Corning Natural Gas Holding Corporation Reports on Quarterly Earnings & Argo Merger Update

Rhea-AI Summary

Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported consolidated earnings of $2,407,480 or $0.73 per share for Q2 2022, an increase from $2,269,001 or $0.69 per share in Q2 2021. Year-to-date earnings rose to $2,810,707, or $0.87 per share, compared to $2,391,109 or $0.74 in 2021. CFO Charles Lenns attributed the gains to colder weather and electric and gas rate increases. The merger with Argo Infrastructure Partners is progressing, with Pennsylvania approval confirmed and New York approval expected by mid-2022.

Positive

• Q2 2022 earnings increased by 6.1% year-over-year to $2,407,480.
• Year-to-date earnings for 2022 improved by 17.5% compared to 2021.
• Rate increases at Pike County Light & Power contributed positively to earnings.
• Merger with Argo Infrastructure Partners is on schedule, enhancing future growth potential.

Negative

• Investment income losses partially offset earnings gains.
• Loss associated with property disposition impacted overall financial results.

CORNING, N.Y., May 12, 2022 (GLOBE NEWSWIRE) -- Corning Natural Gas Holding Corporation (OTCQX: CNIG) announced consolidated earnings of $2,407,480 or $0.73 per share for its second quarter ended March 31, 2022. This compares to consolidated earnings of $2,269,001 or $0.69 per share for its second quarter ended March 31, 2021. Consolidated earnings for its 2022 fiscal year-to-date were $2,810,707, or $0.87 per share, versus $2,391,109, or $0.74 per share for the same period in 2021. CFO Charles Lenns stated, “The increase in Company earnings for both the second quarter and the 2022 fiscal year-to-date were due to colder weather in fiscal 2022 and the electric and gas rate increases at Pike County Light & Power. These gains were partially offset by losses on investment income and a loss associated with the disposition of property.”

Net income for the three months ended March 31, 2022 is not necessarily indicative of expected results for the fiscal year ending September 30, 2022. 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. The merger process of our companies with Argo Infrastructure Partners/ACP Crotana Corporation continues on schedule. The Pennsylvania Public Utility Commission granted approval for the Argo acquisition February 3^rd, 2022, and the New York State Public Service Commission is expected to grant final approval in mid to late June 2022. Shareholders will receive letters instructing them how to proceed after the closing occurs.

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 were Corning Natural Gas Holding Corporation's earnings for Q2 2022?

Corning Natural Gas reported consolidated earnings of $2,407,480, or $0.73 per share for Q2 2022.

How do 2022 fiscal year-to-date earnings compare to 2021?

Year-to-date earnings in 2022 stand at $2,810,707, or $0.87 per share, up from $2,391,109, or $0.74 per share in 2021.

What factors contributed to the increase in earnings?

The increase in earnings was attributed to colder weather and electric and gas rate increases.

What is the status of the merger with Argo Infrastructure Partners?

The merger process with Argo Infrastructure Partners is on schedule, with Pennsylvania approval granted and New York approval expected soon.

Are there any risks mentioned in the press release?

The press release noted potential losses from investment income and property disposition, which could affect overall results.