0000070145-26-000033
SEC filingQ3 盈利下滑 7.5%，但九个月净利大增 38%，受惠于天然气价格上升及对冲收益。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $537.5M | $531.8M | +1.1% |
| Gross Profit | $208.9M | $230.3M | -9.3% |
| Gross Margin | 38.9% | 43.3% | -440 bps |
| Operating Income | $208.9M | $230.3M | -9.3% |
| Operating Margin | 38.9% | 43.3% | -440 bps |
| Net Income | $138.6M | $149.8M | -7.5% |
| Diluted EPS | $1.45 | $1.64 | -11.6% |
| Operating Cash Flow | $1,034.5M | $862.3M | +20.0% |
| Free Cash Flow | $270.0M | $234.9M | +14.9% |
Q3 营收微增 1.1% 至 $537.5M，但盈利下滑 7.5%，主要受 Integrated Upstream and Gathering 分部产量下降 7.3 Bcf 拖累，尽管对冲后气价上升 $0.10/Mcf 部分抵消。Utility 分部受惠于 NY 新费率及 DSIC 追踪器，收入增长 5.1%，但盈利仅微增。Pipeline and Storage 收入增长 2.3%，但运营及折旧费用上升导致盈利基本持平。
九个月维度，净利大增 38% 至 $567.9M，主要受惠于天然气价格上升（对冲后均价 $3.05/Mcf，同比 +$0.32）及上年同期 $141.8M 的资产减值不再发生。经营现金流 $1,034.5M，同比增 $172.2M，反映气价及对冲结算的正面影响。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Integrated Upstream and Gathering | $302.5M | -1.3% | $111.9M | 37.0% | 产量下降，但气价上升 |
| Pipeline and Storage | $69.6M | +2.3% | $28.7M | 41.3% | 存储及运输收入增加 |
| Utility | $165.4M | +5.1% | $5.7M | 3.4% | NY 新费率及 DSIC 追踪器 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $1,235.2M | +$1,192.0M |
| Total Debt | $3,567.4M | +$1,184.5M |
| Operating Cash Flow | $1,034.5M | +$172.2M |
| Capex | $764.5M | +$137.2M |
| Free Cash Flow | $270.0M | +$35.1M |
| FCF 转化率 | 47.5% | — |