Corning Natural Gas Holding Corporation Quarterly Earnings Statement

Rhea-AI Summary

Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported a consolidated net income of $2.330 million or $0.74 per share for Q1 2021, a decrease from $2.705 million or $0.86 per share in Q1 2020. For the six months ending March 31, 2021, net income was $2.513 million or $0.78 per share, down from $3.159 million or $0.99 per share the previous year. CFO Chuck Lenns attributed the earnings decline primarily to transaction costs from a pending merger, along with increased interest and depreciation expenses, despite improved operating margins and investment income.

Positive

• Higher operating margins reported.
• Increased investment income.

Negative

• Decline in net income for both Q1 and six-month periods compared to 2020.
• Higher transaction costs related to pending merger.
• Increased interest and depreciation expenses from Leatherstocking acquisition.

CORNING, N.Y., May 13, 2021 (GLOBE NEWSWIRE) -- Corning Natural Gas Holding Corporation (OTCQX: CNIG) announced consolidated net income of $2.330 million or $0.74 per share for the quarter ended March 31, 2021. This compares to consolidated net income of $2.705 million or $.86 per share for the quarter ended March 31, 2020. The Company reported net income for the six months ended March 31, 2021 of $2.513 million or $.78 per share, compared to $3.159 million, or $.99 per share for the six months ended March 31, 2020. CFO Chuck Lenns commented, “The Company saw earnings decline, for both the three-month period and the six-month period ended March 31, 2021, principally due to transaction costs related to our pending merger, and higher interest expense and depreciation expense primarily related to our Leatherstocking acquisition. The earnings decline was offset by higher operating margins and higher investment income.”

Net income for the three and six months ended March 31, 2021 are not necessarily indicative of expected results for the fiscal year ending September 30, 2021. Quarterly earnings are affected by the highly seasonal nature of the business and weather conditions such as temperature variations.

Corning Natural Gas Holding Corporation provides natural gas and electric service to customers in New York and Pennsylvania through its operating subsidiaries Corning Natural Gas, Pike County Light & Power, and Leatherstocking Gas Company.

From time-to-time, Corning Natural Gas Holding Corporation may produce forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, Corning Natural Gas Holding Corporation notes that a variety of factors could cause actual results and experiences to differ materially from anticipated results or other expectations expressed in any forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements.

Contact: Julie Lewis / 607-936-3755

FAQ

What was Corning Natural Gas Holding Corporation's net income for Q1 2021?

Corning Natural Gas Holding Corporation reported a net income of $2.330 million or $0.74 per share for Q1 2021.

How did Corning Natural Gas Holding Corporation's earnings for six months ending March 31, 2021 compare to the previous year?

For the six months ending March 31, 2021, net income was $2.513 million or $0.78 per share, down from $3.159 million or $0.99 per share in the same period of 2020.

What factors contributed to the earnings decline for Corning Natural Gas in Q1 2021?

The earnings decline was primarily due to transaction costs related to a pending merger, as well as increased interest and depreciation expenses from the Leatherstocking acquisition.

What are the future earnings expectations for Corning Natural Gas Holding Corporation?

The net income reported for the three and six months ending March 31, 2021, is not necessarily indicative of expected results for the fiscal year ending September 30, 2021, due to the seasonal nature of the business.