Loading...
•
Jun 30, 2020
NW Natural Q2 2020 Earnings Report
Reported a loss due to the financial effects of the coronavirus pandemic (COVID-19) and the reversal of an environmental reserve in 2019.
Key Takeaways
NW Natural Holdings reported a net loss of $5.1 million, or $0.17 per share, for the second quarter of 2020, compared to net income of $2.1 million, or $0.07 per share, for the same period in 2019. The results reflected a prior period reversal of an environmental remediation expense reserve which benefited earnings in 2019, higher operations and maintenance expenses, and the financial effects resulting from COVID-19.
Reported a net loss of $0.17 per share from continuing operations for the second quarter of 2020, compared to net income of $0.07 per share for the same period in 2019 reflecting the financial effects of the coronavirus pandemic (COVID-19) and the reversal of an environmental reserve in 2019
Provided a record $17.1 million credit to Oregon customers related to a revenue sharing mechanism
Added more than 13,000 natural gas meters over the last 12 months equating to a 1.7% growth rate
Filed a comprehensive all-party stipulation in Oregon general rate case
NW Natural
NW Natural
Forward Guidance
NW Natural Holdings reaffirmed 2020 earnings guidance from continuing operations in the range of $2.25 to $2.45 per share and guided toward the lower end of the range due to potential implications from COVID-19.
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
- Reaffirmed 2020 earnings guidance from continuing operations in the range of $2.25 to $2.45 per share
Challenges Ahead
- Potential implications from COVID-19
- Prior period reversal of an environmental remediation expense reserve
- Higher operations and maintenance expenses
- Reduction in late fee revenue
- Lower industrial and large commercial business usage