and | Virginia | |||
--------------------------------- | ------------------------ | ---------------------- | ||
(State or Other Jurisdiction | (Commission File | (I.R.S. Employer | ||
of Incorporation) | Number) | Identification No.) |
---------------------------------------------------- | ----------------- | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | |
No Par Value |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit Number | Description | |||
99.1 | ||||
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101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||
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104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document |
ATMOS ENERGY CORPORATION | ||
(Registrant) | ||
DATE: | May 6, 2020 | By: /s/ CHRISTOPHER T. FORSYTHE |
Christopher T. Forsythe | ||
Senior Vice President and | ||
Chief Financial Officer | ||
News Release |
• | Earnings per diluted share of $3.42 for the six months ended March 31, 2020; $1.95 per diluted share for the second fiscal quarter |
• | Consolidated net income of $418.3 million for the six months ended March 31, 2020; $239.6 million for the second fiscal quarter |
• | Capital expenditures were $994.7 million for the six months ended March 31, 2020, an increase of 28 percent |
• | Approximately 87 percent of capital spending related to system safety and reliability investments |
• | Although the impacts of the pandemic remain uncertain, at this time Atmos Energy is not changing guidance for fiscal 2020 earnings per diluted share of $4.58 to $4.73. |
• | Capital expenditures are expected to be in the range of $1.85 billion to $1.95 billion in fiscal 2020. |
• | The company's Board of Directors has declared a quarterly dividend of $0.575 per common share. The indicated annual dividend for fiscal 2020 is $2.30, which represents a 9.5% increase over fiscal 2019. |
Statements of Income | Three Months Ended March 31 | |||||||
(000s except per share) | 2020 | 2019 | ||||||
Operating revenues | ||||||||
Distribution segment | $ | 933,005 | $ | 1,057,889 | ||||
Pipeline and storage segment | 146,237 | 135,650 | ||||||
Intersegment eliminations | (101,577 | ) | (98,894 | ) | ||||
977,665 | 1,094,645 | |||||||
Purchased gas cost | ||||||||
Distribution segment | 418,935 | 570,348 | ||||||
Pipeline and storage segment | 202 | (90 | ) | |||||
Intersegment eliminations | (101,254 | ) | (98,582 | ) | ||||
317,883 | 471,676 | |||||||
Operation and maintenance expense | 147,824 | 149,427 | ||||||
Depreciation and amortization | 105,916 | 96,772 | ||||||
Taxes, other than income | 74,604 | 79,093 | ||||||
Operating income | 331,438 | 297,677 | ||||||
Other non-operating income (expense) | (2,989 | ) | 4,232 | |||||
Interest charges | 22,171 | 26,949 | ||||||
Income before income taxes | 306,278 | 274,960 | ||||||
Income tax expense | 66,632 | 60,072 | ||||||
Net income | $ | 239,646 | $ | 214,888 | ||||
Basic net income per share | $ | 1.95 | $ | 1.83 | ||||
Diluted net income per share | $ | 1.95 | $ | 1.82 | ||||
Cash dividends per share | $ | 0.575 | $ | 0.525 | ||||
Basic weighted average shares outstanding | 122,916 | 117,581 | ||||||
Diluted weighted average shares outstanding | 122,997 | 117,756 |
Three Months Ended March 31 | ||||||||
Summary Net Income by Segment (000s) | 2020 | 2019 | ||||||
Distribution | $ | 187,064 | $ | 172,193 | ||||
Pipeline and storage | 52,582 | 42,695 | ||||||
Net income | $ | 239,646 | $ | 214,888 |
Statements of Income | Six Months Ended March 31 | |||||||
(000s except per share) | 2020 | 2019 | ||||||
Operating revenues | ||||||||
Distribution segment | $ | 1,761,509 | $ | 1,896,724 | ||||
Pipeline and storage segment | 294,413 | 270,120 | ||||||
Intersegment eliminations | (202,694 | ) | (194,417 | ) | ||||
1,853,228 | 1,972,427 | |||||||
Purchased gas cost | ||||||||
Distribution segment | 816,493 | 1,008,080 | ||||||
Pipeline and storage segment | 301 | (448 | ) | |||||
Intersegment eliminations | (202,043 | ) | (193,791 | ) | ||||
614,751 | 813,841 | |||||||
Operation and maintenance expense | 300,069 | 288,027 | ||||||
Depreciation and amortization | 210,978 | 192,837 | ||||||
Taxes, other than income | 143,211 | 143,581 | ||||||
Operating income | 584,219 | 534,141 | ||||||
Other non-operating income (expense) | 1,898 | (3,491 | ) | |||||
Interest charges | 49,400 | 54,798 | ||||||
Income before income taxes | 536,717 | 475,852 | ||||||
Income tax expense | 118,398 | 103,318 | ||||||
Net income | $ | 418,319 | $ | 372,534 | ||||
Basic net income per share | $ | 3.43 | $ | 3.22 | ||||
Diluted net income per share | $ | 3.42 | $ | 3.21 | ||||
Cash dividends per share | $ | 1.15 | $ | 1.05 | ||||
Basic weighted average shares outstanding | 122,015 | 115,690 | ||||||
Diluted weighted average shares outstanding | 122,179 | 115,794 |
Six Months Ended March 31 | ||||||||
Summary Net Income by Segment (000s) | 2020 | 2019 | ||||||
Distribution | $ | 316,821 | $ | 286,578 | ||||
Pipeline and storage | 101,498 | 85,956 | ||||||
Net income | $ | 418,319 | $ | 372,534 |
Condensed Balance Sheets | March 31, | September 30, | ||||||
(000s) | 2020 | 2019 | ||||||
Net property, plant and equipment | $ | 12,548,240 | $ | 11,787,669 | ||||
Cash and cash equivalents | 320,099 | 24,550 | ||||||
Accounts receivable, net | 377,817 | 230,571 | ||||||
Gas stored underground | 68,061 | 130,138 | ||||||
Other current assets | 63,584 | 72,772 | ||||||
Total current assets | 829,561 | 458,031 | ||||||
Goodwill | 730,706 | 730,706 | ||||||
Deferred charges and other assets | 607,891 | 391,213 | ||||||
$ | 14,716,398 | $ | 13,367,619 | |||||
Shareholders' equity | $ | 6,304,415 | $ | 5,750,223 | ||||
Long-term debt | 4,328,866 | 3,529,452 | ||||||
Total capitalization | 10,633,281 | 9,279,675 | ||||||
Accounts payable and accrued liabilities | 190,088 | 265,024 | ||||||
Other current liabilities | 543,248 | 479,501 | ||||||
Short-term debt | 199,923 | 464,915 | ||||||
Current maturities of long-term debt | 131 | — | ||||||
Total current liabilities | 933,390 | 1,209,440 | ||||||
Deferred income taxes | 1,421,779 | 1,300,015 | ||||||
Regulatory excess deferred taxes | 694,433 | 705,101 | ||||||
Deferred credits and other liabilities | 1,033,515 | 873,388 | ||||||
$ | 14,716,398 | $ | 13,367,619 |
Condensed Statements of Cash Flows | Six Months Ended March 31 | |||||||
(000s) | 2020 | 2019 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 418,319 | $ | 372,534 | ||||
Depreciation and amortization | 210,978 | 192,837 | ||||||
Deferred income taxes | 110,664 | 96,885 | ||||||
Other | 7,144 | 5,334 | ||||||
Changes in assets and liabilities | (113,330 | ) | (106,761 | ) | ||||
Net cash provided by operating activities | 633,775 | 560,829 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (994,737 | ) | (777,586 | ) | ||||
Proceeds from the sale of discontinued operations | — | 4,000 | ||||||
Debt and equity securities activities, net | (1,131 | ) | 777 | |||||
Other, net | 4,631 | 4,388 | ||||||
Net cash used in investing activities | (991,237 | ) | (768,421 | ) | ||||
Cash flows from financing activities | ||||||||
Net decrease in short-term debt | (264,992 | ) | (575,780 | ) | ||||
Proceeds from issuance of long-term debt, net of premium/discount | 799,450 | 1,045,221 | ||||||
Net proceeds from equity offering | 258,047 | 494,085 | ||||||
Issuance of common stock through stock purchase and employee retirement plans | 8,321 | 10,344 | ||||||
Settlement of interest rate swaps | — | (90,141 | ) | |||||
Repayment of long-term debt | — | (450,000 | ) | |||||
Cash dividends paid | (140,077 | ) | (120,328 | ) | ||||
Debt issuance costs | (7,738 | ) | (11,227 | ) | ||||
Net cash provided by financing activities | 653,011 | 302,174 | ||||||
Net increase in cash and cash equivalents | 295,549 | 94,582 | ||||||
Cash and cash equivalents at beginning of period | 24,550 | 13,771 | ||||||
Cash and cash equivalents at end of period | $ | 320,099 | $ | 108,353 |
Three Months Ended March 31 | Six Months Ended March 31 | |||||||||||||||
Statistics | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Consolidated distribution throughput (MMcf as metered) | 163,870 | 185,432 | 303,428 | 328,178 | ||||||||||||
Consolidated pipeline and storage transportation volumes (MMcf) | 143,465 | 165,369 | 299,994 | 335,896 | ||||||||||||
Distribution meters in service | 3,312,616 | 3,279,005 | 3,312,616 | 3,279,005 | ||||||||||||
Distribution average cost of gas | $ | 3.51 | $ | 4.10 | $ | 3.74 | $ | 4.18 |
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Document and Entity Information |
May 06, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 06, 2020 |
Entity Registrant Name | ATMOS ENERGY CORP |
Entity Incorporation, State or Country Code | TX |
Entity File Number | 1-10042 |
Entity Tax Identification Number | 75-1743247 |
Entity Address, Address Line One | 1800 Three Lincoln Centre |
Entity Address, Address Line Two | 5430 LBJ Freeway |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75240 |
City Area Code | 972 |
Local Phone Number | 934-9227 |
Title of 12(b) Security | Common stock |
Trading Symbol | ATO |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000731802 |
Amendment Flag | false |