Company of New Hampshire.
2. Matters to be voted on include electing 12 trustee nominees and ratifying the selection of Deloitte & Touche LLP as the independent auditors for 2008.
3. Directions to the meeting location in Manchester, NH are provided. Shareholders are urged to vote their shares whether attending the meeting or not.
- Net sales increased significantly from $4.74 billion in 1999 to $7.13 billion in 2000. Net income increased slightly from $515.8 million in 1999 to $422 million in 2000.
- The Telecommunications segment saw the largest increase in revenues from $2.96 billion in 1999 to $5.12 billion in 2000, driving the overall revenue growth.
- Pro forma diluted earnings per share, which excludes certain one-time items, increased from $0.67 in 1999 to $1.23 in 2000 despite a smaller increase in net income, reflecting share repurchases.
This annual report summarizes Corning Inc.'s financial performance in 2001, which saw a significant downturn from 2000 due to challenging conditions in the telecommunications sector and global economic weakness. Net sales fell 12% to $6.3 billion and the company reported a net loss of $5.5 billion compared to net income of $409 million in 2000. Corning took actions to reduce costs, including eliminating 12,000 jobs and closing plants. However, the company ended 2001 with $2.2 billion in cash and believes it is well positioned financially and strategically for long-term growth opportunities in key markets like optical fiber and displays.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
Corning Inc. is a 152-year-old diversified technology company that focuses on high-impact growth opportunities through specialty glass, ceramics, polymers, and light manipulation. It develops innovative products for telecommunications, displays, environmental, life sciences, semiconductors, and other materials markets. The 2003 annual report discusses priorities of protecting financial health, returning to profitability, and continuing to invest in the future. It emphasizes growth through global innovation, achieving balance and stability, and preserving trust through living the company's values.
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Corning Inc. reported strong financial performance in its 2007 Annual Report. Net income reached an all-time high of $2.15 billion, up 16% from 2006. Sales increased 13% to $5.86 billion, driven by high demand for LCD glass and new diesel filtration products. Corning also achieved records for earnings per share at $1.34 and operating cash flow at $2.1 billion. The report discusses Corning's strategy of focusing on innovation to drive growth, maintaining financial stability, and improving business portfolio balance. Key accomplishments in 2007 included expanding LCD glass capacity and developing innovations in optical fiber and life sciences technologies.
Corning posted record performance in the first half of 2008 but experienced weak performance in the second half due to the global recession. While sales were up 21% in the first half, they declined 30% in the fourth quarter compared to the third quarter and previous year. Corning implemented cost-cutting measures like job cuts and spending reductions to prepare for a weak 2009. However, Corning remains confident in its long-term strategies and innovative products to drive future growth once the economy recovers.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers across 12 states and owns one of the largest intrastate pipeline systems in Texas. The company has grown through acquisitions, adding over 2.9 million customers since 1983, and pursues a strategy of growing its regulated and complementary nonregulated natural gas businesses.
Atmos Energy Corporation will host a conference call on February 4, 2009 at 8:00 am ET to discuss its fiscal 2009 first quarter financial results. Atmos Energy, headquartered in Dallas, is the largest natural gas-only distributor in the US, serving about 3.2 million customers across 12 states. Interested parties can access the conference call by dialing 800-218-0204 or listening online at Atmos Energy's website, where an archive of the call will also be made available until April 30, 2009.
Atmos Energy Corporation declared a quarterly dividend of 33 cents per share to shareholders of record on February 25, 2009. This marks the company's 101st consecutive quarterly dividend. Atmos Energy is the country's largest natural-gas-only distributor, serving about 3.2 million customers across 12 states. It also provides natural gas marketing and pipeline management services.
Fred Meisenheimer was promoted to senior vice president and chief financial officer of Atmos Energy Corporation. Meisenheimer has been acting as interim CFO since January 1, 2009. He joined Atmos Energy in 2000 as vice president and controller and has made valuable contributions to the company's success over eight years. Prior to joining Atmos Energy, Meisenheimer held financial and accounting roles at other energy companies.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers in 1,600 communities across 8 states. The company has grown significantly through acquisitions, adding over 2.7 million customers since 1983. Atmos Energy aims to continue growing its regulated natural gas distribution operations and complementary nonregulated energy businesses.
This document provides an overview of the nonutility operations of Atmos Energy Corporation. It discusses the corporate structure and business segments, including gas marketing, pipeline and storage, and other nonutility operations. It then provides more detailed descriptions of the storage business models, including proprietary storage, full requirements storage, billable plan storage, and parking and loaning transactions. The storage business models are explained in terms of associated risks, risk management strategies, and impact on margins.
The document discusses forward-looking statements and risks associated with them. It provides an overview of Atmos Energy, including its scope of operations across 12 states in the utility segment and 22 states in the nonutility segment. It also summarizes Atmos Energy's financial and operational performance over time, including earnings growth, dividend increases, and acquisition history such as the purchase of TXU Gas.
A conference call was scheduled for February 8, 2006 at 8:00 am EST to review the company's fiscal 2006 first quarter financial results. The company reported a net income of $100 million, up 19% from the prior year quarter. Earnings per share were $0.88, up 11% from the previous year. Key drivers included a contribution from acquisitions and weather that was colder than the prior year. The utility segment saw higher throughput and gross profit.
The document summarizes a conference call to review the company's fiscal 2006 second quarter financial results. Key points from the quarter include a 1.3% increase in net income compared to the prior year quarter, driven by higher contributions from the natural gas marketing segment due to favorable storage and marketing positions. Earnings per share increased 1.3% while operating expenses rose due to higher employee, bad debt, and regulatory costs. Weather during the quarter was warmer than normal, negatively impacting utility throughput.
The document discusses a conference call to review the company's fiscal 2006 third quarter financial results. It provides details on the company's net income, earnings per share, capital expenditures, and performance by business segment for the quarter. The company reported a net loss for the quarter, driven by unrealized mark-to-market losses in natural gas marketing and warmer than normal weather across many utility divisions.
The document summarizes the company's financial results for fiscal year 2006. Key points include:
- Net income increased 20% to $170 million due to higher contributions from nonutility businesses and rate increases.
- Earnings per share increased 16% to $2.00, despite warmer than normal weather reducing utility revenues.
- Gross profit increased $98.9 million primarily from higher natural gas marketing margins and increased pipeline volumes.
- Higher O&M and interest expenses partially offset revenue gains. Overall the company delivered results within its guidance range for the year.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
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Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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atmos enerrgy ato37
1. 1
News Release
Analysts and Media Contact:
Susan Giles (972) 855-3729
Atmos Energy Corporation Reports Earnings
For the Fiscal 2007 Third Quarter and Nine Months
DALLAS (August 7, 2007)—Atmos Energy Corporation (NYSE:ATO) today reported
consolidated results for its fiscal 2007 third quarter and nine months ended June 30, 2007.
For the fiscal 2007 third quarter, net loss was $13.4 million, or $0.15 per diluted share,
compared with net loss of $18.1 million, or $0.22 per diluted share in the prior-year
quarter.
Improved utility and pipeline & storage segment results were the primary drivers for the
smaller net loss reported quarter over quarter.
Atmos Energy expects fiscal 2007 earnings to be at the lower end of the previously
announced range of $1.90 to $2.00 per diluted share.
For the nine months ended June 30, 2007, net income increased 23 percent to $174.4 million, or
$2.00 per diluted share, compared with net income of $141.7 million, or $1.75 per diluted share
for the same period last year. Diluted earnings per share increased 14 percent year over year,
despite a 7 percent increase in weighted average diluted shares outstanding, primarily associated
with the company’s December 2006 equity offering. For the current nine-month period, the
utility business contributed $92.5 million of net income, or $1.06 per diluted share, and the
nonutility businesses contributed $81.9 million of net income, or $0.94 per diluted share.
“Because of the seasonal nature of our utility operations, the third quarter of the fiscal year is
typically a loss quarter” said Robert W. Best, chairman, president and chief executive officer of
Atmos Energy Corporation. “However, we realized a significant improvement this quarter as a
result of more seasonable weather, which drove an increase in throughput at the utility. Also, the
Texas intrastate pipeline continues to benefit from increased margins and throughput from the
projects we completed last year.
2. 2
Results for the 2007 Third Quarter Ended June 30, 2007
Consolidated gross profit for the three months ended June 30, 2007, was $228.0 million,
compared with $204.5 million for the three months ended June 30, 2006. The $23.5 million
increase in consolidated gross profit reflects improved utility and pipeline and storage
operations.
Utility gross profit increased $20.8 million to $190.6 million in the current quarter, compared
with $169.8 million in the same period last year, before intersegment eliminations. The
improvement in utility gross profit margin was primarily the result of a 20 percent increase in
utility throughput associated with more seasonable weather in the current-year quarter compared
with the prior-year quarter, which increased gross profit margin by $18.9 million. Additionally,
utility gross profit margin reflects $7.3 million associated with rate increases in the company’s
Texas and Louisiana service areas and rate design changes in its Missouri service area. These
increases were partially offset by a $0.6 million increase in the Gas Reliability Infrastructure
Program (GRIP) refund ordered in March 2007 by the Railroad Commission of Texas (RRC)
after final calculations were completed. Additionally, gross profit margin for the prior-year
quarter includes the recognition of $6.2 million in previously deferred gross profit from the
company’s 2003 Rate Stabilization Clause filing in its Louisiana Division.
Natural gas marketing gross profit reflected a loss of $0.6 million, compared with a loss of $0.9
million in the same quarter last year, before intersegment eliminations. The slight improvement
reflects a $44.1 million increase in unrealized margins during the current-year quarter compared
with the prior-year quarter, offset by a $43.8 million decrease in realized margins. The decrease
in realized margins primarily reflects increased storage demand fees, increased park and loan
fees and the impact of a less volatile market in the current-year quarter compared with the prior-
year quarter, which reduced arbitrage spreads captured in the storage activities of Atmos Energy
Marketing (AEM). Additionally, AEM recognized financial hedge settlement losses associated
with the deferral of storage withdrawals. The fiscal 2007 third quarter gross profit included a
$22.8 million unrealized gain compared with a $21.3 million unrealized loss in the prior-year
quarter. The quarter-over-quarter increase offset the decrease in realized margins and was
primarily attributable to a narrowing of the physical/financial spreads during the current-year
quarter compared with the prior-year quarter.
Pipeline and storage gross profit was $37.7 million for the three months ended June 30, 2007,
compared with $35.5 million for the three months ended June 30, 2006, before intersegment
eliminations. The $2.2 million increase in gross profit was primarily due to increased margins
associated with a 19 percent increase in throughput, including $2.8 million of incremental margin
received from the company’s North Side Loop and other compression projects completed in
fiscal 2006, partially offset by reduced asset management margins.
Consolidated operation and maintenance expense for the three months ended June 30, 2007, was
$118.4 million, compared with $104.4 million for the three months ended June 30, 2006.
Excluding the provision for doubtful accounts, operation and maintenance expense for the three
months ended June 30, 2007 increased $14.0 million compared with the prior-year quarter,
primarily due to higher employee and other administrative costs and a one-time $3.3 million
non-cash charge to write off software that will no longer be used. The increase also reflects the
absence in the current-year quarter of a $2.0 million accrual reversal related to Hurricane Katrina
in the prior-year quarter. The provision for doubtful accounts for the three months ended June 30,
2007 was flat at $2.5 million, compared with the prior-year quarter. The average cost of natural
gas in the utility segment for the three months ended June 30, 2007, was $7.90 per thousand
cubic feet (Mcf), compared with $7.11 per Mcf for the three months ended June 30, 2006.
3. 3
Taxes, other than income taxes, for the three months ended June 30, 2007, were $52.9 million,
compared with $48.5 million for the prior-year quarter. The $4.4 million increase primarily
reflects higher franchise fees and state gross receipts taxes, both of which are calculated as a
percentage of revenue and are paid by utility customers as a component of their monthly bills.
Although these amounts are included as a component of revenue in accordance with the
company’s tariffs, timing differences between when these amounts are billed to customers and
when the company recognizes the associated expense may favorably or unfavorably affect net
income; however, they should offset over time with no permanent impact on net income.
Interest charges for the three months ended June 30, 2007, were $34.5 million, compared with
$35.9 million for the three months ended June 30, 2006. The $1.4 million decrease primarily
reflects lower average outstanding short-term debt balances in the current-year quarter, partially
offset by incremental interest expense associated with the timing of the company’s $250 million
senior note offering in June 2007.
Miscellaneous income for the three months ended June 30, 2007, was $4.3 million, compared
with $1.0 million for the three months ended June 30, 2006. The $3.3 million increase was
primarily due to $2.1 million of income from leasing certain mineral interests owned by the
company’s pipeline and storage segment, coupled with increased interest income on short-term
cash investments.
Results for the Nine Months Ended June 30, 2007
Consolidated gross profit for the nine months ended June 30, 2007, was $1.0 billion compared
with $956.5 million for the same period last year, reflecting improvements across all business
segments, largely due to weather that was 15 percent colder than the prior-year period.
Utility gross profit increased to $799.5 million for the nine months ended June 30, 2007,
compared with $765.8 million in the same period last year, before intersegment eliminations.
The $33.7 million increase in utility gross profit margin reflects an 11 percent increase in
throughput, which increased gross profit margin by $33.4 million, a $10.8 million increase
resulting from the implementation of Weather Normalized Adjustment (WNA) in the company’s
Mid-Tex and Louisiana divisions and a $25.6 million increase due to incremental revenues from
rate case proceedings in the company’s Texas, Louisiana and Missouri service areas. These
increases were partially offset by the adverse results from the Tennessee and Texas rate rulings,
which reduced margins by $9.1 million. Prior-year gross profit margin included the $6.2 million
of previously deferred gross profit in the company’s Louisiana division, as mentioned above.
Natural gas marketing gross profit was $85.6 million for the nine months ended June 30, 2007,
compared with $69.4 million in the same period last year, before intersegment eliminations. The
$16.2 million improvement reflects a $41.2 million increase in unrealized margins during the
current-year period compared with the prior-year period, offset by a $25.0 million decrease in
realized margins.
The decrease in realized margins primarily reflects lower market volatility, which reduced the
arbitrage spreads AEM captured in its storage activities and provided fewer opportunities to
maximize margins within the marketing business. The decrease in realized margins also reflects
increased storage demand fees and park and loan fees compared with the prior-year period.
These decreases were partially offset by increased sales volumes associated with colder weather
in the current-year period compared with the prior-year period and the successful execution of
marketing strategies. For the nine months ended June 30, 2007, the storage and marketing
4. 4
margin included a $2.7 million unrealized gain compared with a $38.5 million unrealized loss in
the prior-year period, primarily attributable to a narrowing of the physical/financial spreads
during the current-year period compared with the prior-year period.
Pipeline and storage gross profit was $146.5 million for the nine months ended June 30, 2007,
compared with $120.5 million for the nine months ended June 30, 2006, before intersegment
eliminations. The $26.0 million increase in gross profit was primarily the result of increased
margins associated with a 28 percent increase in pipeline throughput and higher demand for
storage services, including $8.7 million of incremental margin received from the company’s
North Side Loop and other compression projects completed in fiscal 2006. The increase also
reflects a $7.1 million increase in asset management fees and a $2.1 million increase due to rate
adjustments resulting from the company’s 2005 GRIP filing.
Consolidated operation and maintenance expense for the nine months ended June 30, 2007, was
$345.7 million, compared with $325.3 million for the same period last year. Excluding the
provision for doubtful accounts, operation and maintenance expense for the nine months ended
June 30, 2007, increased $25.6 million compared with the same period in 2006. The increase
primarily reflects increased employee and other administrative costs and the previously
mentioned $3.3 million software write-off. However, these increases were partially offset by the
deferral of $4.3 million of operation and maintenance expense resulting from the Louisiana
Public Service Commission’s decision to permit the company to recover the incremental expense
incurred in connection with its Hurricane Katrina recovery efforts. The provision for doubtful
accounts decreased $5.2 million to $13.3 million for the nine months ended June 30, 2007,
compared with $18.5 million in the prior-year period. The decrease was largely due to reduced
collection risk in the utility segment as a result of lower natural gas prices, where the average
cost of natural gas for the nine months ended June 30, 2007, was $8.19 per Mcf, compared with
$10.39 per Mcf for the nine months ended June 30, 2006.
Taxes, other than income taxes, for the nine months ended June 30, 2007, were $149.7 million,
compared with $158.7 million for the prior-year period. The $9.0 million decrease was primarily
related to revenue-based franchise fees and state gross receipts taxes, which do not have a
permanent effect on net income, as explained above.
Interest charges for the nine months ended June 30, 2007, were $109.3 million, compared with
$107.6 million for the nine months ended June 30, 2006. The $1.7 million increase was largely
due to increased interest rates on the company’s $300 million unsecured floating rate senior
notes that were paid off in July 2007, due to an increase in the three-month LIBOR rate, coupled
with incremental interest expense associated with the timing of the company’s $250 million
senior note offering in June 2007. These increases were partially offset by reduced interest
expense associated with lower average outstanding short-term debt balances in the current-year
period compared with the prior-year period.
Miscellaneous income for the nine months ended June 30, 2007, was $7.7 million, compared
with miscellaneous expense of $1.0 million for the nine months ended June 30, 2006. The $8.7
million increase in miscellaneous income was primarily due to the absence of a $3.3 million
charge recorded in Tennessee during the prior-year period associated with an adverse regulatory
ruling, the previously mentioned $2.1 million of income from leasing certain mineral rights and
increased interest income on short-term cash investments.
For the nine months ended June 30, 2007, cash flow generated from operating activities was
$552.7 million, compared with $223.4 million for the same period last year. Period over period,
operating cash flow was favorably impacted by an increase in net income, increased sales
5. 5
volumes attributable to colder weather in the current-year period and significantly lower natural
gas prices, compared to the prior-year period.
Capital expenditures decreased to $263.0 million for the nine months ended June 30, 2007, from
$322.7 million for the nine months ended June 30, 2006. The $59.7 million decrease in capital
spending primarily reflects the absence of capital expenditures associated with the company’s
North Side Loop and other pipeline compression projects, which were completed in the third
quarter of fiscal 2006.
Outlook
Atmos Energy said its leadership remains focused on enhancing shareholder value by delivering
consistent earnings growth and providing a sound and attractive dividend. The company
experienced strong year-to-date results across all business segments. However, with the
continued reduction in natural gas price volatility, which limits the natural gas marketing
segment’s ability to maximize storage arbitrage spreads, coupled with the lower than projected
revenue increase in the Mid-Tex Division rate case, Atmos Energy now expects fiscal 2007
earnings to be at the lower end of the previously announced range of $1.90 to $2.00 per diluted
share. Additionally, the mark-to-market impact on the marketing company’s physical storage
inventory at September 30, 2007, and changes in events or other circumstances that the company
cannot currently anticipate, could result in earnings for fiscal 2007 that are significantly above or
below this outlook. Capital expenditures for fiscal 2007 are expected to be in the range of $365
to $385 million.
The company’s debt capitalization ratio was 55.0 percent at June 30, 2007, compared with 60.9
percent at September 30, 2006. The improvement was primarily due to increased equity from the
public offering completed in December 2006 and strong period-to-date earnings, as well as the
positive effect of using operating cash flow to repay all outstanding short-term debt as of June
30, 2007. The company used the net proceeds received from its $250 million senior note offering
in June 2007, together with available cash, to reduce long-term debt by $300 million in July
2007. Had the repayment occurred as of June 30, 2007, the company’s debt capitalization ratio
would have been 51.7 percent. Atmos Energy remains committed to maintaining the debt
capitalization ratio in a targeted range of 50 to 55 percent.
Conference Call to be Webcast August 8, 2007
Atmos Energy will host a conference call with financial analysts to discuss the financial results
for the third quarter and first nine months of fiscal 2007 on Wednesday, August 8, 2007, at 8 a.m.
EDT. The telephone number is 800-257-7063. The conference call will be webcast live on the
Atmos Energy Web site at www.atmosenergy.com. A slide presentation and a playback of the call
will be available on the Web site later that day. Atmos Energy officers who will participate in the
conference call include: Bob Best, chairman, president and chief executive officer; Pat Reddy,
senior vice president and chief financial officer; Kim Cocklin, senior vice president, utility
operations; Mark Johnson, senior vice president, nonutility operations; Fred Meisenheimer, vice
president and controller; Laurie Sherwood, vice president, corporate development, and treasurer;
and Susan Giles, vice president, investor relations.
Other Highlights and Recent Developments
Atmos Energy Completes Successful Senior Note Offering
On June 11, 2007, Atmos Energy completed the public offering of $250 million aggregate
principal amount of its 6.35% senior notes due 2017. Atmos Energy used the net proceeds of this
6. 6
offering of approximately $247 million plus available cash of $53 million to redeem the
company’s $300 million of unsecured floating rate senior notes on July 15, 2007.
Gas Gathering Project Update
In May 2006, Atmos Energy announced plans to construct a natural gas gathering system in
Eastern Kentucky, referred to as the Straight Creek Project. This project has recently been
reconfigured and renamed the Phoenix Gas Gathering Project (the “Phoenix Project”). The
Phoenix Project, as currently designed, would consist of approximately 40 miles of 12-inch and
20-inch pipe with an initial throughput capacity of 50 MMcf/day, but could be expanded if
market conditions demand. The company anticipates the initial capital requirement to be about
$50 million. The inception of the project and the in-service date are contingent on finalizing
gathering agreements covering sufficient minimum volumes to support the project. Atmos
Energy does not expect the project to have a financial impact on fiscal 2008 earnings.
This press release should be read in conjunction with the attached unaudited financial
information.
Forward-Looking Statements
The matters discussed in this news release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of historical fact included in this
news release are forward-looking statements made in good faith by the company and are
intended to qualify for the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. When used in this news release or in any of the company’s other
documents or oral presentations, the words “anticipate,” “believe,” “estimate,” “expect,”
“forecast,” “goal,” “intend,” “objective,” “plan,” “projection,” “seek,” “strategy” or similar
words are intended to identify forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ materially from those
discussed in this news release, including the risks and uncertainties relating to regulatory trends
and decisions, the company’s ability to continue to access the capital markets and the other
factors discussed in the company’s SEC filings. These factors include the risks and uncertainties
discussed in the company’s Annual Report on Form 10-K for the fiscal year ended September
30, 2006. Although the company believes these forward-looking statements to be reasonable,
there can be no assurance that they will approximate actual experience or that the expectations
derived from them will be realized. The company undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information, future events or otherwise.
About Atmos Energy
Atmos Energy Corporation, headquartered in Dallas, is the country’s largest natural gas-only
distributor, serving about 3.2 million gas utility customers. Atmos Energy’s utility operations
serve more than 1,500 communities in 12 states from the Blue Ridge Mountains in the East to the
Rocky Mountains in the West. Atmos Energy’s nonutility operations, organized under Atmos
Energy Holdings, Inc., operate in 22 states. They provide natural gas marketing and procurement
services to industrial, commercial and municipal customers and manage company-owned natural
gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline
systems in Texas. Atmos Energy is a Fortune 500 company. For more information, visit
www.atmosenergy.com.
7. 7
Atmos Energy Corporation
Financial Highlights (Unaudited)
Statements of Income
Three Months Ended
June 30 Percentage
(000s except per share) 2007 2006 Change
Operating revenues:
Utility segment $ 548,251 $ 402,044
Natural gas marketing segment 854,167 562,447
Pipeline and storage segment 37,937 35,862
Other nonutility segment 843 1,413
Intersegment eliminations (223,046) (138,523)
1,218,152 863,243
Purchased gas cost:
Utility segment 357,608 232,192
Natural gas marketing segment 854,743 563,333
Pipeline and storage segment 228 379
Other nonutility segment — —
Intersegment eliminations (222,443) (137,161)
990,136 658,743
Gross profit 228,016 204,500 11%
Operation and maintenance expense 118,430 104,380 13%
Depreciation and amortization 48,974 46,838 5%
Taxes, other than income 52,881 48,479 9%
Total operating expenses 220,285 199,697 10%
Operating income 7,731 4,803 61%
Miscellaneous income 4,266 963 343%
Interest charges 34,479 35,944 (4)%
Loss before income taxes (22,482) (30,178) 26%
Income tax benefit (9,122) (12,033) (24)%
Net loss $ (13,360) $ (18,145) 26%
Basic net loss per share $ (0.15) $ (0.22)
Diluted net loss per share $ (0.15) $ (0.22)
Cash dividends per share $ .320 $ .315
Weighted average shares outstanding:
Basic 88,366 80,840
Diluted 88,366 80,840
Three Months Ended
June 30 Percentage
Summary Net Income (Loss) by Segment (000s) 2007 2006 Change
Utility $ (15,690) $ (18,971) 17%
Natural gas marketing (5,610) (5,169) (9)%
Pipeline and storage 7,672 5,832 32%
Other nonutility 268 163 64%
Consolidated net loss $ (13,360) $ (18,145) 26%
8. 8
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Statements of Income
Nine Months Ended
June 30 Percentage
(000s except per share) 2007 2006 Change
Operating revenues:
Utility segment $ 2,973,528 $ 3,254,674
Natural gas marketing segment 2,360,902 2,482,921
Pipeline and storage segment 147,151 121,057
Other nonutility segment 2,979 4,500
Intersegment eliminations (588,193) (682,243)
4,896,367 5,180,909
Purchased gas cost:
Utility segment 2,174,071 2,488,906
Natural gas marketing segment 2,275,291 2,413,511
Pipeline and storage segment 682 590
Other nonutility segment — —
Intersegment eliminations (585,971) (678,591)
3,864,073 4,224,416
Gross profit 1,032,294 956,493 8%
Operation and maintenance expense 345,662 325,295 6%
Depreciation and amortization 149,035 137,174 9%
Taxes, other than income 149,694 158,691 (6)%
Total operating expenses 644,391 621,160 4%
Operating income 387,903 335,333 16%
Miscellaneous income (expense) 7,683 (1,028) 847%
Interest charges 109,273 107,625 2%
Income before income taxes 286,313 226,680 26%
Income tax expense 111,907 85,002 32%
Net income $ 174,406 $ 141,678 23%
Basic net income per share $ 2.02 $ 1.76
Diluted net income per share $ 2.00 $ 1.75
Cash dividends per share $ .960 $ .945
Weighted average shares outstanding:
Basic 86,378 80,520
Diluted 87,011 81,013
Nine Months Ended
June 30 Percentage
Summary Net Income (Loss) by Segment (000s) 2007 2006 Change
Utility $ 92,464 $ 84,070 10%
Natural gas marketing 40,368 28,215 43%
Pipeline and storage 41,581 29,086 43%
Other nonutility (7) 307 (102)%
Consolidated net income $ 174,406 $ 141,678 23%
9. 9
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Condensed Balance Sheets June 30, September 30,
(000s) 2007 2006
Net property, plant and equipment $ 3,757,476 $ 3,629,156
Cash and cash equivalents 350,383 75,815
Cash held on deposit in margin account 13,576 35,647
Accounts receivable, net 429,119 374,629
Gas stored underground 463,896 461,502
Other current assets 77,519 169,952
Total current assets 1,334,493 1,117,545
Goodwill and intangible assets 738,065 738,521
Deferred charges and other assets 225,775 234,325
$ 6,055,809 $ 5,719,547
Shareholders’ equity $ 1,988,142 $ 1,648,098
Long-term debt 2,126,526 2,180,362
Total capitalization 4,114,668 3,828,460
Accounts payable and accrued liabilities 428,806 345,108
Other current liabilities 360,920 388,451
Short-term debt — 382,416
Current maturities of long-term debt 303,992 3,186
Total current liabilities 1,093,718 1,119,161
Deferred income taxes 367,025 306,172
Deferred credits and other liabilities 480,398 465,754
$ 6,055,809 $ 5,719,547
10. 10
Atmos Energy Corporation
Financial Highlights, continued (Unaudited)
Condensed Statements of Cash Flows
Nine Months Ended
June 30
(000s) 2007 2006
Cash flows from operating activities
Net income $ 174,406 $ 141,678
Depreciation and amortization 149,183 137,533
Deferred income taxes 37,266 36,160
Changes in assets and liabilities 173,856 (103,991)
Other 17,959 12,063
Net cash provided by operating activities 552,670 223,443
Cash flows from investing activities
Capital expenditures (263,023) (322,691)
Other, net (9,867) (4,811)
Net cash used in investing activities (272,890) (327,502)
Cash flows from financing activities
Net increase (decrease) in short-term debt (382,416) 152,278
Net proceeds from issuance of long-term debt 247,461 —
Settlement of Treasury lock agreement 4,750 —
Repayment of long-term debt (2,685) (2,618)
Cash dividends paid (83,118) (76,559)
Net proceeds from equity offering 191,913 —
Issuance of common stock 18,883 17,691
Net cash provided by (used in) financing activities (5,212) 90,792
Net increase (decrease) in cash and cash equivalents 274,568 (13,267)
Cash and cash equivalents at beginning of period 75,815 40,116
Cash and cash equivalents at end of period $ 350,383 $ 26,849
Three Months Ended
June 30
Nine Months Ended
June 30
Statistics 2007 2006 2007 2006
Heating degree days * 163 119 2,873 2,507
Percent of normal * 98% 69% 101% 87%
Consolidated utility gas throughput
(MMcf as metered) 74,563 62,283 367,080 330,946
Consolidated natural gas marketing sales
volumes (MMcf) 85,413 66,472 264,325 207,418
Consolidated pipeline transportation
volumes (MMcf) 127,491 106,999 365,503 284,551
Natural gas meters in service 3,194,304 3,186,152 3,194,304 3,186,152
Utility average cost of gas $7.90 $7.11 $8.19 $10.39
Natural gas marketing net physical position (Bcf) 21.5 19.0 21.5 19.0
* Adjusted for weather-normalized operations.
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