One Gas (OGS) Q4 FY2023 earnings: revenue $606 million, down 25.9% on the year

One Gas, Inc. (OGS) reported revenue of $606 million for Q4 FY2023, the quarter ended 31 December 2023, down 25.9% on the same quarter a year earlier. Net income was $71 million, up 5.5% on the year, and diluted earnings per share $1.27. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$606 milliondown 25.9%

Net income$71 millionup 5.5%

Diluted EPS$1.27

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	606	336	n/a	n/a
Cost of revenue	268	70.9	n/a	n/a
Gross profit	338	265	n/a	n/a
Gross margin	55.8%	78.9%	n/a
Operating income	107	57.2	n/a	n/a
Operating margin	17.7%	17.0%	n/a
Interest expense	29.8	28.0	n/a	n/a
Pre-tax income	82.0	29.3	n/a	n/a
Income tax	11.3	4.1	n/a	n/a
Effective tax rate	13.8%	14.0%	n/a
Net income	70.7	25.2	n/a	n/a
Net margin	11.7%	7.5%	n/a
Diluted EPS	$1.27	$0.45	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	97.0	93.8	n/a	n/a
Capital expenditure	176	168	n/a	n/a
Free cash flow	-79.3	-74.3	n/a	n/a
Free cash flow margin	-13.1%	-22.1%	n/a
Cash from investing	-180	-168	n/a	n/a
Cash from financing	105	52.9	n/a	n/a
Share-based compensation	2.9	3.0	n/a	n/a
Dividends paid	36.0	36.0	n/a	n/a
Dividend per share	$0.65	$0.65	n/a	n/a
Diluted shares, weighted	56m	56m	n/a	n/a
Shares outstanding at period end	57m	55m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,766	2,647	n/a	n/a
Short-term borrowings	0.0	n/a	n/a	n/a
Debt	2,961	1,863	n/a	n/a
Operating lease liabilities	14.3	n/a	n/a	n/a
Other liabilities	2,030	2,923	n/a	n/a
Total liabilities and equity	7,771	7,432	n/a	n/a
Goodwill	158	158	n/a	n/a
Cash and equivalents	18.8	9.2	n/a	n/a
Receivables	348	177	n/a	n/a
Other assets	7,246	7,088	n/a	n/a
Total assets	7,771	7,432	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	336	606	758	354	340	631	935	424	379	689	832	412
Cost of revenue	70.9	268	383	72.0	59.6	264	512	118	76.6	292	394	90.3
Gross profit	265	338	375	282	281	367	423	306	303	397	438	321
Gross margin	79%	56%	49%	80%	82%	58%	45%	72%	80%	58%	53%	78%
Operating income	57.2	107	146	69.3	59.4	124	180	71.9	65.4	140	190	82.7
Operating margin	17%	18%	19%	20%	17%	20%	19%	17%	17%	20%	23%	20%
Interest expense	28.0	29.8	31.4	37.0	39.1	39.8	35.7	35.3	35.4	36.5	32.4	31.1
Pre-tax income	29.3	82.0	118	33.3	23.3	84.7	145	39.1	32.4	105	155	56.8
Tax rate	14%	14%	16%	18%	17%	9%	18%	18%	18%	18%	17%	18%
Net income	25.2	70.7	99.3	27.2	19.3	77.0	119	32.0	26.5	86.3	129	46.8
Net margin	8%	12%	13%	8%	6%	12%	13%	8%	7%	13%	15%	11%
Diluted EPS	$0.45	$1.27	$1.75	$0.48	$0.34	$1.34	$1.98	$0.53	$0.44	$1.42	$2.04	$0.74
Operating cash flow	93.8	97.0	108	143	54.9	62.6	277	171	87.0	43.0	176	211
Capital expenditure	168	176	167	176	181	180	167	180	192	168	157	174
Free cash flow	-74.3	-79.3	-58.5	-33.0	-126	-117	111	-9.1	-105	-125	19.8	37.5
Dividends paid	36.0	36.0	37.3	37.3	37.4	37.4	40.2	40.2	40.2	40.2	42.7	42.7
Shares outstanding	55m	57m	57m	57m	56m	60m	60m	60m	60m	63m	63m	63m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001587732-24-000013: the filing on EDGAR. All of One Gas, Inc.'s filings: EDGAR company page.

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