ONE Gas Inc · Q3 2021 earnings

Briefing

ONE Gas reported strong third-quarter results, supported by new rates and customer growth.

ONE Gas reported a net income of $20.3 million for the third quarter of 2021, which translates to $0.38 per diluted share. The company's operating income for the quarter was $41.8 million. They updated financial guidance with 2021 net income now expected to be in the range of $204 million to $209 million, and $3.80 to $3.90 per diluted share.

• Third quarter 2021 net income was $20.3 million, or $0.38 per diluted share, compared with $21.1 million, or $0.39 per diluted share, in the third quarter 2020.
• Year to date 2021 net income was $145.9 million, or $2.72 per diluted share, compared with $138.1 million, or $2.59 per diluted share, in the same period last year.
• On September 21, 2021, we redeemed $400 million of the floating-rate senior notes due 2023 at par, using a combination of cash on hand and commercial paper.
• A quarterly dividend of $0.58 per share, or $2.32 per share on an annualized basis, was declared on Nov. 1, 2021, payable on Dec. 1, 2021, to shareholders of record at the close of business on Nov. 15, 2021.

Headline financials

Revenue & EPS history

ONE Gas updated its financial guidance issued on Jan. 19, 2021, with 2021 net income and earnings per share now expected to be in the range of $204 million to $209 million, and $3.80 to $3.90 per diluted share. Capital expenditures, including asset removal costs, are still expected to be approximately $540 million for 2021.