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.SCH | Inline XBRL Taxonomy Extension Schema | |||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase | |||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||
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: | November 12, 2020 | By: /s/ CHRISTOPHER T. FORSYTHE |
Christopher T. Forsythe | ||
Senior Vice President and | ||
Chief Financial Officer | ||
News Release |
• | Earnings per diluted share: |
◦ | $4.89 for the year ended September 30, 2020 |
◦ | $0.53 for the quarter ended September 30, 2020 |
• | Consolidated net income: |
◦ | $601.4 million for the year ended September 30, 2020 |
◦ | $65.3 million for the quarter ended September 30, 2020 |
• | Adjusted net income and adjusted diluted earnings per share, which excludes a $21.0 million one-time tax benefit related to the remeasurement of net deferred tax liabilities was $580.5 million and $4.72 for the year ended September 30, 2020. |
• | Capital expenditures rose 14 percent to $1,935.7 million for the year ended September 30, 2020, with approximately 88 percent of capital spending related to system safety and reliability investments. |
• | Earnings per diluted share for fiscal 2021 is expected to be in the range of $4.90 to $5.10. |
• | Capital expenditures are expected to be in the range of $2.0 billion to $2.2 billion in fiscal 2021. |
• | The company's Board of Directors has declared a quarterly dividend of $0.625 per common share. The indicated annual dividend for fiscal 2021 is $2.50, which represents an 8.7% increase over fiscal 2020. |
Year Ended September 30 | |||||||||||
2020 | 2019 | Change | |||||||||
(In thousands, except per share data) | |||||||||||
Net income | $ | 601,443 | $ | 511,406 | $ | 90,037 | |||||
Non-cash income tax benefit | (20,962 | ) | — | (20,962 | ) | ||||||
Adjusted net income | $ | 580,481 | $ | 511,406 | $ | 69,075 | |||||
Diluted net income per share | $ | 4.89 | $ | 4.35 | $ | 0.54 | |||||
Diluted EPS from non-cash income tax benefit | (0.17 | ) | — | (0.17 | ) | ||||||
Adjusted diluted net income per share | $ | 4.72 | $ | 4.35 | $ | 0.37 |
Statements of Income | Year Ended September 30 | |||||||
(000s except per share) | 2020 | 2019 | ||||||
Operating revenues | ||||||||
Distribution segment | $ | 2,626,993 | $ | 2,745,461 | ||||
Pipeline and storage segment | 609,339 | 567,024 | ||||||
Intersegment eliminations | (415,195 | ) | (410,637 | ) | ||||
2,821,137 | 2,901,848 | |||||||
Purchased gas cost | ||||||||
Distribution segment | 1,071,227 | 1,268,591 | ||||||
Pipeline and storage segment | 1,548 | (360 | ) | |||||
Intersegment eliminations | (413,921 | ) | (409,394 | ) | ||||
658,854 | 858,837 | |||||||
Operation and maintenance expense | 629,601 | 630,308 | ||||||
Depreciation and amortization | 429,828 | 391,456 | ||||||
Taxes, other than income | 278,755 | 275,189 | ||||||
Operating income | 824,099 | 746,058 | ||||||
Other non-operating income | 7,171 | 7,404 | ||||||
Interest charges | 84,474 | 103,153 | ||||||
Income before income taxes | 746,796 | 650,309 | ||||||
Income tax expense | 145,353 | 138,903 | ||||||
Net income | $ | 601,443 | $ | 511,406 | ||||
Basic net income per share | $ | 4.89 | $ | 4.36 | ||||
Diluted net income per share | $ | 4.89 | $ | 4.35 | ||||
Cash dividends per share | $ | 2.30 | $ | 2.10 | ||||
Basic weighted average shares outstanding | 122,788 | 117,200 | ||||||
Diluted weighted average shares outstanding | 122,872 | 117,461 |
Year Ended September 30 | ||||||||
Summary Net Income by Segment (000s) | 2020 | 2019 | ||||||
Distribution | $ | 395,664 | $ | 328,814 | ||||
Pipeline and storage | 205,779 | 182,592 | ||||||
Net income | $ | 601,443 | $ | 511,406 |
Statements of Income | Three Months Ended September 30 | |||||||
(000s except per share) | 2020 | 2019 | ||||||
Operating revenues | ||||||||
Distribution segment | $ | 430,176 | $ | 403,793 | ||||
Pipeline and storage segment | 156,918 | 147,706 | ||||||
Intersegment eliminations | (112,180 | ) | (107,816 | ) | ||||
474,914 | 443,683 | |||||||
Purchased gas cost | ||||||||
Distribution segment | 128,641 | 120,993 | ||||||
Pipeline and storage segment | 1,258 | 184 | ||||||
Intersegment eliminations | (111,868 | ) | (107,507 | ) | ||||
18,031 | 13,670 | |||||||
Operation and maintenance expense | 180,072 | 177,736 | ||||||
Depreciation and amortization | 111,746 | 100,919 | ||||||
Taxes, other than income | 64,220 | 61,643 | ||||||
Operating income | 100,845 | 89,715 | ||||||
Other non-operating income (expense) | (1,962 | ) | 9,250 | |||||
Interest charges | 15,494 | 28,763 | ||||||
Income before income taxes | 83,389 | 70,202 | ||||||
Income tax expense | 18,056 | 11,796 | ||||||
Net income | $ | 65,333 | $ | 58,406 | ||||
Basic net income per share | $ | 0.53 | $ | 0.49 | ||||
Diluted net income per share | $ | 0.53 | $ | 0.49 | ||||
Cash dividends per share | $ | 0.575 | $ | 0.525 | ||||
Basic weighted average shares outstanding | 124,096 | 119,345 | ||||||
Diluted weighted average shares outstanding | 124,100 | 119,824 |
Three Months Ended September 30 | ||||||||
Summary Net Income by Segment (000s) | 2020 | 2019 | ||||||
Distribution | $ | 19,944 | $ | 9,838 | ||||
Pipeline and storage | 45,389 | 48,568 | ||||||
Net income | $ | 65,333 | $ | 58,406 |
Condensed Balance Sheets | September 30, | September 30, | ||||||
(000s) | 2020 | 2019 | ||||||
Net property, plant and equipment | $ | 13,355,347 | $ | 11,787,669 | ||||
Cash and cash equivalents | 20,808 | 24,550 | ||||||
Accounts receivable, net | 230,595 | 230,571 | ||||||
Gas stored underground | 111,950 | 130,138 | ||||||
Other current assets | 107,905 | 72,772 | ||||||
Total current assets | 471,258 | 458,031 | ||||||
Goodwill | 731,257 | 730,706 | ||||||
Deferred charges and other assets | 801,170 | 391,213 | ||||||
$ | 15,359,032 | $ | 13,367,619 | |||||
Shareholders' equity | $ | 6,791,203 | $ | 5,750,223 | ||||
Long-term debt | 4,531,779 | 3,529,452 | ||||||
Total capitalization | 11,322,982 | 9,279,675 | ||||||
Accounts payable and accrued liabilities | 235,775 | 265,024 | ||||||
Other current liabilities | 546,461 | 479,501 | ||||||
Short-term debt | — | 464,915 | ||||||
Current maturities of long-term debt | 165 | — | ||||||
Total current liabilities | 782,401 | 1,209,440 | ||||||
Deferred income taxes | 1,456,569 | 1,300,015 | ||||||
Regulatory excess deferred taxes | 697,764 | 705,101 | ||||||
Deferred credits and other liabilities | 1,099,316 | 873,388 | ||||||
$ | 15,359,032 | $ | 13,367,619 |
Condensed Statements of Cash Flows | Year Ended September 30 | |||||||
(000s) | 2020 | 2019 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 601,443 | $ | 511,406 | ||||
Depreciation and amortization | 429,828 | 391,456 | ||||||
Deferred income taxes | 155,322 | 132,004 | ||||||
One-time income tax benefit | (20,962 | ) | — | |||||
Other | 6,044 | 10,589 | ||||||
Changes in assets and liabilities | (133,676 | ) | (76,686 | ) | ||||
Net cash provided by operating activities | 1,037,999 | 968,769 | ||||||
Cash flows from investing activities | ||||||||
Capital expenditures | (1,935,676 | ) | (1,693,477 | ) | ||||
Proceeds from the sale of discontinued operations | — | 4,000 | ||||||
Debt and equity securities activities, net | 491 | (2,784 | ) | |||||
Other, net | 9,667 | 8,601 | ||||||
Net cash used in investing activities | (1,925,518 | ) | (1,683,660 | ) | ||||
Cash flows from financing activities | ||||||||
Net decrease in short-term debt | (464,915 | ) | (110,865 | ) | ||||
Proceeds from issuance of long-term debt, net of premium/discount | 999,450 | 1,045,221 | ||||||
Net proceeds from equity offering | 624,302 | 694,103 | ||||||
Issuance of common stock through stock purchase and employee retirement plans | 19,548 | 19,323 | ||||||
Settlement of interest rate swaps | (4,426 | ) | (90,141 | ) | ||||
Repayment of long-term debt | — | (575,000 | ) | |||||
Cash dividends paid | (282,444 | ) | (245,717 | ) | ||||
Debt issuance costs | (7,738 | ) | (11,254 | ) | ||||
Net cash provided by financing activities | 883,777 | 725,670 | ||||||
Net increase (decrease) in cash and cash equivalents | (3,742 | ) | 10,779 | |||||
Cash and cash equivalents at beginning of period | 24,550 | 13,771 | ||||||
Cash and cash equivalents at end of period | $ | 20,808 | $ | 24,550 |
Three Months Ended September 30 | Year Ended September 30 | |||||||||||||||
Statistics | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Consolidated distribution throughput (MMcf as metered) | 66,447 | 66,184 | 439,037 | 470,554 | ||||||||||||
Consolidated pipeline and storage transportation volumes (MMcf) | 167,725 | 204,810 | 621,371 | 721,998 | ||||||||||||
Distribution meters in service | 3,333,181 | 3,291,835 | 3,333,181 | 3,291,835 | ||||||||||||
Distribution average cost of gas | $ | 3.75 | $ | 3.68 | $ | 3.67 | $ | 4.02 |
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Document and Entity Information |
Nov. 11, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 11, 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 |
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