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Sep 30, 2023
NW Natural Q3 2023 Earnings Report
Reported a net loss due to the seasonal nature of the gas utility's earnings and lower asset management revenues and higher interest expense.
Key Takeaways
NW Natural Holdings reported a net loss of $23.7 million ($0.65 per share) for Q3 2023, compared to a net loss of $19.6 million ($0.56 per share) for the same period in 2022. The results reflect the seasonal nature of the gas utility business, with most revenues generated during the winter heating season. The company reaffirmed its 2023 earnings guidance in the range of $2.55 to $2.75 per share.
Net loss of $23.7 million ($0.65 per share) for the third quarter of 2023, compared to a net loss of $19.6 million ($0.56 per share) for the same period in 2022.
Net income of $49.2 million ($1.37 per share) for the first nine months of 2023, compared to earnings of $38.4 million ($1.14 per share) for the same period in 2022.
Added over 33,000 gas and water utility connections in the last 12 months for a growth rate of 4.0% as of September 30, 2023.
Reaffirmed 2023 earnings guidance in the range of $2.55 to $2.75 per share.
NW Natural
NW Natural
Forward Guidance
NW Natural Holdings is reaffirming 2023 earnings guidance in the range of $2.55 to $2.75 per share.
Positive Outlook
- Continued customer growth
- Average weather conditions
- No significant changes in prevailing regulatory policies
- No significant changes in mechanisms or outcomes
- No significant local, state or federal laws, legislation or regulations changes