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Mar 31, 2024
NW Natural Q1 2024 Earnings Report
Reported net income for the first quarter of 2024 and added nearly 15,000 gas and water utility connections.
Key Takeaways
NW Natural Holdings reported a net income of $63.8 million ($1.69 per share) for Q1 2024, compared to $71.7 million ($2.01 per share) for the same period in 2023. The company added nearly 15,000 gas and water utility connections in the last 12 months, representing a growth rate of 1.7%. They reaffirmed their 2024 earnings guidance in the range of $2.20 to $2.40 per share.
Net income was $63.8 million ($1.69 per share) for the first quarter of 2024, compared to $71.7 million ($2.01 per share) for the same period in 2023.
Added nearly 15,000 gas and water utility connections in the last 12 months, a growth rate of 1.7% as of March 31, 2024.
Oregon gas customers received bill credits totaling nearly $30 million in early 2024.
Reaffirmed 2024 earnings guidance in the range of $2.20 to $2.40 per share and long-term earnings per share growth rate target of 4% to 6% from 2022 through 2027.
Revenue by Segment
Forward Guidance
NW Natural Holdings reaffirmed its 2024 annual earnings guidance in the range of $2.20 to $2.40 per share.
Positive Outlook
- Continued customer growth
- Average weather conditions
- No significant changes in prevailing regulatory policies, mechanisms, or outcomes
- No significant changes in local, state or federal laws, legislation or regulations
Challenges Ahead
- Regulatory lag from our natural gas distribution segment
- Substantial investments to provide continued safe and reliable service for our customers
- Elevated investment in technology, which is shorter lived and results in higher depreciation expense
- Increasing operating expenses due to several multi-year operations and maintenance contracts renewing
- Higher personnel costs and increased pension expense
Historical Earnings Impact
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Avg. Return Before/After Earnings
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