Northwest Natural Guides FY24 EPS Below Estimates As Q4 Results Miss Estimates

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Northwest Natural Guides FY24 EPS Below Estimates As Q4 Results Miss Estimates

(RTTNews) - While reporting financial results for the fourth quarter on Friday, Northwest Natural Holding Co. (NWN) initiated earnings guidance for the full-year 2024, below analysts' estimates.

For fiscal 2024, the company now projects earnings in a range of $2.20 to $2.40 per share.

On average, six analysts polled by Thomson Reuters expect the company to report earnings of $2.75 per share for the year. Analysts' estimates typically exclude special items.

The company also reaffirmed its long-term earnings per share growth rate target of 4 to 6 percent from 2022 through 2027. 2022 earnings per share were $2.54.

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.

NW Natural also expects capital expenditures for 2024 to be in the range of $350 million to $400 million and for the five-year period from 2024 to 2028 is expected to range from $1.4 billion to $1.6 billion.

For the fourth quarter, the company reported net income of $44.64 million or $1.21 per share lower than $47.94 million or $1.36 per share in the year-ago quarter.

Operating revenues for the quarter decreased 5 percent to $355.71 million from $375.25 million in the same quarter last year.

The Street was looking for earnings of $1.27 per share on revenues of $362.48 million for the quarter.

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