NW Natural Holdings Reports Strong Third Quarter 2024 Results

Business Wire11-12 19:00

Reaffirmed 2024 guidance and long-term EPS growth rate target of 4-6% PORTLAND, Ore., November 12, 2024--(BUSINESS WIRE)--Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings) reported ...

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PORTLAND, Ore., November 12, 2024----Northwest Natural Holding Company   reported financial results and highlights including:. Reported a net loss of $27.2 million  for the third quarter of 2024, compared to a net loss of $23.7 million  for the same period in 2023. On Oct. 25, 2024, the OPUC issued an order approving the all-party settlements in NW Natural's general rate case and resolving the remaining outstanding items. The order increased the revenue requirement by $93.3 million including final adjustments for capital projects placed into service and the depreciation study. The order included a capital structure of 50% common equity and 50% long-term debt, return on equity of 9.4%, cost of capital of 7.056%, and rate base of $2.09 billion, or an increase of $334 million since the last rate case. As part of the resolution of the line extension allowance, NW Natural was required to forego recovery of $13.7 million ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4197":"燃气公用事业","GRO":"Brazil Potash Corp.","BK4585":"ETF&股票定投概念","NWN":"西北天然气","BK4023":"应用软件","BK4528":"SaaS概念","RNG":"Ringcentral Inc."},"translate_title":"NW Natural Holdings公布2024年第三季度强劲业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GRO":1,"RNG":1,"NWN":0.9},"content_text":"Reaffirmed 2024 guidance and long-term EPS growth rate target of 4-6%\nPORTLAND, Ore., November 12, 2024--(BUSINESS WIRE)--Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings) reported financial results and highlights including:\n\nReported a net loss of $27.2 million ($0.71 per share) for the third quarter of 2024, compared to a net loss of $23.7 million ($0.65 per share) for the same period in 2023\nReported net income of $33.9 million ($0.88 per share) for the first nine months of 2024, compared to net income of $49.2 million ($1.37 per share) for the same period in 2023 primarily due to regulatory lag\nAdded nearly 17,000 gas and water utility connections in the last 12 months for a combined growth rate of 1.9% as of September 30, 2024, mainly driven by strong water acquisitions\nInvested $294 million in our gas and water systems in the first nine months of 2024 to support growth and greater reliability and resiliency\nNew rates went into effect on Nov. 1, 2024 related to NW Natural's Oregon general rate case and the Purchased Gas Adjustment (PGA) mechanism for Oregon and Washington customers, which includes estimated gas costs for the upcoming winter heating season\nClosed Puttman/ICH water acquisition, adding customers and a strong pipeline of growth opportunities\nIncreased our dividend for the 69th consecutive year to an annual indicated dividend rate of $1.96 per share\nReaffirmed 2024 earnings per share (EPS) guidance in the range of $1.94 to $2.14 on a GAAP basis or $2.20 to $2.40 on a non-GAAP Adjusted Basis, and long-term EPS growth rate target of 4% to 6% from 2022 through 2027\n\n\"The Company continues to perform well,\" said David H. Anderson, CEO of NW Natural Holdings. \"Our focus in 2024 is operating safe, reliable systems and executing on our capital plan, regulatory dockets, and growth opportunities. I'm happy to report that we're making good progress on all fronts. We remain focused on maintaining our systems and affordability for our customers. Today customers are paying less for their natural gas service than they did 20 years ago. I'm confident our hard work this year positions us well for long-term growth and creating value for stakeholders.\"\nKEY EVENTS\nReceived Order in NW Natural's Oregon General Rate Case\nOn Oct. 25, 2024, the OPUC issued an order approving the all-party settlements in NW Natural's general rate case and resolving the remaining outstanding items. The order increased the revenue requirement by $93.3 million including final adjustments for capital projects placed into service and the depreciation study. The order included a capital structure of 50% common equity and 50% long-term debt, return on equity of 9.4%, cost of capital of 7.056%, and rate base of $2.09 billion, or an increase of $334 million since the last rate case. As part of the resolution of the line extension allowance, NW Natural was required to forego recovery of $13.7 million of rate base related to line extension costs. This resulted in a non-cash, pre-tax charge of $13.7 million (approximately $10.1 million after-tax) in the fourth quarter of 2024. New rates in Oregon were effective beginning Nov. 1, 2024 with an average Oregon residential customer bill increasing 4.7%.\nNW Natural Water Closed Acquisition of Puttman & ICH Water\nNW Natural Water closed the acquisition of Infrastructure Capital Holdings (ICH), which includes the assets of Puttman Infrastructure (Puttman). This added wastewater and recycled water customers across Oregon, Idaho and California. Tom Puttman joined the company as president of NW Natural Water in September. The transaction expands NW Natural Water’s utility portfolio as well as its services business and marks its first investments in the recycled water segment and entry into the California market.\nNW Natural Renewables RNG Facilities Reach Substantial Completion\nNW Natural Renewables Holdings, LLC (NW Natural Renewables) executed agreements to invest in two renewable natural gas (RNG) facilities for 20 years with EDL to secure RNG supply. Both facilities have reached substantial completion and operations of the facilities began in the third quarter of 2024. NW Natural Renewables made a payment to EDL for $26 million for the first facility and began receiving RNG from the facility in the third quarter of 2024. NW Natural Renewables expects to close and make the second contribution of approximately $25 million for the second facility by the end of 2024 and begin receiving RNG thereafter. NW Natural Renewables has contracted to sell the RNG supply to investment grade counterparties under long-term, fixed-volume, primarily fixed-price contracts. Both facilities are expected to produce earnings and cash flows in 2025.\n2024 GUIDANCE AND LONG-TERM TARGETS\nNW Natural Holdings reaffirmed its 2024 GAAP EPS guidance of $1.94 to $2.14, or $2.20 to $2.40 on a non-GAAP Adjusted Basis2 excluding the $13.7 million non-cash, pre-tax regulatory charge (approximately $10.1 million or $0.26 per share after-tax1) related to the Oregon general rate case recorded in the fourth quarter of 2024. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or outcomes, or significant local, state or federal laws, legislation or regulations.\n\n\n\n2024 EPS Guidance Reconciliation Table\n\n\nGAAP EPS Guidance\n\n$1.94 to $2.14\n\n\nRegulatory Disallowance1\n\n0.26\n\n\nAdjusted EPS Guidance2\n\n$2.20 to $2.40\n\n\n\nNW Natural Holdings reaffirmed its long-term EPS growth rate target of 4% to 6% compounded annually from 2022 through 2027. 2022 EPS was $2.54.\n1 Impact on EPS assumes average diluted shares of 39.0 million and an income tax rate of 26.5%.2 See \"Non-GAAP Financial Measures\" for a definition and further information on Adjusted Basis EPS.\nDIVIDEND DECLARED\nThe board of directors of NW Natural Holdings declared a quarterly dividend of 49 cents per share on the Company’s common stock. The dividend is payable on November 15, 2024 to shareholders of record on October 31, 2024. The Company's current indicated annual dividend rate is $1.96 per share. Future dividends are subject to board of director discretion and approval.\nTHIRD QUARTER RESULTS\nWe primarily operate through our natural gas distribution segment, which is a regulated utility principally engaged in the delivery of natural gas to customers in Oregon and southwest Washington. The segment also includes the portion of the Mist underground storage facility used to serve gas utility customers, the North Mist gas storage expansion, and renewable natural gas development and procurement for the utility.\nOther business activities are reported through \"Other\" results and primarily include Interstate Storage Services and third-party asset management services for the Mist facility in Oregon; NW Natural Water, which holds our water and wastewater utility operations; and NW Natural Renewables, which is a renewable fuels business.\nNW Natural Holdings' third quarter results are summarized by business segment in the table below:\n\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\nChange\n\n\nIn thousands, except per share data\n\nAmount\n\nPer Share\n\nAmount\n\nPer Share\n\nAmount\n\nPer Share\n\n\nNet income (loss):\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNatural Gas Distribution segment\n\n$\n(30,404\n)\n\n$\n(0.79\n)\n\n$\n(24,160\n)\n\n$\n(0.66\n)\n\n$\n(6,244\n)\n\n$\n(0.13\n)\n\n\nOther\n\n\n3,237\n\n\n\n0.08\n\n\n\n473\n\n\n\n0.01\n\n\n\n2,764\n\n\n\n0.07\n\n\n\nConsolidated\n\n$\n(27,167\n)\n\n$\n(0.71\n)\n\n$\n(23,687\n)\n\n$\n(0.65\n)\n\n$\n(3,480\n)\n\n$\n(0.06\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted Shares\n\n\n\n\n38,394\n\n\n\n\n\n36,214\n\n\n\n\n\n2,180\n\n\n\n\nNatural Gas Distribution Segment\nThe third quarter reflects the seasonal nature of the gas utility's earnings where the majority of revenues are generated during the winter heating season in the first and fourth quarters each year. Natural Gas Distribution segment net income decreased $6.2 million (or $0.13 per share) primarily reflecting regulatory lag from higher depreciation and lower other income.\nMargin remained consistent with the prior year.\nOperations and maintenance expense increased $1.3 million as a result of higher payroll and benefits primarily related to additional staffing in key areas and a 6% pay increase for union employees as a result of a new union contract, which began June 1, 2024. This was partially offset by lower contractor labor costs.\nDepreciation and general taxes collectively increased by $3.6 million primarily due to continued investment in our system.\nOther income, net reflected a $4.6 million decrease primarily from lower interest income from invested cash, higher pension expense, lower regulatory interest income, and lower equity Allowance for Funds Used During Construction (AFUDC).\nInterest expense decreased $0.5 million due to higher debt AFUDC partially offset by higher short-term debt balances.\nIncome taxes decreased $2.8 million dollars due to the decrease in pre-tax results.\nOther\nNet income from the Company's other business activities increased $2.8 million (or $0.07 per share) reflecting $1.5 million higher revenues from gas storage operations, a $0.5 million improvement in water results related to net income from the Puttman/ICH acquisition, and a $0.4 million reduction in business development expenses.\nYEAR-TO-DATE RESULTS\nNW Natural Holdings' year-to-date results by business segment are summarized in the table below:\n\n\n\n\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\nChange\n\n\nIn thousands, except per share data\n\nAmount\n\nPer Share\n\nAmount\n\nPer Share\n\nAmount\n\nPer Share\n\n\nNet income (loss):\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNatural Gas Distribution segment\n\n$\n32,324\n\n$\n0.84\n\n$\n47,520\n\n$\n1.32\n\n$\n(15,196\n)\n\n$\n(0.48\n)\n\n\nOther\n\n\n1,545\n\n\n0.04\n\n\n1,708\n\n\n0.05\n\n\n(163\n)\n\n\n(0.01\n)\n\n\nConsolidated\n\n$\n33,869\n\n$\n0.88\n\n$\n49,228\n\n$\n1.37\n\n$\n(15,359\n)\n\n$\n(0.49\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted Shares\n\n\n\n\n38,412\n\n\n\n\n35,980\n\n\n\n\n2,432\n\n\n\n\nNatural Gas Distribution Segment\nNatural Gas Distribution segment net income decreased $15.2 million (or $0.48 per share) primarily reflecting regulatory lag from higher depreciation and general taxes, as well as lower other income.\nMargin increased $0.9 million primarily due to the amortization of deferrals and customer growth which among other miscellaneous items contributed $7.2 million. Partially offsetting these items was a $4.5 million reduction in margin due to warmer comparative weather and the effect of customers not covered by the weather normalization mechanism. Weather was 13% warmer than average in the first nine months of 2024, compared to 2% colder than average weather for the same period of 2023. In addition, there was a $1.8 million decline in gains on the Oregon gas cost incentive sharing mechanism due to lower commodity price volatility and higher than estimated gas costs during the cold weather event in January 2024.\nOperations and maintenance expense decreased $2.5 million as a result of lower employee benefit expenses and contractor costs; partially offset by higher payroll, information technology costs, and the amortization of deferrals approved in the last rate case, which is offset by revenues.\nDepreciation and general taxes increased by $8.1 million primarily due to additional capital investments in the distribution system.\nOther income, net declined $12.6 million primarily from higher pension expense, lower interest income due to a lower level of invested cash, lower regulatory interest income, and lower equity AFUDC.\nInterest expense increased $1.4 million primarily due to higher short- and long-term debt balances.\nIncome taxes decreased $3.5 million dollars due to the decrease in pre-tax results.\nOther\nNet income from the Company's other business activities decreased $0.2 million (or $0.01 per share) primarily reflecting a $2.7 million gain on a settlement recognized in the second quarter of 2023 partially offset by lower holding company operating expenses.\nBALANCE SHEET AND CASH FLOWS\nDuring the first nine months of 2024, the Company generated $219.7 million in operating cash flows, compared to $301.5 million for the same period in 2023. The decrease in operating cash flows is primarily related to the payment to EDL for the RNG facility, higher pension contributions and changes in accounts receivable, payables and gas storage inventories related to comparatively warmer weather in 2024 vs. 2023. The Company used $326.3 million in investing activities during the first nine months of 2024 primarily for natural gas utility capital expenditures and also the Puttman/ICH water acquisition, compared to $250.5 million used in investing activities predominately for capital expenditures during the same period in 2023. Net cash provided by financing activities was $103.8 million for the first nine months of 2024, compared to net cash provided by financing activities of $79.5 million during the same period in 2023. The increase in financing activities is primarily due to higher equity issuances. As of September 30, 2024, NW Natural Holdings held cash of $35.0 million.\nCONFERENCE CALL AND WEBCAST\nAs previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its third quarter 2024 financial and operating results.\n\n\n\n\n\n\nDate and Time:\n\nTuesday, Nov. 12, 2024\n\n\n\n\n\n\n\n8 a.m. PT (11 a.m. ET)\n\n\n\n\n\nPhone Numbers:\n\nUnited States 1-833-470-1428\n\n\n\n\n\n\n\nInternational 1-404-975-4839\n\n\n\n\n\n\n\nPasscode 766404\n\n\n\nThe call will also be webcast in a listen-only format for the media and general public and can be accessed at ir.nwnaturalholdings.com. A replay of the conference call will be available on our website and by dialing 1-866-813-9403 (U.S.) and 1-929-458-6194 (international). The replay access code is 236464.\nABOUT NW NATURAL HOLDINGS\nNorthwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon and has been doing business for over 165 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), NW Natural Renewables Holdings (NW Natural Renewables), and other business interests.\nWe have a longstanding commitment to safety, environmental stewardship and the energy transition, and taking care of our employees and communities. NW Natural Holdings was recognized by Ethisphere® for the third consecutive year in 2024 as one of the World’s Most Ethical Companies®. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. Learn more in our latest Community and Sustainability Report at ir.nwnaturalholdings.com/sustainability.\nNW Natural is a local distribution company that currently provides natural gas service to approximately 2 million people in more than 140 communities through more than 800,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural owns and operates 21.6 Bcf of underground gas storage capacity in Oregon.\nNW Natural Water provides water distribution and water and wastewater services to communities throughout the Pacific Northwest, Texas and Arizona. NW Natural Water serves over 188,000 people through approximately 76,000 meters and provides operation and maintenance services to an additional 22,000 connections. Learn more about our water business at nwnaturalwater.com.\nNW Natural Renewables is committed to leading in the energy transition by providing renewable fuels to support decarbonization in the utility, commercial, industrial and transportation sectors. Learn more at nwnaturalrenewables.com.\nAdditional information is available at nwnaturalholdings.com.\n\"World’s Most Ethical Companies\" and \"Ethisphere\" names and marks are registered trademarks of Ethisphere LLC\nForward-Looking Statements\nThis press release, and other presentations made by NW Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as \"anticipates,\" \"assumes,\" \"continues,\" \"could,\" \"intends,\" \"plans,\" \"seeks,\" \"believes,\" \"estimates,\" \"expects,\" \"will\" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, assumptions, estimates, expectations, timing, goals, strategies, commitments, future events, financial positions, financial performance, investments, valuations, timing and amount of capital expenditures, targeted capital structure, risks, risk profile, stability, acquisitions and timing, approval, completion and integration thereof, the likelihood and success associated with any transaction, utility system, technology and infrastructure investments, system modernization, reliability and resiliency, global, national and local economies, customer and business growth, continued expansion of service territories, customer satisfaction ratings, weather, performance and service during weather events, customer rates or rate recovery and the timing and magnitude of potential rate changes and the potential outcome of rate cases, environmental remediation cost recoveries, environmental initiatives, decarbonization and the role of natural gas and the gas delivery system, including decarbonization goals and timelines, energy efficiency measures, use of renewable sources, renewable natural gas purchases, projects, investments and other renewable initiatives, and timing, magnitude and completion thereof, unregulated renewable natural gas strategy and initiatives, hydrogen projects or investments and timing, magnitude, approvals and completion thereof, procurement of renewable natural gas or hydrogen for customers, technology and policy innovations, strategic goals and visions, water, wastewater and water services acquisitions, personnel additions, partnerships, and investment strategy and financial effects of water, wastewater and water services acquisitions, expected growth and safety benefits of facility upgrade investments, operating plans of third parties, financial results, including estimated income, availability and sources of liquidity, capital markets, financing transactions, expenses, positions, revenues, returns, cost of capital, timing, and earnings, earnings guidance and estimated future growth rates, future dividends, commodity costs and sourcing, asset management activities, performance, timing, outcome, or effects of regulatory proceedings or mechanisms or approvals, regulatory prudence reviews, anticipated regulatory actions or filings, accounting treatment of future events, economic and political conditions, effects of legislation or changes in laws or regulations, effects, extent, severity and duration of epidemics and pandemics, and any resulting economic disruption therefrom, inflation, geopolitical uncertainty and other statements that are other than statements of historical facts.\nForward-looking statements are based on current expectations and assumptions regarding its business, the economy, geopolitical factors, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. You are therefore cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future operational, economic or financial performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A \"Risk Factors\", and Part II, Item 7 and Item 7A \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and \"Quantitative and Qualitative Disclosure about Market Risk\" in the most recent Annual Report on Form 10-K and in Part I, Items 2 and 3 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and \"Quantitative and Qualitative Disclosures About Market Risk\", and Part II, Item 1A, \"Risk Factors\", in the quarterly reports filed thereafter, which, among others, outline legal, regulatory and legislative risks, public health risks, financial, macroeconomic and geopolitical risks, growth and strategic risks, operational risks, business continuity and technology risks, environmental risks and risks related to our water and renewables businesses.\nAll forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Holdings or NW Natural, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and NW Holdings and NW Natural undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. New factors emerge from time to time and it is not possible to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.\nNON-GAAP FINANCIAL MEASURES\nManagement uses \"adjusted net income\" and \"adjusted basis earnings per share,\" both of which are non-GAAP financial measures, when evaluating NW Natural Holdings' overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about NW Natural Holdings' performance because they eliminate the impacts of significant discrete items that can affect the comparison of period-over-period results. In addition to presenting the results of operations and earnings amounts in total, certain financial measures are expressed in cents per share, which are non-GAAP financial measures. All references to EPS are on the basis of diluted shares.\nSuch non-GAAP financial measures are used to analyze our financial performance because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations. Our non-GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than how such measures are calculated in this report, limiting the usefulness of those measures for comparative purposes. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the tables above.\n\n\n\nNORTHWEST NATURAL HOLDINGS\n\n\nConsolidated Income Statement and Financial Highlights (Unaudited)\n\n\nThird Quarter 2024\n\n\n\n\nThree Months Ended\n\n\n\nNine Months Ended\n\n\n\nTwelve Months Ended\n\n\n\n\nIn thousands, except per share amounts,customer, and degree day data\n\nSeptember 30,\n\n\n\nSeptember 30,\n\n\n\nSeptember 30,\n\n\n\n\n\n2024\n\n2023\n\nChange\n\n2024\n\n2023\n\nChange\n\n2024\n\n2023\n\nChange\n\n\nOperating revenues\n\n$\n136,934\n\n\n$\n141,479\n\n\n(3\n)%\n\n$\n782,118\n\n\n$\n841,761\n\n\n(7\n)%\n\n$\n1,137,832\n\n\n$\n1,217,014\n\n\n(7\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of gas\n\n\n38,902\n\n\n\n49,180\n\n\n(21\n)\n\n\n287,589\n\n\n\n357,362\n\n\n(20\n)\n\n\n430,064\n\n\n\n525,584\n\n\n(18\n)\n\n\nOperations and maintenance\n\n\n63,940\n\n\n\n61,524\n\n\n4\n\n\n\n202,504\n\n\n\n200,160\n\n\n1\n\n\n\n276,110\n\n\n\n263,422\n\n\n5\n\n\n\nEnvironmental remediation\n\n\n1,151\n\n\n\n1,032\n\n\n12\n\n\n\n9,226\n\n\n\n8,547\n\n\n8\n\n\n\n13,578\n\n\n\n12,986\n\n\n5\n\n\n\nGeneral taxes\n\n\n10,886\n\n\n\n10,577\n\n\n3\n\n\n\n38,207\n\n\n\n35,685\n\n\n7\n\n\n\n48,770\n\n\n\n46,051\n\n\n6\n\n\n\nRevenue taxes\n\n\n5,275\n\n\n\n5,523\n\n\n(4\n)\n\n\n32,730\n\n\n\n33,750\n\n\n(3\n)\n\n\n47,651\n\n\n\n49,539\n\n\n(4\n)\n\n\nDepreciation\n\n\n34,552\n\n\n\n30,061\n\n\n15\n\n\n\n101,412\n\n\n\n92,819\n\n\n9\n\n\n\n134,174\n\n\n\n123,961\n\n\n8\n\n\n\nOther operating expenses\n\n\n1,560\n\n\n\n1,159\n\n\n35\n\n\n\n4,249\n\n\n\n3,664\n\n\n16\n\n\n\n6,117\n\n\n\n4,470\n\n\n37\n\n\n\nTotal operating expenses\n\n\n156,266\n\n\n\n159,056\n\n\n(2\n)\n\n\n675,917\n\n\n\n731,987\n\n\n(8\n)\n\n\n956,464\n\n\n\n1,026,013\n\n\n(7\n)\n\n\n(Loss) income from operations\n\n\n(19,332\n)\n\n\n(17,577\n)\n\n10\n\n\n\n106,201\n\n\n\n109,774\n\n\n(3\n)\n\n\n181,368\n\n\n\n191,001\n\n\n(5\n)\n\n\nOther income (expense), net\n\n\n930\n\n\n\n5,004\n\n\n(81\n)\n\n\n(198\n)\n\n\n13,228\n\n\n(101\n)\n\n\n4,429\n\n\n\n13,523\n\n\n(67\n)\n\n\nInterest expense, net\n\n\n19,060\n\n\n\n19,406\n\n\n(2\n)\n\n\n58,902\n\n\n\n56,676\n\n\n4\n\n\n\n78,792\n\n\n\n73,767\n\n\n7\n\n\n\n(Loss) income before income taxes\n\n\n(37,462\n)\n\n\n(31,979\n)\n\n17\n\n\n\n47,101\n\n\n\n66,326\n\n\n(29\n)\n\n\n107,005\n\n\n\n130,757\n\n\n(18\n)\n\n\nIncome tax (benefit) expense\n\n\n(10,295\n)\n\n\n(8,292\n)\n\n24\n\n\n\n13,232\n\n\n\n17,098\n\n\n(23\n)\n\n\n28,496\n\n\n\n33,593\n\n\n(15\n)\n\n\nNet (loss) income\n\n$\n(27,167\n)\n\n$\n(23,687\n)\n\n15\n\n\n$\n33,869\n\n\n$\n49,228\n\n\n(31\n)\n\n$\n78,509\n\n\n$\n97,164\n\n\n(19\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommon shares outstanding:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAverage diluted for period\n\n\n38,394\n\n\n\n36,214\n\n\n\n\n\n38,412\n\n\n\n35,980\n\n\n\n\n\n37,808\n\n\n\n35,814\n\n\n\n\n\nEnd of period\n\n\n40,121\n\n\n\n36,576\n\n\n\n\n\n40,121\n\n\n\n36,576\n\n\n\n\n\n40,121\n\n\n\n36,576\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPer share of common stock information:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted (loss) earnings\n\n$\n(0.71\n)\n\n$\n(0.65\n)\n\n\n\n$\n0.88\n\n\n$\n1.37\n\n\n\n\n$\n2.08\n\n\n$\n2.71\n\n\n\n\n\nDividends paid per share\n\n\n0.4875\n\n\n\n0.4850\n\n\n\n\n\n1.4625\n\n\n\n1.4550\n\n\n\n\n\n1.9500\n\n\n\n1.9400\n\n\n\n\n\nBook value, end of period\n\n\n33.82\n\n\n\n33.34\n\n\n\n\n\n33.82\n\n\n\n33.34\n\n\n\n\n\n33.82\n\n\n\n33.34\n\n\n\n\n\nMarket closing price, end of period\n\n\n40.82\n\n\n\n38.16\n\n\n\n\n\n40.82\n\n\n\n38.16\n\n\n\n\n\n40.82\n\n\n\n38.16\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapital structure, end of period:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommon stock equity\n\n\n43.9\n%\n\n\n42.0\n%\n\n\n\n\n43.9\n%\n\n\n42.0\n%\n\n\n\n\n43.9\n%\n\n\n42.0\n%\n\n\n\n\nLong-term debt\n\n\n50.3\n%\n\n\n49.0\n%\n\n\n\n\n50.3\n%\n\n\n49.0\n%\n\n\n\n\n50.3\n%\n\n\n49.0\n%\n\n\n\n\nShort-term debt (including current maturities of long-term debt)\n\n\n5.8\n%\n\n\n9.0\n%\n\n\n\n\n5.8\n%\n\n\n9.0\n%\n\n\n\n\n5.8\n%\n\n\n9.0\n%\n\n\n\n\nTotal\n\n\n100.0\n%\n\n\n100.0\n%\n\n\n\n\n100.0\n%\n\n\n100.0\n%\n\n\n\n\n100.0\n%\n\n\n100.0\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNatural Gas Distribution segment operating statistics:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMeters - end of period\n\n\n800,421\n\n\n\n795,754\n\n\n0.6\n%\n\n\n800,421\n\n\n\n795,754\n\n\n0.6\n%\n\n\n800,421\n\n\n\n795,754\n\n\n0.6\n%\n\n\nVolumes in therms:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nResidential and commercial sales\n\n\n55,692\n\n\n\n55,555...\n   \n\n\n\n\n474,981\n\n\n\n509,197\n\n\n\n\n\n701,539\n\n\n\n780,486\n\n\n\n\n\nIndustrial sales and transportation\n\n\n102,066\n\n\n\n103,139\n\n\n\n\n\n340,840\n\n\n\n348,912\n\n\n\n\n\n462,847\n\n\n\n474,460\n\n\n\n\n\nTotal volumes sold and delivered\n\n\n157,758\n\n\n\n158,694\n\n\n\n\n\n815,821\n\n\n\n858,109\n\n\n\n\n\n1,164,386\n\n\n\n1,254,946\n\n\n\n\n\nOperating Revenues\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nResidential and commercial sales\n\n$\n90,850\n\n\n$\n98,327\n\n\n\n\n$\n647,326\n\n\n$\n705,016\n\n\n\n\n$\n957,382\n\n\n$\n1,033,528\n\n\n\n\n\nIndustrial sales and transportation\n\n\n17,504\n\n\n\n20,828\n\n\n\n\n\n61,229\n\n\n\n73,210\n\n\n\n\n\n85,905\n\n\n\n99,640\n\n\n\n\n\nOther distribution revenues\n\n\n770\n\n\n\n737\n\n\n\n\n\n3,535\n\n\n\n3,715\n\n\n\n\n\n4,360\n\n\n\n4,292\n\n\n\n\n\nOther regulated services\n\n\n4,880\n\n\n\n4,732\n\n\n\n\n\n14,640\n\n\n\n14,167\n\n\n\n\n\n19,375\n\n\n\n19,073\n\n\n\n\n\nTotal operating revenues\n\n\n114,004\n\n\n\n124,624\n\n\n\n\n\n726,730\n\n\n\n796,108\n\n\n\n\n\n1,067,022\n\n\n\n1,156,533\n\n\n\n\n\nLess: Cost of gas\n\n\n38,743\n\n\n\n49,235\n\n\n\n\n\n287,542\n\n\n\n357,530\n\n\n\n\n\n430,073\n\n\n\n525,713\n\n\n\n\n\nLess: Environmental remediation expense\n\n\n1,151\n\n\n\n1,032\n\n\n\n\n\n9,226\n\n\n\n8,547\n\n\n\n\n\n13,578\n\n\n\n12,991\n\n\n\n\n\nLess: Revenue taxes\n\n\n5,188\n\n\n\n5,425\n\n\n\n\n\n32,581\n\n\n\n33,559\n\n\n\n\n\n47,454\n\n\n\n49,279\n\n\n\n\n\nMargin, net\n\n$\n68,922\n\n\n$\n68,932\n\n\n\n\n$\n397,381\n\n\n$\n396,472\n\n\n\n\n$\n575,917\n\n\n$\n568,550\n\n\n\n\n\nDegree days:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAverage (25-year average)\n\n\n9\n\n\n\n10\n\n\n\n\n\n1,642\n\n\n\n1,629\n\n\n\n\n\n2,699\n\n\n\n2,675\n\n\n\n\n\nActual\n\n\n—\n\n\n\n—\n\n\n—\n%\n\n\n1,424\n\n\n\n1,658\n\n\n(14\n)%\n\n\n2,246\n\n\n\n2,779\n\n\n(19\n)%\n\n\nPercent colder (warmer) than average weather (1)\n\n\nNM\n\n\n\nNM\n\n\n\n\n\n(13\n)%\n\n\n2\n%\n\n\n\n\n(17\n)%\n\n\n4\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(1) NM indicates that the calculated value is not meaningful.\n\n\n\n\n\n\n\n\n\nNORTHWEST NATURAL HOLDINGS\n\n\nConsolidated Balance Sheets (Unaudited)\n\nSeptember 30,\n\n\nIn thousands\n\n2024\n\n2023\n\n\nAssets:\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n35,047\n\n\n$\n156,616\n\n\n\nAccounts receivable\n\n\n53,123\n\n\n\n51,999\n\n\n\nAccrued unbilled revenue\n\n\n23,818\n\n\n\n24,626\n\n\n\nAllowance for uncollectible accounts\n\n\n(2,885\n)\n\n\n(2,312\n)\n\n\nRegulatory assets\n\n\n136,275\n\n\n\n108,525\n\n\n\nDerivative instruments\n\n\n8,948\n\n\n\n23,454\n\n\n\nInventories\n\n\n108,651\n\n\n\n94,585\n\n\n\nOther current assets\n\n\n45,873\n\n\n\n49,947\n\n\n\nTotal current assets\n\n\n408,850\n\n\n\n507,440\n\n\n\nNon-current assets:\n\n\n\n\n\n\nProperty, plant, and equipment\n\n\n4,858,066\n\n\n\n4,468,602\n\n\n\nLess: Accumulated depreciation\n\n\n1,245,725\n\n\n\n1,189,968\n\n\n\nTotal property, plant, and equipment, net\n\n\n3,612,341\n\n\n\n3,278,634\n\n\n\nRegulatory assets\n\n\n322,781\n\n\n\n312,665\n\n\n\nDerivative instruments\n\n\n1,377\n\n\n\n6,188\n\n\n\nOther investments\n\n\n82,478\n\n\n\n104,562\n\n\n\nOperating lease right of use asset, net\n\n\n69,402\n\n\n\n71,477\n\n\n\nAssets under sales-type leases\n\n\n126,712\n\n\n\n130,952\n\n\n\nGoodwill\n\n\n181,393\n\n\n\n152,399\n\n\n\nOther non-current assets\n\n\n139,035\n\n\n\n100,801\n\n\n\nTotal non-current assets\n\n\n4,535,519\n\n\n\n4,157,678\n\n\n\nTotal assets\n\n$\n4,944,369\n\n\n$\n4,665,118\n\n\n\nLiabilities and equity:\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\nShort-term debt\n\n$\n159,814\n\n\n$\n71,000\n\n\n\nCurrent maturities of long-term debt\n\n\n20,796\n\n\n\n190,728\n\n\n\nAccounts payable\n\n\n96,260\n\n\n\n99,326\n\n\n\nTaxes accrued\n\n\n17,759\n\n\n\n17,120\n\n\n\nInterest accrued\n\n\n12,909\n\n\n\n13,940\n\n\n\nRegulatory liabilities\n\n\n127,640\n\n\n\n88,376\n\n\n\nDerivative instruments\n\n\n70,807\n\n\n\n46,603\n\n\n\nOperating lease liabilities\n\n\n1,868\n\n\n\n1,815\n\n\n\nOther current liabilities\n\n\n59,532\n\n\n\n61,149\n\n\n\nTotal current liabilities\n\n\n567,385\n\n\n\n590,057\n\n\n\nLong-term debt\n\n\n1,555,000\n\n\n\n1,424,572\n\n\n\nDeferred credits and other non-current liabilities:\n\n\n\n\n\n\nDeferred tax liabilities\n\n\n389,281\n\n\n\n375,917\n\n\n\nRegulatory liabilities\n\n\n708,948\n\n\n\n683,262\n\n\n\nPension and other postretirement benefit liabilities\n\n\n138,800\n\n\n\n145,991\n\n\n\nDerivative instruments\n\n\n15,714\n\n\n\n21,085\n\n\n\nOperating lease liabilities\n\n\n76,530\n\n\n\n77,475\n\n\n\nOther non-current liabilities\n\n\n135,661\n\n\n\n127,219\n\n\n\nTotal deferred credits and other non-current liabilities\n\n\n1,464,934\n\n\n\n1,430,949\n\n\n\nEquity:\n\n\n\n\n\n\nCommon stock\n\n\n986,545\n\n\n\n851,288\n\n\n\nRetained earnings\n\n\n377,685\n\n\n\n373,231\n\n\n\nAccumulated other comprehensive loss\n\n\n(7,180\n)\n\n\n(4,979\n)\n\n\nTotal equity\n\n\n1,357,050\n\n\n\n1,219,540\n\n\n\nTotal liabilities and equity\n\n$\n4,944,369\n\n\n$\n4,665,118\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nNORTHWEST NATURAL HOLDINGS\n\n\nConsolidated Statements of Cash Flows (Unaudited)\n\nNine Months Ended September 30,\n\n\nIn thousands\n\n2024\n\n2023\n\n\nOperating activities:\n\n\n\n\n\n\nNet income\n\n$\n33,869\n\n\n$\n49,228\n\n\n\nAdjustments to reconcile net income to cash provided by operations:\n\n\n\n\n\n\nDepreciation\n\n\n101,412\n\n\n\n92,819\n\n\n\nAmortization\n\n\n14,544\n\n\n\n13,482\n\n\n\nDeferred income taxes\n\n\n5,939\n\n\n\n6,678\n\n\n\nQualified defined benefit pension plan expense (benefit)\n\n\n3,047\n\n\n\n(1,823\n)\n\n\nContributions to qualified defined benefit pension plans\n\n\n(17,850\n)\n\n\n—\n\n\n\nDeferred environmental expenditures, net\n\n\n(18,775\n)\n\n\n(14,887\n)\n\n\nEnvironmental remediation expense\n\n\n9,226\n\n\n\n8,547\n\n\n\nAsset optimization revenue sharing bill credits\n\n\n(29,198\n)\n\n\n(10,471\n)\n\n\nOther\n\n\n8,300\n\n\n\n7,129\n\n\n\nChanges in assets and liabilities:\n\n\n\n\n\n\nReceivables, net\n\n\n130,676\n\n\n\n182,297\n\n\n\nInventories\n\n\n4,092\n\n\n\n(6,484\n)\n\n\nIncome and other taxes\n\n\n9,806\n\n\n\n8,770\n\n\n\nAccounts payable\n\n\n(11,501\n)\n\n\n(39,695\n)\n\n\nDeferred gas costs\n\n\n(7,703\n)\n\n\n(8,678\n)\n\n\nAsset optimization revenue sharing\n\n\n10,743\n\n\n\n18,667\n\n\n\nDecoupling mechanism\n\n\n1,989\n\n\n\n(12,328\n)\n\n\nCloud-based software\n\n\n(20,307\n)\n\n\n(12,316\n)\n\n\nRegulatory accounts\n\n\n17,312\n\n\n\n16,218\n\n\n\nRNG facility prepayment\n\n\n(26,046\n)\n\n\n—\n\n\n\nOther, net\n\n\n122\n\n\n\n4,350\n\n\n\nCash provided by operating activities\n\n\n219,697\n\n\n\n301,503\n\n\n\nInvesting activities:\n\n\n\n\n\n\nCapital expenditures\n\n\n(294,261\n)\n\n\n(242,747\n)\n\n\nAcquisitions, net of cash acquired\n\n\n(28,819\n)\n\n\n(3,248\n)\n\n\nPurchase of equity method investment\n\n\n(1,000\n)\n\n\n(1,000\n)\n\n\nOther\n\n\n(2,215\n)\n\n\n(3,525\n)\n\n\nCash used in investing activities\n\n\n(326,295\n)\n\n\n(250,520\n)\n\n\nFinancing activities:\n\n\n\n\n\n\nProceeds from common stock issued, net\n\n\n90,563\n\n\n\n40,955\n\n\n\nLong-term debt issued\n\n\n150,000\n\n\n\n330,000\n\n\n\nLong-term debt retired\n\n\n(150,000\n)\n\n\n(50,000\n)\n\n\nChanges in other short-term debt, net\n\n\n70,034\n\n\n\n(187,200\n)\n\n\nCash dividend payments on common stock\n\n\n(53,781\n)\n\n\n(50,114\n)\n\n\nPayment of financing fees\n\n\n(901\n)\n\n\n(2,042\n)\n\n\nShares withheld for tax purposes\n\n\n(1,319\n)\n\n\n(1,313\n)\n\n\nOther\n\n\n(814\n)\n\n\n(753\n)\n\n\nCash provided by financing activities\n\n\n103,782\n\n\n\n79,533\n\n\n\n(Decrease) increase in cash, cash equivalents and restricted cash\n\n\n(2,816\n)\n\n\n130,516\n\n\n\nCash, cash equivalents and restricted cash, beginning of period\n\n\n49,624\n\n\n\n40,964\n\n\n\nCash, cash equivalents and restricted cash, end of period\n\n$\n46,808\n\n\n$\n171,480\n\n\n\n\n\n\n\n\n\n\nSupplemental disclosure of cash flow information:\n\n\n\n\n\n\nInterest paid, net of capitalization\n\n$\n57,837\n\n\n$\n51,970\n\n\n\nIncome taxes paid, net of refunds\n\n\n15,831\n\n\n\n18,963\n\n\n\n\n\n\n\n\n\n\nReconciliation of cash, cash equivalents and restricted cash:\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n35,047\n\n\n$\n156,616\n\n\n\nRestricted cash included in other current and non-current assets\n\n\n11,761\n\n\n\n14,864\n\n\n\nCash, cash equivalents and restricted cash\n\n$\n46,808\n\n\n$\n171,480\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241112602547/en/\nContacts\nInvestor Contact: Nikki SparleyPhone: 503-721-2530Email: nikki.sparley@nwnatural.com\nMedia Contact: David RoyPhone: 503-610-7157Email: david.roy@nwnatural.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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