National Fuel GAS (NFG) Q1 FY2024 earnings: revenue $525 million, down 20.3% on the year

National Fuel GAS Co. (NFG) reported revenue of $525 million for Q1 FY2024, the quarter ended 31 December 2023, down 20.3% on the same quarter a year earlier. Net income was $133 million, down 21.6% on the year, and diluted earnings per share $1.44. The figures are the company's own, from the 10-Q it filed with the SEC on 8 February 2024.

Revenue$525 milliondown 20.3%

Net income$133 milliondown 21.6%

Diluted EPS$1.44

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	525	369	n/a	n/a
Cost of revenue	56.6	n/a	n/a	n/a
Gross profit	469	n/a	n/a	n/a
Gross margin	89.2%	n/a	n/a
Operating income	207	125	n/a	n/a
Operating margin	39.4%	34.0%	n/a
Interest expense	28.5	n/a	n/a	n/a
Pre-tax income	176	97.8	n/a	n/a
Income tax	43.1	24.1	n/a	n/a
Effective tax rate	24.5%	24.7%	n/a
Net income	133	73.7	n/a	n/a
Net margin	25.3%	20.0%	n/a
Diluted EPS	$1.44	$0.80	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	271	182	n/a	n/a
Capital expenditure	247	282	n/a	n/a
Free cash flow	24.0	-100	n/a	n/a
Free cash flow margin	4.6%	-27.1%	n/a
Cash from investing	-248	-283	n/a	n/a
Cash from financing	-36.8	103	n/a	n/a
Depreciation and amortisation	116	110	n/a	n/a
Share-based compensation	4.7	4.8	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	45.5	45.4	n/a	n/a
Dividend per share	$0.49	n/a	n/a	n/a
Diluted shares, weighted	92m	92m	n/a	n/a
Shares outstanding at period end	92m	92m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	67.4	-55.1	n/a	n/a
Non-controlling interest	3,107	3,018	n/a	n/a
Short-term borrowings	300	288	n/a	n/a
Debt	2,386	2,384	n/a	n/a
Operating lease liabilities	n/a	29.5	n/a	n/a
Other liabilities	2,728	2,615	n/a	n/a
Total liabilities and equity	8,587	8,280	n/a	n/a
Fixed assets	7,422	7,300	n/a	n/a
Goodwill	5.5	5.5	n/a	n/a
Cash and equivalents	41.7	55.4	n/a	n/a
Other assets	1,118	919	n/a	n/a
Total assets	8,587	8,280	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	369	525	630	417	372	549	730	532	466	652	858	537
Cost of revenue	n/a	56.6	106	5.0	n/a	65.3	135	28.0	n/a	85.6	208	29.9
Gross profit	n/a	469	524	412	n/a	484	595	504	n/a	566	651	508
Gross margin	n/a	89%	83%	99%	n/a	88%	81%	95%	n/a	87%	76%	94%
Operating income	125	207	251	-51.4	-197	86.2	317	230	180	276	347	209
Operating margin	34%	39%	40%	-12%	-53%	16%	43%	43%	39%	42%	40%	39%
Interest expense	n/a	28.5	28.5	32.9	33.0	37.7	44.8	37.9	35.4	43.4	33.7	36.0
Pre-tax income	97.8	176	222	-82.5	-228	56.2	288	201	149	241	330	185
Tax rate	25%	24%	25%	n/a	n/a	20%	25%	25%	28%	25%	25%	25%
Net income	73.7	133	166	-54.2	-168	45.0	216	150	107	182	248	139
Net margin	20%	25%	26%	-13%	-45%	8%	30%	28%	23%	28%	29%	26%
Diluted EPS	$0.80	$1.44	$1.80	-$0.59	-$1.81	$0.49	$2.37	$1.64	$1.18	$1.98	$2.59	$1.45
Operating cash flow	182	271	315	282	198	220	254	388	238	275	382	377
Capital expenditure	282	247	235	202	247	240	194	193	286	278	221	266
Free cash flow	-100	24.0	80.3	79.5	-49.1	-20.3	59.9	195	-47.8	-2.7	162	111
Buybacks	n/a	0.0	4.2	23.6	36.2	33.5	16.9	4.0	0.0	0.0	0.0	0.0
Dividends paid	45.4	45.5	45.6	45.6	47.2	46.9	46.7	46.6	48.3	48.4	50.8	50.8
Shares outstanding	92m	92m	92m	92m	91m	91m	90m	90m	90m	95m	95m	95m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 8 February 2024, accession 0000070145-24-000006: the filing on EDGAR. All of National Fuel GAS Co.'s filings: EDGAR company page.

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