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Northwest Natural Swings To Profit In Q2, Beats Estimates; Reaffirms Guidance

Northwest Natural Holding Company (NWN) on Thursday reported financial results for the second quarter of 2022 that showed a switch to profit in the backdrop of a 31 percent jump in operating revenues. Earnings beat the consensus estimates.

Net income for the period was $1.72 million or $0.05 per share as compared to a loss of $724 thousand or $0.02 per share
Earnings per share in 2022 was affected by a 2.9 million common share issuance on April 1, 2022.

Results reflected the higher margin from customer growth and new rates in Washington for the company's natural gas utility and lower pension expense, partially offset by higher operations and maintenance expenses.

7 analysts polled by Thomson Reuters were expecting the company to report loss of $0.04 per share. Analysts typically exclude one-time items.

Operating revenues increased 31 percent to $194.96 million, as compared to $148.92 million in the corresponding period of the previous fiscal.

The company reaffirmed its 2022 earnings guidance in the range of $2.45 to $2.65 per share. 6 analysts polled by Thomson Reuters expect the company to report earnings of $2.53 per share.

It also reaffirmed its long-term earnings per share growth rate target of 4 percent to 6 percent compounded annually from 2022 through 2027.

The board of directors of the company also declared a quarterly dividend of 48.25 cents per share on the its common stock. The dividend is payable on Aug. 15, 2022 to shareholders of record on July 29, 2022.

Shares of North West Natural closed Wednesday's trading at $53.32, down $0.29 or 0.54 percent from the previous close.

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