Corning Natural Gas Holding Corporation Reports Quarterly Earnings

Rhea-AI Summary

Corning Natural Gas Holding Corporation (OTCQX: CNIG) reported consolidated earnings of $403,222 or $0.13 per share for Q1 ended December 31, 2021, a significant increase from $122,108 or $0.04 per share in Q1 2020. The growth was primarily driven by electric and gas rate increases at Pike County Light & Power, although it was offset by high merger transaction costs. The company cautioned that seasonal business nature and weather conditions might affect future results. The revenue increase was attributed to the rate hikes at both Pike and Corning.

Positive

• Consolidated earnings increased from $122,108 to $403,222 year-over-year.
• Earnings per share improved from $0.04 to $0.13.

Negative

• High merger transaction costs partially offset earnings increase.
• Quarterly earnings are subject to seasonal variations and weather conditions.

CORNING, N.Y., Feb. 11, 2022 (GLOBE NEWSWIRE) -- Corning Natural Gas Holding Corporation (OTCQX: CNIG) announced consolidated earnings of $403,222 or $0.13 per share for its first quarter ended December 31, 2021. This compares to consolidated earnings of $122,108 or $0.04 per share for its first quarter ended December 31, 2020. CFO Chuck Lenns stated, “The company saw earnings increase principally due to both electric and gas rate increases at Pike County Light & Power that were partially offset by high merger transaction costs.”

Net income for the three months ended December 31, 2021 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. The revenue and earnings increase in the quarter was the result of rate increases at Pike and Corning.

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 are the Q1 earnings for Corning Natural Gas Holding Corporation (CNIG)?

CNIG reported consolidated earnings of $403,222 or $0.13 per share for Q1 ended December 31, 2021.

How did CNIG's earnings compare to the previous year?

Earnings increased from $122,108 or $0.04 per share in Q1 2020 to $403,222 or $0.13 per share in Q1 2021.

What factors contributed to the earnings increase for CNIG?

The increase was primarily due to electric and gas rate hikes at Pike County Light & Power, despite high merger transaction costs.

What risks should investors consider regarding CNIG's future performance?

Investors should note that earnings are affected by seasonal business nature and weather conditions.