Northwest Natural Holding Company (NWN) has announced a net loss of $2.8 million, or $0.07 per share, for the second quarter of 2024. This is a significant contrast to the net income of $1.2 million, or $0.03 per share, reported during the same period last year. Analysts surveyed by Thomson Reuters had anticipated a larger loss of $0.13 per share for the quarter. It's worth noting that analysts' forecasts generally exclude special items.
The company's operating revenues fell by 11% year-over-year, reaching $211.71 million. This figure also missed the average revenue estimate of $231.99 million projected by analysts.
Looking ahead, Northwest Natural estimates a third-quarter loss ranging between $0.74 and $0.86 per share. For the fourth quarter, the company expects earnings between $1.43 and $1.63 per share.
Northwest Natural has reiterated its earnings guidance for 2024, projecting earnings per share to be within the range of $2.20 to $2.40. Additionally, the company maintains its long-term target for earnings per share growth at 4% to 6% from 2022 through 2027.
In other news, the board of directors has declared a quarterly dividend of 48.75 cents per share on common stock. This dividend will be payable on August 15, 2024, to shareholders who are on record as of July 31, 2024.
