Northwest Natural Gas (NWN) Tops Q1 EPS by 10c; Reaffirms FY21 EPS Outlook

Northwest Natural Gas (NYSE: NWN) reported Q1 EPS of $1.94, $0.10 better than the analyst estimate of $1.84. Revenue for the quarter came in at $315.95 million versus the consensus estimate of $315.02 million.

• First quarter 2021 earnings of $1.94 per share, compared to earnings from continuing operations of $1.58 per share for the same period in 2020
• Results primarily reflected new rates in Oregon for NW Natural, customer growth, and asset management benefits during the February weather event, partially offset by the financial effects of COVID-19
• Added over 11,000 natural gas meters in the last 12 months with a growth rate of 1.4%
• Continued executing our water and wastewater acquisition and investment strategy, acquiring companies near our existing service territories and providing clean, reliable water and wastewater service to approximately 63,000 people through 26,000 connections
• Reaffirmed 2021 earnings guidance in the range of $2.40 to $2.60 per share

"This quarter reflects the resiliency and growth of our utilities," said David H. Anderson, president and CEO of NW Natural Holdings. "I'm pleased with how our systems performed during the weather event in February and provided reliable service to customers. We navigated a difficult natural gas commodity market well for our customers and shareholders. Our local economy has also shown strength with continued customer growth."

GUIDANCE:

Northwest Natural Gas sees FY2021 EPS of $2.40-$2.60, versus the consensus of $2.51.

• NW Natural Holdings reaffirmed 2021 earnings guidance in the range of $2.40 to $2.60 per share. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant local, state or federal laws, legislation or regulations.

For earnings history and earnings-related data on Northwest Natural Gas (NWN) click here.

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