Northwest Natural Q1 Profit Rises, Tops View; Confirms FY21 Outlook - Quick Facts

(RTTNews) - Northwest Natural Holding Co. (NWN) reported Wednesday that its first-quarter net income increased to $59.5 million or $1.94 per share from last year's $47.50 million or $1.56 per share. The prior year's net income from continuing operations of was $48.3 million or $1.58 per share.

For the quarter, operating revenues increased 11 percent to $315.95 million from prior year's $285.15 million.

On average, analysts polled by Thomson Reuters expected earnings of $1.82 per share on revenues of $318.28 million. Analysts' estimates typically exclude special items.

The company said the results primarily reflected new rates in Oregon for NW Natural, customer growth, and asset management benefits during the severe winter storm in February, partially offset by the financial effects of COVID-19.

Looking ahead, the company reaffirmed fiscal 2021 earnings guidance in the range of $2.40 to $2.60 per share. Analysts expect earnings of $2.51 per share.

In 2021, the Board of Directors of NW Natural Holdings declared a quarterly dividend of $0.48 cents per share, payable on May 14 to shareholders of record on April 30. This reflects an annual indicated dividend rate of $1.92 per share.