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Atmos Energy's quarterly profit rises on higher rates, customer growth
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Atmos Energy's quarterly profit rises on higher rates, customer growth
Aug 7, 2024 3:26 PM

Aug 7 (Reuters) - Atmos Energy ( ATO ) posted a rise in

third-quarter profit on Wednesday, as the natural gas utility

benefited from higher tariffs and customer additions.

The company said its distribution operating earnings were

boosted by $30.6 million due to higher rates than last year,

while a higher number of customers lifted earnings by $5.33

million.

Atmos delivers natural gas to about 3 million distribution

customers across eight U.S. states.

The company, which also operates about 5,700 miles of

transmission pipelines in Texas, said its operating earnings in

its pipeline and storage operating earnings rose 40.6% to $137.2

million.

A surge in production as well as capacity constraints have

boosted demand for natural gas pipelines in the U.S.

Its costs for gas purchases at its distribution segment

declined by 12.9%, as U.S. gas prices have plunged this year due

to milder-than-expected weather and storage buildups.

The Dallas, Texas-based company's net income was at $165.6

million, or $1.08 per share, in the quarter ended June 30,

compared with $137.8 million, or 94 cents per share, a year

earlier.

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