Atmos Reports Strong Second-Quarter Earnings and Narrows Guidance
We are increasing our fair value estimate to $93 per share from $92 after Atmos Energy reported strong 2019 second-quarter results versus last year, narrowed its 2019 earnings guidance range, and reaffirmed projected capital expenditures.Earnings in the fiscal second quarter were $1.82 per share versus $1.57 on an adjusted basis in the same period last year. Second-quarter EPS in 2018 were adjusted for the one-time, non-cash income tax benefit from the implementation of tax reform.
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Atmos Energy is engaged in the regulated natural gas distribution and pipeline and storage businesses. The company delivers natural gas through regulated sales and transportation arrangements to residential, commercial, public-authority and industrial customers. The company's segments are: Distribution, which is comprised of its regulated natural gas distribution and related sales operations; and Pipeline and Storage, which consists of the pipeline and storage operations of its Atmos Pipeline-Texas Division (APT) and its natural gas transmission operations in Louisiana. APT has intrastate pipeline operations in Texas with a focus on the natural gas-producing areas of central, northern and eastern Texas.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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