NW Natural Holdings Reports Second Quarter 2023 Results

Rhea-AI Summary

Northwest Natural Holding Company reported net income of $1.2 million for Q2 2023, compared to $1.7 million for Q2 2022. Net income for the first six months of 2023 was $72.9 million, compared to $58.0 million for the same period in 2022. NW Natural Water closed its first water services transaction and began operations at the Carbon Limestone RNG facility. The company reaffirmed its 2023 earnings guidance of $2.55 to $2.75 per share.

Positive

• NW Natural reported an increase in net income for Q2 2023 compared to Q2 2022. Net income for the first six months of 2023 also increased compared to the same period in 2022. NW Natural Water closed its first water services transaction and began operations at the Carbon Limestone RNG facility. The company reaffirmed its 2023 earnings guidance of $2.55 to $2.75 per share.

Negative

• None.

PORTLAND, Ore.--(BUSINESS WIRE)-- Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), reported financial results and highlights including:

• Reported net income of $1.2 million ($0.03 per share) for the second quarter of 2023, compared to earnings of $1.7 million ($0.05 per share) for the same period in 2022
• Reported net income of $72.9 million ($2.03 per share) for the first six months of 2023, compared to earnings of $58.0 million ($1.77 per share) for the same period in 2022
• Added nearly 6,400 natural gas meters in the last 12 months for a growth rate of 0.8% as of June 30, 2023
• NW Natural Water closed its first water services transaction and signed a second
• Began operations at the Carbon Limestone RNG facility - the first of two facilities NW Natural Renewables is investing in with EDL
• Reaffirmed 2023 earnings guidance in the range of $2.55 to $2.75 per share

"The Company continues to perform well, and we're executing on our growth and decarbonization opportunities," said David H. Anderson, CEO of NW Natural Holdings. "Our mission is to continue providing utility services and renewable energy to customers safely, reliably, and affordably in a sustainable way to better the lives of the communities we serve."

For the second quarter of 2023, net income was $1.2 million (or $0.03 per share), compared to net income of $1.7 million (or $0.05 per share) for the same period in 2022. Results reflected higher operating costs, partially offset by new rates in Oregon and Washington for our natural gas utility.

Net income increased $15.0 million to $72.9 million (or $2.03 per share) for the first six months of 2023, compared to $58.0 million (or $1.77 per share) for the same period in 2022. Results reflected new rates in Oregon and Washington for our natural gas utility, customer growth and lower pension expense, partially offset by higher operations and maintenance expenses.

KEY EVENTS AND INITIATIVES

NW Natural Water Launches a Water Operations & Maintenance Service Business

NW Natural Water launched its services business in April by acquiring King Water Company in Washington and signing agreements with Hiland Water Corporation in May to acquire its services company and utility connections in Oregon. The two businesses support a combined 15,000 connections. This business provides operations and maintenance services to water and wastewater system owners and works to create value by leveraging shared personnel, technology and expertise to support delivery of clean, reliable water at a reasonable cost. The Hiland Water transaction is expected to close by the end of 2023. Upon closing outstanding transactions, NW Natural Water would serve approximately 170,000 people through more than 68,000 meters and provide operation and maintenance services to an additional 15,000 connections.

NW Natural Renewables' First Project Begins Operations

In August 2023, EDL announced that the Carbon Limestone RNG facility began operations. This is the first of two facilities NW Natural Renewables is investing in with EDL, a leading global producer of sustainable distributed energy. NW Natural Renewables has contracted to provide approximately $50 million toward the development of the two production facilities that are designed to convert landfill waste gases to RNG and connect that production to the existing regional pipeline networks. The second facility is expected to come online this fall.

NW Natural Renewables and EDL executed agreements designed to obtain a 20-year supply of RNG produced by the facilities for NW Natural Renewables. NW Natural Renewables has separately contracted to sell an equivalent amount of fixed-volume RNG supply to investment grade counterparties under long-term contracts. The revenues associated with these agreements are expected to start when the facilities begin commercial operations.

SECOND QUARTER RESULTS

We primarily operate through our natural gas distribution segment, which is operated through a regulated utility and 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 RNG development and procurement for the utility.

Other 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 continues to pursue acquisitions in the water and wastewater sector; and NW Natural Renewables, which is a competitive renewable fuels business.

The following financial comparisons are for the second quarter of 2023 and 2022 with individual year-over-year drivers below presented on an after-tax basis using a statutory tax rate of 26.5% unless otherwise noted.

NW Natural Holdings' second quarter results are summarized by business segment in the table below:

		Three Months Ended June 30,
		2023								2022							Change
In thousands, except per share data		Amount				Per Share				Amount			Per Share				Amount				Per Share
Net income (loss):
Natural Gas Distribution segment		$	(271	)		$	(0.01	)		$	157		$	—			$	(428	)		$	(0.01	)
Other			1,515				0.04				1,558			0.05				(43	)			(0.01	)
Consolidated		$	1,244			$	0.03			$	1,715		$	0.05			$	(471	)		$	(0.02	)
Diluted Shares							36,062							34,352								1,710

Natural Gas Distribution Segment

Natural Gas Distribution segment net income decreased $0.4 million (or $0.01 per share) primarily reflecting higher operations expenses, partially offset by new rates in Oregon and Washington that went into effect on Nov. 1, 2022.

Margin increased $11.4 million primarily due to new rates, which contributed $7.6 million; a $2.4 million higher gain from the Oregon gas cost incentive sharing mechanism due to lower than estimated gas costs; and the amortization of deferrals approved in the rate case contributed $1.2 million.

Operations and maintenance expense increased $8.4 million or 24% as a result of higher payroll costs; information technology costs; contractor labor; and the amortization of deferrals approved in the rate case, which is offset by revenues.

Depreciation and general taxes collectively increased by $3.2 million due to additional capital investments in the distribution system including several significant information technology projects that were placed into service in September 2022.

Other income, net reflected a benefit of $3.0 million primarily from lower pension expense, interest income from invested cash, and higher equity Allowance for Funds Used During Construction (AFUDC).

Interest expense increased $3.3 million due to higher debt balances.

YEAR-TO-DATE RESULTS

The following financial comparisons are for the first six months of 2023 and 2022 with individual year-over-year drivers below presented on an after-tax basis using a statutory tax rate of 26.5% unless otherwise noted.

NW Natural Holdings' year-to-date results are summarized by business segment in the table below:

		Six Months Ended June 30,
		2023						2022							Change
In thousands, except per share data		Amount			Per Share			Amount			Per Share				Amount				Per Share
Net income:
Natural Gas Distribution segment		$	71,680		$	2.00		$	55,547		$	1.70			$	16,133			$	0.30
Other			1,235			0.03			2,407			0.07				(1,172	)			(0.04	)
Consolidated		$	72,915		$	2.03		$	57,954		$	1.77			$	14,961			$	0.26
Diluted Shares						35,845						32,805								3,040

Natural Gas Distribution Segment

Natural Gas Distribution segment net income increased $16.1 million (or $0.30 per share) reflecting new rates in Oregon and Washington that went into effect on Nov. 1, 2022, partially offset by higher operating expenses.

Margin increased $40.7 million primarily due to new rates, which contributed $27.1 million; the amortization of deferrals approved in the rate case contributed $5.1 million; a $4.1 million higher gain from the Oregon gas cost incentive sharing mechanism due to lower than estimated gas costs; and customer growth of 0.8% over the last 12 months contributed $2.5 million.

Operations and maintenance expense increased $17.1 million or 23% as a result of higher payroll costs; the amortization of deferrals approved in the rate case, which is offset by revenues; information technology costs; contractor labor; and higher bad debt expense.

Depreciation and general taxes collectively increased by $6.5 million due to additional capital investments in the distribution system including several significant information technology projects that were placed into service in September 2022.

Other income, net reflected a benefit of $5.7 million primarily from lower pension expense, interest income from invested cash, and higher equity AFUDC.

Interest expense increased $6.1 million due to higher debt balances.

Other

Other net income decreased $1.2 million (or $0.04 per share) reflecting lower net income from NW Natural Holding's other businesses as a result of higher interest expense, partially offset by higher net income from asset management revenues from NW Natural.

BALANCE SHEET AND CASH FLOWS

During the first six months of 2023, the Company generated $297.9 million in operating cash flows, compared to $196.6 million for the same period in 2022. The Company used $151.5 million in investing activities during the first six months of 2023 primarily for natural gas utility capital expenditures, compared to $169.7 million used in investing activities during the same period in 2022. Net cash used in financing activities was $32.2 million for the first six months of 2023, compared to $24.0 million used in financing activities during the same period in 2022. As of June 30, 2023, NW Natural Holdings held cash of $137.8 million.

2023 GUIDANCE AND LONG-TERM TARGETS

NW Natural Holdings is reaffirming 2023 earnings guidance in the range of $2.55 to $2.75 per share. 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. NW Natural Holdings' long-term earnings per share growth rate target is 4% to 6% compounded annually from 2022 through 2027.

DIVIDEND DECLARED

The board of directors of NW Natural Holdings declared a quarterly dividend of 48.50 cents per share on the Company’s common stock. The dividend is payable on August 15, 2023 to shareholders of record on July 31, 2023. The Company's current indicated annual dividend rate is $1.94 per share. Future dividends are subject to board of director discretion and approval.

CONFERENCE CALL AND WEBCAST

As previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its second quarter 2023 financial and operating results.

Date and Time:		Thursday, August 3, 2023
		8 a.m. PT (11 a.m. ET)
Phone Numbers:		United States 1-833-470-1428
		Canada 1-833-950-0062
		International 1-929-526-1599
		Passcode 812526

The 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.), 1-226-828-7578 (Canada), and +44-204-525-0658 (international). The replay access code is 494549.

ABOUT NW NATURAL HOLDINGS

Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon and has been doing business for over 160 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.

We 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® in 2022 and 2023 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 ESG Report at nwnatural.com/about-us/the-company/sustainability.

NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 795,000 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.

NW Natural Water provides water distribution and wastewater services to communities throughout the Pacific Northwest, Texas and Arizona. Today NW Natural Water serves more than 158,000 people through nearly 64,000 meters and provides operation and maintenance services to an additional 10,000 connections. Learn more about our water business at nwnaturalwater.com.

NW Natural Renewables is a competitive business 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.

Additional information is available at nwnaturalholdings.com.

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC

Forward-Looking Statements

This 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" 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, investments, 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 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, including the construction of RNG facilities, and timing, magnitude and completion thereof, unregulated renewable natural gas strategy and initiatives, renewable 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 and wastewater acquisitions, partnerships, and investment strategy and financial effects of water and wastewater acquisitions, expected growth and safety benefits of facility upgrade investments, diversity, equity and inclusion initiatives, operating plans of third parties, financial results, including estimated income, availability and sources of liquidity, 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, effects of legislation or changes in laws or regulations, effects, extent, severity and duration of epidemics and pandemics, and any resulting economic disruption therefrom, geopolitical uncertainty and other statements that are other than statements of historical facts.

Forward-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, epidemics and pandemics risks, macroeconomic and geopolitical risks, growth and strategic risks, operational risks, and environmental risks.

All 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.

NON-GAAP FINANCIAL MEASURES

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. Such 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.

NORTHWEST NATURAL HOLDINGS
Consolidated Income Statement and Financial Highlights (Unaudited)
Second Quarter 2023
		Three Months Ended											Six Months Ended											Twelve Months Ended
		June 30,											June 30,											June 30,
In thousands, except per share amounts, customer, and degree day data		2023				2022				Change			2023				2022				Change			2023				2022				Change
Operating revenues		$	237,859			$	194,960			22	%		$	700,282			$	545,261			28	%		$	1,192,374			$	940,798			27	%
Operating expenses:
Cost of gas			102,433				79,720			28				308,182				225,308			37				512,509				364,219			41
Operations and maintenance			66,819				53,175			26				138,636				110,660			25				252,643				212,649			19
Environmental remediation			2,140				2,267			(6	)			7,515				6,970			8				12,934				11,622			11
General taxes			10,889				8,989			21				25,108				21,093			19				45,046				39,443			14
Revenue taxes			9,185				8,240			11				28,227				21,600			31				48,453				38,005			27
Depreciation			31,293				28,110			11				62,758				56,539			11				122,926				113,832			8
Other operating expenses			1,257				920			37				2,505				1,914			31				4,212				4,064			4
Total operating expenses			224,016				181,421			23				572,931				444,084			29				998,723				783,834			27
Income from operations			13,843				13,539			2				127,351				101,177			26				193,651				156,964			23
Other income (expense), net			6,618				226			2,828				8,224				(728	)		(1230	)			10,155				(7,148	)		(242	)
Interest expense, net			18,974				11,580			64				37,270				23,102			61				67,415				45,434			48
Income before income taxes			1,487				2,185			(32	)			98,305				77,347			27				136,391				104,382			31
Income tax expense			243				470			(48	)			25,390				19,393			31				35,127				26,555			32
Net income		$	1,244			$	1,715			(27	)		$	72,915			$	57,954			26			$	101,264			$	77,827			30
Common shares outstanding:
Average diluted for period			36,062				34,352							35,845				32,805							35,557				31,799
End of period			36,065				34,754							36,065				34,754							36,065				34,754
Per share of common stock information:
Diluted earnings		$	0.03			$	0.05						$	2.03			$	1.77						$	2.85			$	2.45
Dividends paid per share			0.4850				0.4825							0.9700				0.9650							1.9375				1.9275
Book value, end of period			34.39				32.77							34.39				32.77							34.39				32.77
Market closing price, end of period			43.05				53.10							43.05				53.10							43.05				53.10
Capital structure, end of period:
Common stock equity			44.0	%			47.3	%						44.0	%			47.3	%						44.0	%			47.3	%
Long-term debt			46.0	%			43.4	%						46.0	%			43.4	%						46.0	%			43.4	%
Short-term debt (including current maturities of long-term debt)			10.0	%			9.3	%						10.0	%			9.3	%						10.0	%			9.3	%
Total			100.0	%			100.0	%						100.0	%			100.0	%						100.0	%			100.0	%
Natural Gas Distribution segment operating statistics:
Meters - end of period			796,792				790,438			0.8	%			796,792				790,438			0.8	%			796,792				790,438			0.8	%
Volumes in therms:
Residential and commercial sales			122,977				147,447							453,642				441,374							778,860				744,137
Industrial sales and transportation			113,389				121,106							245,773				255,565							475,953				492,743
Total volumes sold and delivered			236,366				268,553							699,415				696,939							1,254,813				1,236,880
Operating Revenues
Residential and commercial sales		$	194,382			$	159,792						$	606,689			$	474,399						$	1,013,660			$	806,249
Industrial sales and transportation			23,238				19,526							52,382				40,799							98,393				74,626
Other distribution revenues			1,368				409							2,978				1,016							3,906				1,737
Other regulated services			4,726				4,907							9,435				9,818							19,245				19,355
Total operating revenues			223,714				184,634							671,484				526,032							1,135,204				901,967
Less: Cost of gas			102,490				79,776							308,295				225,420							512,736				364,443
Less: Environmental remediation expense			2,140				2,272							7,515				6,970							12,934				11,622
Less: Revenue taxes			9,159				8,208							28,134				21,532							48,229				37,827
Margin, net		$	109,925			$	94,378						$	327,540			$	272,110						$	561,305			$	488,075
Degree days:
Average (25-year average)			296				305							1,619				1,631							2,674				2,692
Actual			273				374			(27	)%			1,658				1,591			4	%			2,779				2,526			10	%
Percent colder (warmer) than average weather			(8	)%			23	%						2	%			(2	)%						4	%			(6	)%

NORTHWEST NATURAL HOLDINGS
Consolidated Balance Sheets (Unaudited)		June 30,
In thousands		2023				2022
Assets:
Current assets:
Cash and cash equivalents		$	137,759			$	17,209
Accounts receivable			73,930				68,583
Accrued unbilled revenue			21,924				18,060
Allowance for uncollectible accounts			(3,297	)			(1,356	)
Regulatory assets			111,819				92,803
Derivative instruments			12,423				60,652
Inventories			67,502				65,983
Other current assets			35,797				36,060
Total current assets			457,857				357,994
Non-current assets:
Property, plant, and equipment			4,391,993				4,129,236
Less: Accumulated depreciation			1,181,230				1,150,555
Total property, plant, and equipment, net			3,210,763				2,978,681
Regulatory assets			307,999				301,855
Derivative instruments			2,118				9,121
Other investments			104,330				96,027
Operating lease right of use asset, net			72,096				73,754
Assets under sales-type leases			132,045				136,673
Goodwill			152,670				70,714
Other non-current assets			96,827				75,699
Total non-current assets			4,078,848				3,742,524
Total assets		$	4,536,705			$	4,100,518
Liabilities and equity:
Current liabilities:
Short-term debt		$	41,000			$	222,700
Current maturities of long-term debt			240,714				351
Accounts payable			101,369				135,364
Taxes accrued			12,217				11,324
Interest accrued			11,443				7,425
Regulatory liabilities			61,546				97,277
Derivative instruments			42,135				15,918
Operating lease liabilities			1,732				1,315
Other current liabilities			58,777				47,624
Total current liabilities			570,933				539,298
Long-term debt			1,294,578				1,045,530
Deferred credits and other non-current liabilities:
Deferred tax liabilities			380,058				355,470
Regulatory liabilities			672,215				658,925
Pension and other postretirement benefit liabilities			147,063				162,511
Derivative instruments			25,212				9,475
Operating lease liabilities			77,951				78,826
Other non-current liabilities			128,417				111,704
Total deferred credits and other non-current liabilities			1,430,916				1,376,911
Equity:
Common stock			831,135				767,826
Retained earnings			414,398				381,963
Accumulated other comprehensive loss			(5,255	)			(11,010	)
Total equity			1,240,278				1,138,779
Total liabilities and equity		$	4,536,705			$	4,100,518

NORTHWEST NATURAL HOLDINGS
Consolidated Statements of Cash Flows (Unaudited)		Six Months Ended June 30,
In thousands		2023				2022
Operating activities:
Net income		$	72,915			$	57,954
Adjustments to reconcile net income to cash provided by operations:
Depreciation			62,758				56,539
Regulatory amortization of gas reserves			1,678				2,984
Deferred income taxes			8,610				10,659
Qualified defined benefit pension plan (benefit) expense			(1,129	)			2,882
Deferred environmental expenditures, net			(9,732	)			(9,608	)
Environmental remediation expense			7,515				6,970
Asset optimization revenue sharing bill credits			(10,471	)			(41,102	)
Other			14,068				9,961
Changes in assets and liabilities:
Receivables, net			163,965				96,453
Inventories			20,084				(8,721	)
Income and other taxes			14,834				17,241
Accounts payable			(48,935	)			(13,728	)
Deferred gas costs			(16,370	)			2,607
Asset optimization revenue sharing			12,056				3,929
Decoupling mechanism			(9,554	)			9,669
Cloud-based software			(7,229	)			(414	)
Other, net			22,791				(7,711	)
Cash provided by operating activities			297,854				196,564
Investing activities:
Capital expenditures			(144,863	)			(167,696	)
Acquisitions, net of cash acquired			(3,249	)			—
Purchase of equity method investment			(1,000	)			—
Other			(2,428	)			(1,991	)
Cash used in investing activities			(151,540	)			(169,687	)
Financing activities:
Proceeds from common stock issued, net			22,072				174,053
Long-term debt issued			200,000				692
Changes in other short-term debt, net			(217,200	)			(166,800	)
Cash dividend payments on common stock			(33,293	)			(30,311	)
Other			(3,774	)			(1,596	)
Cash used in financing activities			(32,195	)			(23,962	)
Increase in cash, cash equivalents and restricted cash			114,119				2,915
Cash, cash equivalents and restricted cash, beginning of period			40,964				27,120
Cash, cash equivalents and restricted cash, end of period		$	155,083			$	30,035
Supplemental disclosure of cash flow information:
Interest paid, net of capitalization		$	36,376			$	22,867
Income taxes paid, net of refunds			12,163				1,086
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	137,759			$	17,209
Restricted cash included in other current and non-current assets			17,324				12,826
Cash, cash equivalents and restricted cash		$	155,083			$	30,035

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230803445505/en/

Investor Contact:

Nikki Sparley

Phone: 503-721-2530

Email: nikki.sparley@nwnatural.com

Media Contact:

David Roy

Phone: 503-610-7157

Email: david.roy@nwnatural.com

Source: NW Natural

FAQ

What was NW Natural's net income for Q2 2023?

NW Natural reported a net income of $1.2 million for Q2 2023.

What was NW Natural's net income for the first six months of 2023?

NW Natural reported a net income of $72.9 million for the first six months of 2023.

What did NW Natural Water do recently?

NW Natural Water closed its first water services transaction and began operations at the Carbon Limestone RNG facility.

What is NW Natural's earnings guidance for 2023?

NW Natural reaffirmed its 2023 earnings guidance of $2.55 to $2.75 per share.