Atmos Energy Corporation (ATO) Q2 2024 Earnings Report

Atmos Energy reported a robust QQ2 2024 performance, with revenue of $1.647 billion, net income of $432.0 million and diluted EPS of $2.85, delivering YoY enhancements driven by rate increases and stronger customer/industrial demand. The quarter showcased meaningful progress on capital projects and regulatory initiatives, while management reaffirmed a constructive longer-term outlook anchored by Texas growth and safety/regulatory investments. The company simultaneously elevated FY2024 EPS guidance to a range of $6.70-$6.80 and outlined a clear path to 6%-8% EPS growth in FY2025 on an adjusted basis, supported by a notably strong liquidity position and a multi-year capex program.

Key drivers in QQ2 included rate increases totaling $192 million across operating segments, continued residential/commercial and industrial load growth, and favorable but partially offsetting regulatory dynamics. Management highlighted ongoing investments in safety and reliability (Line S-2 Phase 4 and related APT projects) and the North Texas housing boom as tailwinds for volumes and throughput, while acknowledging weather/seasonality and regulatory timing as near-term considerations. The enterprise remains well-positioned to fund its $3.1 billion capex program through enhanced liquidity (approximately $4.2 billion available) and an active ATM program, with a disciplined approach to earnings accretion and capital allocation.