Atmos Energy Corp. has reported a net income of $311.3 million for the first quarter of fiscal year 2024, up from $271.8 million for the corresponding quarter of the previous fiscal year.
The company said in a media release that it had spent $769.7 million in annual capital with approximately 82 percent focused on safety and reliability, compared to a capital expenditure of $795.6 million a year prior.
Looking forward, Atmos Energy reaffirmed its expected earnings guidance per diluted share in the range of $6.45–$6.65, up from $6.10 a year prior. This would bump up Atmos’ net income for FY2024 to anywhere between $985 million and $1.0 billion, it said. Fiscal 2024 capital expenditures are expected to be approximately $2.9 billion, some $100 million above the previous year’s spending.
The company’s board of directors has increased Atmos’ quarterly dividend 8.8 percent to $0.805 per common share. The indicated annual dividend for fiscal 2024 is $3.22.
“Our first quarter results reflect the continued execution of our proven strategy by all of our 5,000 dedicated employees of operating safely and reliably while we modernize our natural gas distribution, transmission, and storage systems”, said Kevin Akers, president and chief executive.
“This strategy, along with our employees’ continued focus on our vision to be the safest provider of natural gas services, continues to benefit our customers, our communities, and it positions us to continue delivering annual earnings per share growth in the six to eight percent range”, Akers concluded.
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