Atmos Energy reported a rise in second-quarter profit, as the natural gas utility benefited from higher prices and customer growth.
Average natural gas prices have risen over the past few quarters, reaching a two-year high on March 10, driven by strong demand from liquefied natural gas (LNG) export facilities and supply concerns leading into the summer season.
The company said that operating income for its distribution segment increased by 13.5 per cent , year-over-year, to $483.7 million in the second quarter, with rate hikes contributing $86.4 million in growth, and residential customer growth and other factors contributing $8.3 million.
Atmos delivers natural gas to about 3.3 million distribution customers in eight U.S. states and operates regulated utility operations in Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee, Texas, and Virginia.
It raised its full-year profit forecast to $7.20 to $7.30 per share from $7.05 to $7.25 per share.
The Dallas, Texas-based company reported a net income of $486 million, or $3.03 per share, for the quarter ended March 31, compared with $432 million, or $2.85 per share, for the same period last year.
