ONE Gas Inc · Q2 2023 earnings

Briefing

ONE Gas's financial performance was announced, revealing a slight increase in net income and operating income compared to the same quarter last year, driven by new rates and customer growth, but offset by increased costs.

ONE Gas reported a net income of $32.7 million, or $0.58 per diluted share, for the second quarter of 2023, compared to $32.1 million, or $0.59 per diluted share, for the same period in 2022. Operating income increased to $64.0 million from $58.6 million, driven by new rates and residential sales growth, offset by increased employee-related costs and lower sales volumes.

• Net income increased to $32.7 million, or $0.58 per diluted share, compared to $32.1 million, or $0.59 per diluted share in Q2 2022.
• Year-to-date net income increased to $135.3 million, or $2.42 per diluted share, compared to $131.0 million, or $2.42 per diluted share in the same period last year.
• Operating income rose to $64.0 million, compared to $58.6 million in Q2 2022, driven by new rates and residential sales growth.
• The company reaffirmed its 2023 financial guidance, expecting net income between $224 million and $238 million, or $4.02 to $4.26 per diluted share.

Headline financials

Revenue & EPS history

ONE Gas reaffirmed its financial guidance issued on Nov. 30, 2022, with 2023 net income and earnings per share expected to be in the range of $224 million to $238 million, and $4.02 to $4.26 per diluted share. Capital expenditures, including asset removal costs, are expected to be approximately $675 million in 2023.