ONE Gas Q1 2023 Earnings Report
Key Takeaways
ONE Gas announced its first quarter financial results with a net income of $102.6 million, or $1.84 per diluted share, compared to $98.9 million, or $1.83 per diluted share, in the first quarter of 2022. The company affirmed its 2023 financial guidance.
First quarter 2023 net income was $102.6 million, or $1.84 per diluted share, compared with $98.9 million, or $1.83 per diluted share, in the first quarter 2022.
In March 2023, the Company executed a forward sale agreement for 2.0 million shares of its common stock, with settlement by Dec. 29, 2023, for 1.4 million shares and by Dec. 31, 2024, for the remaining shares.
Actual heating degree days across the Company's service areas were 4,872 in the first quarter 2023, 7.0% warmer than normal weather and 14.5% warmer than the same period last year.
The board of directors declared a quarterly dividend of $0.65 per share, or $2.60 per share on an annualized basis, payable on June 2, 2023, to shareholders of record at the close of business on May 17, 2023.
ONE Gas
ONE Gas
ONE Gas Revenue by Segment
Forward Guidance
ONE Gas affirmed its financial guidance issued on Nov. 30, 2022, with 2023 net income and earnings per share expected to be in the range of $224 million to $238 million, and $4.02 to $4.26 per diluted share. Capital expenditures, including asset removal costs, are expected to be approximately $675 million in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income