|
Atmos Energy Corporation Reports Earnings for Fiscal 2018; Initiates Fiscal 2019 Guidance; Raises Dividend 8.2 Percent DALLAS
Atmos Energy Corporation (NYSE: ATO) today reported consolidated results
for its 2018 fiscal year and fourth quarter ended September 30, 2018.
-
Fiscal 2018 consolidated net income was $603.1 million or $5.43 per
diluted share, compared with consolidated net income of $396.4
million, or $3.73 per diluted share for the same period last year.
-
Adjusted income from continuing operations for fiscal 2018, which
excludes a one-time income tax benefit related to the Tax Cuts and
Jobs Act of 2017 (the TCJA) of $158.8 million, or $1.43 per diluted
share, was $444.3 million, or $4.00 per diluted share, compared with
adjusted income from continuing operations of $382.7 million, or $3.60
per diluted share in the prior year.
-
Capital expenditures were $1.47 billion for the year
ended September 30, 2018, with approximately 85 percent of that
spending related to system safety and reliability investments.
-
Atmos Energy expects fiscal 2019 earnings to be in the range of $4.20
to $4.35 per diluted share. Capital expenditures are expected to be in
the range of $1.65 billion to $1.75 billion in fiscal 2019.
-
The company's Board of Directors has declared a quarterly dividend of
$0.525 per common share. The indicated annual dividend for fiscal 2019
is $2.10, which represents an 8.2% increase over fiscal 2018.
Fiscal 2018 fourth quarter adjusted income from continuing operations
was $45.5 million, or $0.41 per diluted share, compared with adjusted
income from continuing operations of $35.9 million, or $0.34 per diluted
share in the prior-year quarter.
“We delivered another year of solid results as we invested nearly $1.5
billion to continue to improve the safety and reliability of our
system,” said Mike Haefner, President and Chief Executive Officer of
Atmos Energy Corporation. “I am proud of the work our employees do every
day to deliver value to our customers, communities, and investors. The
continued execution of our strategy has allowed us to increase the
investment in our infrastructure while delivering an attractive return
to shareholders. We remain well-positioned to continue delivering annual
earnings per share growth in the six to eight percent range,” Haefner
concluded.
Results for the Fiscal Year Ended September 30, 2018
Operating income decreased $4.4 million to $723.1 million for the year
ended September 30, 2018, compared to $727.5 million in the prior year.
Positive rate outcomes, higher transportation margins and stronger
customer consumption were more than offset by reduced revenues as a
result of the partial implementation of the TCJA and higher operating
expenses.
Distribution contribution margin increased $63.5 million to $1,443.2
million for the year ended September 30, 2018, compared with $1,379.7
million in the prior year. Contribution margin reflects a net $70.7
million increase in rates. In addition, net consumption increased $12.2
million, primarily due to weather that was 36 percent colder than the
prior-year period. Transportation contribution margin increased $8.9
million year over year primarily due to the addition of new industrial
customers. Customer growth, primarily in the Mid-Tex Division,
contributed an additional $8.4 million compared to the prior-year
period. These increases were partially offset by a decrease of $51.3
million as a result of incorporating the lower statutory tax rate in
revenues due to the TCJA.
Pipeline and storage contribution margin increased $51.2 million to
$505.7 million for the year ended September 30, 2018, compared with
$454.5 million in the prior year. This increase is primarily
attributable to a $74.3 million increase in revenue from the Atmos
Pipeline–Texas rate case completed in fiscal 2017 and two Gas
Reliability Infrastructure Program (GRIP) filings implemented in fiscal
2018, partially offset by a decrease of $24.1 million as a result of the
partial implementation of the TCJA.
Continuing operation and maintenance expense for the year ended
September 30, 2018 was $599.6 million, compared with $546.8 million in
the prior year. This increase was primarily driven by expenses incurred
as a result of a planned outage experienced in the Mid-Tex Division in
March 2018, increased maintenance activities in the distribution segment
in the current year and higher employee-related expenses.
Capital expenditures increased $330.5 million to $1,467.6 million for
the year ended September 30, 2018, compared with $1,137.1 million in the
prior year, due to continued spending for infrastructure replacements
and enhancements.
For the year ended September 30, 2018, the company generated operating
cash flow of $1,124.7 million, a $257.6 million increase compared with
the year ended September 30, 2017. The period-over-period increase
primarily reflects successful rate case outcomes achieved in fiscal 2017
due to increases in safety spending and changes in working capital,
primarily as a result of the timing of gas cost recoveries under
purchased gas cost mechanisms.
The equity capitalization ratio at September 30, 2018 was 56.7%,
compared with 52.6% at September 30, 2017. On November 28, 2017, Atmos
Energy completed the public offering of 4,558,404 shares of common stock
for gross proceeds of approximately $400 million. Atmos Energy used the
net proceeds of $395.1 million from this offering to repay short-term
debt under its commercial paper program, to fund capital spending and
for general corporate purposes.
Results for the Quarter Ended September 30, 2018
Operating income decreased $2.2 million to $89.6 million for the three
months ended September 30, 2018, from $91.8 million in the prior-year
quarter. Positive rate outcomes were more than offset by reduced
revenues as a result of the partial implementation of the TCJA as well
as higher operating expenses.
Distribution contribution margin decreased $5.4 million to $269.3
million for the three months ended September 30, 2018, compared with
$274.7 million in the prior-year quarter. Contribution margin reflects a
net $6.3 million increase in rates. An increase in customers, primarily
in the Mid-Tex Division, contributed an additional $2.6 million compared
to the prior-year quarter. These increases were partially offset by a
decrease of $12.6 million as a result of incorporating the lower
statutory tax rate reflected in revenues due to the TCJA.
Pipeline and storage contribution margin increased $15.0 million to
$132.6 million for the three months ended September 30, 2018, compared
with $117.6 million in the prior-year quarter. This increase is
attributable to a $20.3 million increase in rates, due to the Atmos
Pipeline–Texas rate case completed in fiscal 2017 and two GRIP filings
approved in fiscal 2018, partially offset by a decrease of $8.0 million
as a result of the partial implementation of the TCJA.
Continuing operation and maintenance expense for the three months ended
September 30, 2018, was $163.9 million, compared with $160.9 million for
the prior-year quarter. This $3.0 million increase was primarily driven
by higher administrative and employee-related expenses in the
current-year quarter.
Outlook
The leadership of Atmos Energy remains focused on enhancing system
safety and reliability through infrastructure investment while
delivering shareholder value and consistent earnings growth. Atmos
Energy expects fiscal 2019 earnings to be in the range of $4.20 to $4.35
per diluted share. Capital expenditures for fiscal 2019 are expected to
range between $1.65 billion and $1.75 billion.
Conference Call to be Webcast November 8, 2018
Atmos Energy will host a conference call with financial analysts to
discuss the fiscal 2018 financial results on Thursday, November 8, 2018,
at 10:00 a.m. Eastern Time. The domestic telephone number is
877-485-3107 and the international telephone number is 201-689-8427.
Mike Haefner, President and Chief Executive Officer and Chris Forsythe,
Senior Vice President and Chief Financial Officer will participate in
the conference call. The conference call will be webcast live on the
Atmos Energy website at www.atmosenergy.com.
A playback of the call will be available on the website later that day.
Highlights and Recent Developments
On November 7, 2018, Atmos Energy announced that Kevin Akers, Senior
Vice President, Safety and Enterprise Services, had been promoted to
Executive Vice President, effective immediately.
On November 1, 2018, Atmos Energy announced that Sean Donohue and Diana
J. Walters had been elected to our board of directors, effective
November 1, 2018, with each of their terms expiring at the 2019 annual
meeting of shareholders on February 6, 2019.
On October 4, 2018, Atmos Energy completed a public offering of $600
million of 4.30% senior notes due 2048, receiving net proceeds from the
offering of approximately $591 million after all offering-related
expenses.
Forward-Looking Statements
The matters discussed in this news release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. All
statements other than statements of historical fact included in this
news release are forward-looking statements made in good faith by the
company and are intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of 1995.
When used in this news release or in any of the company's other
documents or oral presentations, the words “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,”
“projection,” “seek,” “strategy” or similar words are intended to
identify forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those discussed in this news release, including
the risks and uncertainties relating to regulatory trends and decisions,
the company's ability to continue to access the credit and capital
markets and the other factors discussed in the company's reports filed
with the Securities and Exchange Commission. These factors include the
risks and uncertainties discussed in Item 1A of the company's Annual
Report on Form 10-K for the fiscal year ended September 30, 2017 and in
subsequent filings with the Securities and Exchange Commission.
Although the company believes these forward-looking statements to be
reasonable, there can be no assurance that they will approximate actual
experience or that the expectations derived from them will be realized.
The company undertakes no obligation to update or revise forward-looking
statements, whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
The historical financial information in this news release utilizes
certain financial measures that are not presented in accordance with
generally accepted accounting principles (GAAP). Specifically, the
company uses contribution margin, defined as operating revenues less
purchased gas cost, to discuss and analyze its financial performance.
Its operations are affected by the cost of natural gas, which is passed
through to its customers without markup and includes commodity price,
transportation, storage, injection and withdrawal fees, along with
hedging settlements. These costs are reflected in the income statement
as purchased gas cost. Therefore, increases in the cost of gas are
offset by a corresponding increase in revenues. Accordingly, the company
believes contribution margin is a more useful and relevant measure to
analyze its financial performance than operating revenues. The term
contribution margin is not intended to represent operating income, the
most comparable GAAP financial measure, as an indicator of operating
performance, and is not necessarily comparable to similarly titled
measures reported by other companies.
In addition, the enactment of the TCJA required the company to remeasure
its deferred tax assets and liabilities at its new federal statutory
income tax rate as of December 31, 2017, which resulted in the
recognition of a non-cash income tax benefit during the year ended
September 30, 2018. Due to the non-recurring nature of this benefit, the
company believes that income from continuing operations and diluted
earnings per share from continuing operations before the one-time,
non-cash income tax benefit, provides a more useful and relevant measure
to analyze its financial performance than income from continuing
operations and consolidated diluted earnings per share from continuing
operations in order to allow investors to better analyze the company's
core results and allow the information to be presented on a comparative
basis to the prior year. Accordingly, the discussion and analysis of the
company's financial performance will reference adjusted income from
continuing operations and diluted earnings per share, which is
calculated as follows:
|
|
|
|
Three Months Ended September 30
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Change
|
|
|
|
|
(In thousands, except per share data)
|
|
Income from continuing operations
|
|
|
$
|
38,747
|
|
|
$
|
35,853
|
|
|
$
|
2,894
|
|
TCJA non-cash income tax expense
|
|
|
|
6,740
|
|
|
|
—
|
|
|
|
6,740
|
|
Adjusted income from continuing operations
|
|
|
$
|
45,487
|
|
|
$
|
35,853
|
|
|
$
|
9,634
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated diluted EPS from continuing operations
|
|
|
$
|
0.35
|
|
|
$
|
0.34
|
|
|
$
|
0.01
|
|
Diluted EPS from TCJA non-cash income tax expense
|
|
|
|
0.06
|
|
|
|
—
|
|
|
|
0.06
|
|
Adjusted diluted EPS from continuing operations
|
|
|
$
|
0.41
|
|
|
$
|
0.34
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
Change
|
|
|
|
|
(In thousands, except per share data)
|
|
Income from continuing operations
|
|
|
$
|
603,064
|
|
|
|
$
|
382,711
|
|
|
$
|
220,353
|
|
|
TCJA non-cash income tax benefit
|
|
|
|
(158,782
|
)
|
|
|
|
—
|
|
|
|
(158,782
|
)
|
|
Adjusted income from continuing operations
|
|
|
$
|
444,282
|
|
|
|
$
|
382,711
|
|
|
$
|
61,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated diluted EPS from continuing operations
|
|
|
$
|
5.43
|
|
|
|
$
|
3.60
|
|
|
$
|
1.83
|
|
|
Diluted EPS from TCJA non-cash income tax benefit
|
|
|
|
(1.43
|
)
|
|
|
|
—
|
|
|
|
(1.43
|
)
|
|
Adjusted diluted EPS from continuing operations
|
|
|
$
|
4.00
|
|
|
|
$
|
3.60
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Atmos Energy
Atmos Energy Corporation, headquartered in Dallas, is the country's
largest fully-regulated, natural-gas-only distributor, serving over
three million natural gas distribution customers in over 1,400
communities in eight states from the Blue Ridge Mountains in the East to
the Rocky Mountains in the West. Atmos Energy also manages company-owned
natural gas pipeline and storage assets, including one of the largest
intrastate natural gas pipeline systems in Texas. For more information,
visit www.atmosenergy.com.
This news release should be read in conjunction with the attached
unaudited financial information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atmos Energy Corporation
|
|
Financial Highlights (Unaudited)
|
|
|
|
|
|
|
|
|
|
Statements of Income
|
|
|
Year Ended
September 30
|
|
(000s except per share)
|
|
|
2018
|
|
|
2017
|
|
Operating revenues
|
|
|
|
|
|
|
|
Distribution segment
|
|
|
$
|
3,003,047
|
|
|
|
$
|
2,649,175
|
|
|
Pipeline and storage segment
|
|
|
|
507,713
|
|
|
|
|
457,030
|
|
|
Intersegment eliminations
|
|
|
|
(395,214
|
)
|
|
|
|
(346,470
|
)
|
|
|
|
|
|
3,115,546
|
|
|
|
|
2,759,735
|
|
|
Purchased gas cost
|
|
|
|
|
|
|
|
Distribution segment
|
|
|
|
1,559,836
|
|
|
|
|
1,269,456
|
|
|
Pipeline and storage segment
|
|
|
|
1,978
|
|
|
|
|
2,506
|
|
|
Intersegment eliminations
|
|
|
|
(393,966
|
)
|
|
|
|
(346,426
|
)
|
|
|
|
|
|
1,167,848
|
|
|
|
|
925,536
|
|
|
Contribution margin
|
|
|
|
1,947,698
|
|
|
|
|
1,834,199
|
|
|
Operation and maintenance expense
|
|
|
|
599,595
|
|
|
|
|
546,798
|
|
|
Depreciation and amortization
|
|
|
|
361,083
|
|
|
|
|
319,448
|
|
|
Taxes, other than income
|
|
|
|
263,886
|
|
|
|
|
240,407
|
|
|
Total operating expenses
|
|
|
|
1,224,564
|
|
|
|
|
1,106,653
|
|
|
Operating income
|
|
|
|
723,134
|
|
|
|
|
727,546
|
|
|
Miscellaneous expense
|
|
|
|
(5,344
|
)
|
|
|
|
(3,270
|
)
|
|
Interest charges
|
|
|
|
106,646
|
|
|
|
|
120,182
|
|
|
Income from continuing operations before income taxes
|
|
|
|
611,144
|
|
|
|
|
604,094
|
|
|
Income tax expense
|
|
|
|
8,080
|
|
|
|
|
221,383
|
|
|
Income from continuing operations
|
|
|
|
603,064
|
|
|
|
|
382,711
|
|
|
Income from discontinued operations, net of tax
|
|
|
|
—
|
|
|
|
|
10,994
|
|
|
Gain on sale of discontinued operations, net of tax
|
|
|
|
—
|
|
|
|
|
2,716
|
|
|
Net income
|
|
|
$
|
603,064
|
|
|
|
$
|
396,421
|
|
|
Basic and diluted earnings per share
|
|
|
|
|
|
|
|
Income per share from continuing operations
|
|
|
$
|
5.43
|
|
|
|
$
|
3.60
|
|
|
Income per share from discontinued operations
|
|
|
|
—
|
|
|
|
|
0.13
|
|
|
Net income per share - basic and diluted
|
|
|
$
|
5.43
|
|
|
|
$
|
3.73
|
|
|
Cash dividends per share
|
|
|
$
|
1.94
|
|
|
|
$
|
1.80
|
|
|
Basic and diluted weighted average shares outstanding
|
|
|
|
111,012
|
|
|
|
|
106,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
September 30
|
|
Summary Net Income by Segment (000s)
|
|
|
2018
|
|
|
2017
|
|
Distribution
|
|
|
$
|
442,966
|
|
|
|
$
|
268,369
|
|
|
Pipeline and storage
|
|
|
|
160,098
|
|
|
|
|
114,342
|
|
|
Net income from continuing operations
|
|
|
|
603,064
|
|
|
|
|
382,711
|
|
|
Net income from discontinued operations
|
|
|
|
—
|
|
|
|
|
13,710
|
|
|
Net income
|
|
|
$
|
603,064
|
|
|
|
$
|
396,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atmos Energy Corporation
|
|
Financial Highlights, continued (Unaudited)
|
|
|
|
|
|
|
|
|
|
Statements of Income
|
|
|
Three Months Ended
September 30
|
|
(000s except per share)
|
|
|
2018
|
|
|
2017
|
|
Operating revenues
|
|
|
|
|
|
|
|
Distribution segment
|
|
|
$
|
407,476
|
|
|
|
$
|
437,918
|
|
|
Pipeline and storage segment
|
|
|
|
132,662
|
|
|
|
|
117,823
|
|
|
Intersegment eliminations
|
|
|
|
(95,438
|
)
|
|
|
|
(90,861
|
)
|
|
|
|
|
|
444,700
|
|
|
|
|
464,880
|
|
|
Purchased gas cost
|
|
|
|
|
|
|
|
Distribution segment
|
|
|
|
138,138
|
|
|
|
|
163,247
|
|
|
Pipeline and storage segment
|
|
|
|
72
|
|
|
|
|
175
|
|
|
Intersegment eliminations
|
|
|
|
(95,125
|
)
|
|
|
|
(90,861
|
)
|
|
|
|
|
|
43,085
|
|
|
|
|
72,561
|
|
|
Contribution margin
|
|
|
|
401,615
|
|
|
|
|
392,319
|
|
|
Operation and maintenance expense
|
|
|
|
163,880
|
|
|
|
|
160,931
|
|
|
Depreciation and amortization
|
|
|
|
92,657
|
|
|
|
|
84,800
|
|
|
Taxes, other than income
|
|
|
|
55,486
|
|
|
|
|
54,796
|
|
|
Total operating expenses
|
|
|
|
312,023
|
|
|
|
|
300,527
|
|
|
Operating income
|
|
|
|
89,592
|
|
|
|
|
91,792
|
|
|
Miscellaneous expense
|
|
|
|
(1,053
|
)
|
|
|
|
(2,820
|
)
|
|
Interest charges
|
|
|
|
24,484
|
|
|
|
|
33,710
|
|
|
Income before income taxes
|
|
|
|
64,055
|
|
|
|
|
55,262
|
|
|
Income tax expense
|
|
|
|
25,308
|
|
|
|
|
19,409
|
|
|
Net income
|
|
|
$
|
38,747
|
|
|
|
$
|
35,853
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per share
|
|
|
$
|
0.35
|
|
|
|
$
|
0.34
|
|
|
Cash dividends per share
|
|
|
$
|
0.485
|
|
|
|
$
|
0.450
|
|
|
Basic and diluted weighted average shares outstanding
|
|
|
|
111,926
|
|
|
|
|
106,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
Summary Net Income by Segment (000s)
|
|
|
2018
|
|
|
2017
|
|
Distribution
|
|
|
$
|
13,280
|
|
|
|
$
|
15,346
|
|
|
Pipeline and storage
|
|
|
|
25,467
|
|
|
|
|
20,507
|
|
|
Net income
|
|
|
$
|
38,747
|
|
|
|
$
|
35,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atmos Energy Corporation
|
|
Financial Highlights, continued (Unaudited)
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheets
|
|
|
September 30,
|
|
|
September 30,
|
|
(000s)
|
|
|
2018
|
|
|
2017
|
|
Net property, plant and equipment
|
|
|
$
|
10,371,147
|
|
|
$
|
9,259,182
|
|
Cash and cash equivalents
|
|
|
|
13,771
|
|
|
|
26,409
|
|
Accounts receivable, net
|
|
|
|
253,295
|
|
|
|
222,263
|
|
Gas stored underground
|
|
|
|
165,732
|
|
|
|
184,653
|
|
Other current assets
|
|
|
|
46,055
|
|
|
|
106,321
|
|
Total current assets
|
|
|
|
478,853
|
|
|
|
539,646
|
|
Goodwill
|
|
|
|
730,419
|
|
|
|
730,132
|
|
Deferred charges and other assets
|
|
|
|
294,018
|
|
|
|
220,636
|
|
|
|
|
$
|
11,874,437
|
|
|
$
|
10,749,596
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
$
|
4,769,951
|
|
|
$
|
3,898,666
|
|
Long-term debt
|
|
|
|
2,493,665
|
|
|
|
3,067,045
|
|
Total capitalization
|
|
|
|
7,263,616
|
|
|
|
6,965,711
|
|
Accounts payable and accrued liabilities
|
|
|
|
217,283
|
|
|
|
233,050
|
|
Other current liabilities
|
|
|
|
547,068
|
|
|
|
332,648
|
|
Short-term debt
|
|
|
|
575,780
|
|
|
|
447,745
|
|
Current maturities of long-term debt
|
|
|
|
575,000
|
|
|
|
—
|
|
Total current liabilities
|
|
|
|
1,915,131
|
|
|
|
1,013,443
|
|
Deferred income taxes
|
|
|
|
1,154,067
|
|
|
|
1,878,699
|
|
Regulatory excess deferred taxes
|
|
|
|
739,670
|
|
|
|
—
|
|
Deferred credits and other liabilities
|
|
|
|
801,953
|
|
|
|
891,743
|
|
|
|
|
$
|
11,874,437
|
|
|
$
|
10,749,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atmos Energy Corporation
|
|
Financial Highlights, continued (Unaudited)
|
|
|
|
|
|
|
Condensed Statements of Cash Flows
|
|
|
Year Ended
September 30
|
|
(000s)
|
|
|
2018
|
|
|
2017
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
603,064
|
|
|
|
$
|
396,421
|
|
|
Depreciation and amortization
|
|
|
|
361,083
|
|
|
|
|
319,633
|
|
|
Deferred income taxes
|
|
|
|
158,271
|
|
|
|
|
227,183
|
|
|
One-time income tax benefit
|
|
|
|
(158,782
|
)
|
|
|
|
—
|
|
|
Gain on sale of discontinued operations
|
|
|
|
—
|
|
|
|
|
(12,931
|
)
|
|
Discontinued cash flow hedging for commodity contracts
|
|
|
|
—
|
|
|
|
|
(10,579
|
)
|
|
Other
|
|
|
|
26,165
|
|
|
|
|
20,630
|
|
|
Changes in assets and liabilities
|
|
|
|
134,861
|
|
|
|
|
(73,267
|
)
|
|
Net cash provided by operating activities
|
|
|
|
1,124,662
|
|
|
|
|
867,090
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(1,467,591
|
)
|
|
|
|
(1,137,089
|
)
|
|
Acquisition
|
|
|
|
—
|
|
|
|
|
(86,128
|
)
|
|
Proceeds from the sale of discontinued operations
|
|
|
|
3,000
|
|
|
|
|
140,253
|
|
|
Available-for-sale securities activities, net
|
|
|
|
(8,325
|
)
|
|
|
|
(12,473
|
)
|
|
Use tax refund
|
|
|
|
790
|
|
|
|
|
29,790
|
|
|
Other, net
|
|
|
|
8,560
|
|
|
|
|
9,341
|
|
|
Net cash used in investing activities
|
|
|
|
(1,463,566
|
)
|
|
|
|
(1,056,306
|
)
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term debt
|
|
|
|
128,035
|
|
|
|
|
(382,066
|
)
|
|
Proceeds from issuance of long-term debt, net of premium/discount
|
|
|
|
—
|
|
|
|
|
884,911
|
|
|
Net proceeds from equity offering
|
|
|
|
395,092
|
|
|
|
|
98,755
|
|
|
Issuance of common stock through stock purchase and employee
retirement plans
|
|
|
|
19,563
|
|
|
|
|
26,523
|
|
|
Settlement of interest rate agreements
|
|
|
|
—
|
|
|
|
|
(36,996
|
)
|
|
Interest rate agreements cash collateral
|
|
|
|
—
|
|
|
|
|
25,670
|
|
|
Repayment of long-term debt
|
|
|
|
—
|
|
|
|
|
(250,000
|
)
|
|
Cash dividends paid
|
|
|
|
(214,906
|
)
|
|
|
|
(191,931
|
)
|
|
Debt issuance costs
|
|
|
|
—
|
|
|
|
|
(6,775
|
)
|
|
Other
|
|
|
|
(1,518
|
)
|
|
|
|
—
|
|
|
Net cash provided by financing activities
|
|
|
|
326,266
|
|
|
|
|
168,091
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
(12,638
|
)
|
|
|
|
(21,125
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
26,409
|
|
|
|
|
47,534
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
13,771
|
|
|
|
$
|
26,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30
|
|
|
|
Year Ended
September 30
|
|
Statistics
|
|
|
2018
|
|
|
2017
|
|
|
|
2018
|
|
|
2017
|
|
Consolidated distribution throughput (MMcf as metered)
|
|
|
|
64,600
|
|
|
|
63,810
|
|
|
|
|
451,383
|
|
|
|
388,365
|
|
Consolidated pipeline and storage transportation volumes (MMcf)
|
|
|
|
179,444
|
|
|
|
171,029
|
|
|
|
|
663,900
|
|
|
|
596,179
|
|
Distribution meters in service
|
|
|
|
3,256,336
|
|
|
|
3,221,405
|
|
|
|
|
3,256,336
|
|
|
|
3,221,405
|
|
Distribution average cost of gas
|
|
|
$
|
4.44
|
|
|
$
|
5.16
|
|
|
|
$
|
5.19
|
|
|
$
|
5.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005789/en/ Copyright Business Wire 2018
Source: Business Wire
(November 7, 2018 - 5:03 PM EST)
News by QuoteMedia
www.quotemedia.com
|
