Atmos Energy reports quarterly profit rise, raises full-year forecast

Atmos Energy has reported an increase in its second-quarter profits, thanks to higher natural gas prices and increased customer numbers.

The average natural gas price has risen in the last few quarters. It reached a two-year peak on 10 March, driven by a strong demand for LNG export facilities as well as supply concerns heading into summer.

The company reported that the operating income of its distribution segment increased 13.5% year-over-year to $483.7 millions in the second quarter. Rate hikes contributed $86.4 million, while residential customer growth as well as other factors contributed $8.3million.

Atmos distributes natural gas in eight U.S. States to approximately 3.3 million customers. It also operates regulated utilities in Colorado, Kansas and Kentucky.

It increased its profit forecast for the full year to $7.20-$7.30 per share, from $7.05-$7.25 per share.

Dallas-based company, Texas, reported a quarterly net income of $486,000,000, or $3.03 a share. This compares to $432,000,000, or $2.85 if you look at the same quarter last year.

(source: Reuters)