Northwest Natural Holding Q1 Profit Slips, Projects Loss In Q2, Q3; Reaffirms FY24 Earnings

(RTTNews) - Northwest Natural Holding Co. (NWN) Monday reported an 11 percent decline in first quarter earnings as revenues were down 6 percent, compared with the prior year.

The quarterly earnings were $63.82 million or $1.69 per share, down from $71.67 million or $2.01 per share a year ago. On average, five analysts polled by Thomson Reuters expected the company to earn $1.81 per share. Analysts estimates usually exclude special items.

Revenues for the quarter declined to $433.470 million, compared to $462.42 million last year. Analysts were looking for $453.11 million.

Further, the company reaffirmed earnings outlook for the full year 2024 in a range of $2.20 to $2.40 per share. Wall Street expectation is $2.29 per share.

For the second quarter, the company expects loss in the range of $0.08 to $0.16 per share and for the third quarter, loss per share is projected to be in a range of $0.74 to $0.86. For the fourth quarter, earnings is expected to be in the range of $1.43 to $1.63 per share.

NW Natural Holdings reaffirmed its long-term earnings per share growth rate target of 4 to 6 percent compounded annually from 2022 through 2027. However, 2024 earnings per share guidance is not in line with that goal primarily due to regulatory lag from natural gas distribution segment mainly as a result of two factors.

The company said, "We remain on track to meet our business objectives and financial goals this year, and we're working to capture growth opportunities that add long-term value."

The provider of regulated natural gas distribution services to residential, commercial, and industrial customers declared a quarterly dividend of 48.75 cents per share, payable on May 15 to shareholders on record April 30, 2024.