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Mar 31, 2023
NW Natural Q1 2023 Earnings Report
Reported strong first quarter earnings driven by new rates and customer growth.
Key Takeaways
NW Natural Holdings reported a strong first quarter with net income increasing by $15.5 million to $71.7 million, or $2.01 per share, driven by new rates in Oregon and Washington, customer growth, and lower pension expense, which was partially offset by higher operations and maintenance expenses. The company reaffirmed its 2023 earnings guidance of $2.55 to $2.75 per share and its long-term earnings per share growth target of 4% to 6%. NW Natural continues to expand its renewable natural gas (RNG) portfolio and water operations & maintenance service business.
Net income was $71.7 million ($2.01 per share) for the first three months of 2023, compared to $56.2 million ($1.80 per share) for the same period in 2022.
Added nearly 8,100 natural gas meters in the last 12 months for a growth rate of 1.0% as of March 31, 2023.
Completed construction on Dakota City renewable natural gas (RNG) facility.
NW Natural Water launched an operations & maintenance service business.
Forward Guidance
NW Natural Holdings is reaffirming 2023 earnings guidance in the range of $2.55 to $2.75 per share. NW Natural Holdings' long-term earnings per share growth rate target is 4% to 6% compounded annually from 2022 through 2027.
Positive Outlook
- Continued customer growth
- Average weather conditions
- No significant changes in prevailing regulatory policies, mechanisms, or outcomes
- No significant local, state or federal laws, legislation or regulations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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