Financial Performance - Q3 FY25 adjusted earnings were $001 per share, compared to $(014) in Q3 FY24[8] - The company affirms FY25 adjusted EPS guidance range of $440 to $460[8] - Q3 YTD FY25 capex reached $700 million, driven by Gas Utility investment[26] - The company raised FY25 capex target to $875 million from $840 million[26] Strategic Initiatives - The company entered into an agreement to acquire the Piedmont Natural Gas Tennessee business from Duke Energy for $248 billion[8] - Combined investment opportunities related to the Piedmont Natural Gas Tennessee acquisition are estimated at $44 billion over five years (2025-2029)[10] - The company's 10-year capex plan remains at $74 billion (FY25-FY34)[8, 30] Regulatory Updates - A unanimous settlement agreement was filed on August 4, 2025, in the Missouri rate case, projecting a $210 million annual revenue increase[8, 15] - The Missouri Public Service Commission (MoPSC) approved $190 million in Infrastructure System Replacement Surcharge (ISRS) revenues, effective May 2025[8] - The new rates in Missouri are expected to be effective October 24, 2025, leading to an average residential customer bill increase of approximately 11%, or around $9 per month[15] Growth Outlook - The company maintains a long-term adjusted EPS growth target of 5-7%, using the original FY24 guidance midpoint of $435 as a base[8, 9]

Key Takeaways Sempra Energy (SRE) is scheduled to release its second-quarter 2025 results on Aug. 7, before market open. The company delivered an earnings surprise of 19.01% in the last reported quarter. However, SRE has a negative four-quarter average earnings surprise of 2.07%. Let's discuss the factors that are likely to be reflected in the upcoming quarterly results. What Our Model Predicts for SRE Factors at Play Ahead of SRE's Q2 Results The majority of SRE's service territories experienced warmer-tha ...

Core Insights - Spire reported revenue of $421.9 million for the quarter ended June 2025, reflecting a year-over-year increase of 1.9% and surpassing the Zacks Consensus Estimate by 2.16% [1] - The company achieved an EPS of $0.01, a significant improvement from -$0.14 in the same quarter last year, resulting in an EPS surprise of 111.11% [1] Revenue Performance - Operating Revenues from Gas Utility were $347.5 million, which was below the estimated $356.49 million, marking a decline of 6.8% year-over-year [4] - Gas Marketing revenues reached $43.1 million, exceeding the average estimate of $20.22 million, representing a substantial increase of 103.3% year-over-year [4] - Midstream revenues were reported at $42.2 million, surpassing the estimate of $31.86 million, with a year-over-year growth of 29.9% [4] - Other revenues amounted to $5.7 million, exceeding the estimate of $4.47 million, reflecting an 18.8% increase year-over-year [4] - Eliminations reported a figure of -$16.6 million, slightly better than the estimated -$17 million, with a year-over-year change of -2.9% [4] Operating Income - Operating Income from Gas Marketing was $28.7 million, significantly higher than the estimated $1.48 million [4] - Midstream Operating Income was reported at $23.8 million, exceeding the average estimate of $18.55 million [4] - Gas Utility Operating Income was $16.6 million, which fell short of the estimated $23.65 million [4] - Other Operating Income was $0.1 million, compared to the estimated -$0.23 million [4] Stock Performance - Spire's shares have returned 2.6% over the past month, outperforming the Zacks S&P 500 composite's 1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Atmos Energy (ATO) is expected to report quarterly earnings of $1.17 per share, an increase of 8.3% year-over-year, with revenues projected at $940.91 million, reflecting a 34.1% increase compared to the same period last year [1] - There has been a downward revision of 3.4% in the consensus EPS estimate over the past 30 days, indicating a collective reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock price performance [3] Revenue and Income Estimates - Analysts predict 'Operating revenues- Pipeline and storage segment' to be $275.53 million, showing a year-over-year increase of 9.9% [5] - The 'Operating revenues- Distribution segment' is forecasted to reach $662.21 million, indicating a year-over-year change of 4.6% [5] - Estimated 'Operating Income- Pipeline and Storage' is projected at $159.21 million, up from $137.15 million reported in the same quarter last year [6] - 'Operating Income- Distribution' is expected to be $102.08 million, compared to $83.12 million reported in the same quarter of the previous year [6] Market Performance - Atmos shares have increased by 2.3% over the past month, outperforming the Zacks S&P 500 composite, which moved up by 0.6% [6] - The company holds a Zacks Rank of 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [6]

Core Insights - National Fuel Gas Company (NFG) reported third-quarter fiscal 2025 adjusted operating earnings of $1.64 per share, exceeding the Zacks Consensus Estimate of $1.50 by 9.3% and increasing 65.7% from the previous year's figure of 99 cents [1][9] - Total revenues for NFG were $531.8 million, missing the Zacks Consensus Estimate of $617 million by 13.8%, but reflecting a 27.4% increase from $417.4 million in the prior year [2] - Operating income rose to $230.3 million from an operating loss of $51.4 million in the year-ago quarter, aided by a 35.7% reduction in total operating expenses to $301.6 million [4][5][9] Revenue Breakdown - Utility segment revenues reached $157.4 million, a 26.1% increase from $124.8 million in the year-ago quarter [3] - Exploration and Production and Other segments generated revenues of $303.9 million, up 37.6% from $220.9 million in the previous year [3] - Pipeline and Storage and Gathering revenues amounted to $70.5 million, showing a slight decrease of 1.7% from $71.7 million in the year-ago quarter [3] Production and Operational Highlights - Seneca produced 112 billion cubic feet (Bcf) of natural gas, an increase of 15 Bcf or 16% from the prior year, driven by new Utica pads in Tioga County [6][9] - Interest expense on long-term debt was $34.3 million, up 4.3% from $32.9 million in the previous year [5] Financial Position - As of June 30, 2025, NFG had cash and temporary cash investments of $39.3 million, slightly up from $38.2 million as of September 30, 2024 [7] - Net cash provided by operating activities for the first nine months of fiscal 2025 totaled $862.3 million, compared to $868 million in the same period last year [7] - Capital expenditures for the first nine months of fiscal 2025 were $627.3 million, down from $684.2 million in the prior year [7] Guidance and Future Outlook - NFG revised its guidance for fiscal 2025 adjusted earnings per share to a range of $6.80-$6.95, incorporating third-quarter results and lower expected realized natural gas prices [10] - The company expects capital expenditures for fiscal 2025 to be between $890-$955 million, slightly adjusted from the previous range of $885-$960 million [11] - Production for fiscal 2025 is now anticipated to be in the range of 420-425 Bcf, up from the previous estimate of 415-425 Bcf [11]

Core Viewpoint - Atmos Energy Corporation (ATO) is set to release its third-quarter fiscal 2025 results on August 6, with an earnings surprise of 3.8% in the previous quarter [1] Group 1: Factors Impacting Q3 Earnings - Strategic investments in modernizing transmission and distribution systems are expected to enhance service reliability and positively impact the bottom line [2] - An expanding customer base and the implementation of new rates in service regions are anticipated to contribute positively to earnings [3] - Higher distribution revenues and lower interest expenses are likely to support ATO's quarterly results [3] - Increased operation and maintenance expenses, along with higher depreciation and amortization, may negatively affect the bottom line [4] Group 2: Earnings Expectations - The Zacks Consensus Estimate for earnings is $1.17 per share, reflecting a year-over-year increase of 8.3% [5] - The revenue estimate stands at $940.91 million, indicating a year-over-year improvement of 34.1% [5] Group 3: Earnings Prediction Model - The current model does not predict an earnings beat for Atmos Energy, with an Earnings ESP of 0.00% and a Zacks Rank of 3 [6][7] Group 4: Industry Comparisons - New Jersey Resources (NJR) is expected to report an earnings beat with an Earnings ESP of +11.77% and a Zacks Rank of 3 [8] - ONE Gas (OGS) is also likely to achieve an earnings beat with an Earnings ESP of +3.22% and a Zacks Rank of 2 [10] - MDU Resources Group (MDU) is projected to report an earnings beat with an Earnings ESP of +20% and a Zacks Rank of 2 [11]

Group 1 - RGC Resources, Inc. will host its quarterly conference call and webcast to review the results of its fiscal third quarter 2025 on August 13, 2025, at 9:00 a.m. eastern time [1] - Related presentation materials will be available on the Company's website prior to the call [1] - Interested parties can access the conference call by dialing toll-free 1-877-304-9269 and entering conference identification number 917621 [2] Group 2 - An archive of the webcast will be available for one year on the Company's investor information page [2] - RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC [2]

Group 1 - The company, Southwest Gas Holdings, Inc., will host its second quarter earnings conference call on August 6, 2025, at 11:00 AM ET [1] - A news release will be issued before the markets open on the same day [1] - The conference call will be available via live webcast on the company's website [1] Group 2 - Participants can join the call using the telephone number (800) 836-8184 or the international number (646) 357-8785 [2] - If unable to attend live, a digital replay will be available starting one hour after the call, accessible by dialing (888) 660-6345 or (646) 517-4150 [2] - The digital replay will be available until 4:30 PM ET on August 13, 2025, with the replay code 15251 [2]

July 29, 2025 Forward-looking statements and use of non-GAAP measures This presentation contains "forward looking statements," including Spire Inc. ("Spire") management's guidance regarding the impact of the proposed transaction on Spire, including the potential impact on earnings per share and the return on equity and other potential economic benefits to Spire. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of ...

Core Points - Black Hills Corp.'s natural gas utility subsidiary in Kansas received approval for new rates from the Kansas Corporation Commission, allowing recovery of approximately $118 million in system investments since the last rate filing in 2021 [1][2] - The approved settlement will generate approximately $10.8 million in new annual revenues and migrate about $4.4 million in annual rider revenue to base rates, resulting in a total annual base rate revenue increase of $15.2 million, effective August 1, 2025 [2][3] - The settlement allows the continued use of the Gas System Reliability Surcharge (GSRS) for safety-focused pipeline replacements and includes a new insurance tracker with deferred accounting treatment [3] Company Overview - Black Hills Corp. is a growth-oriented utility company based in Rapid City, South Dakota, serving 1.35 million natural gas and electric utility customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming [4]