08/04/2021 | Press release | Distributed by Public on 08/04/2021 15:49
Business Line | Second Quarter 2021 Earnings | Second Quarter 2020 Earnings | YTD June 30, 2021 Earnings | YTD June 30, 2020 Earnings | ||||
(In millions, except per share amounts) | ||||||||
Regulated energy delivery | $ | 18.8 | $ | 20.2 | $ | 74.6 | $ | 71.2 |
Construction materials and services | 80.3 | 80.9 | 79.3 | 59.6 | ||||
Other | 1.1 | (1.3) | (1.6) | (5.5) | ||||
Income from continuing operations | 100.2 | 99.8 | 152.3 | 125.3 | ||||
Loss from discontinued operations, net of tax | - | (.1) | - | (.5) | ||||
Net income | $ | 100.2 | $ | 99.7 | $ | 152.3 | $ | 124.8 |
Earnings per share: | ||||||||
Income from continuing operations | $ | .50 | $ | .50 | $ | .76 | $ | .62 |
Discontinued operations, net of tax | - | - | - | - | ||||
Earnings per share | $ | .50 | $ | .50 | $ | .76 | $ | .62 |
Consolidated Statements of Income | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(In millions, except per share amounts) | ||||||||
Operating revenues: | (Unaudited) | |||||||
Electric, natural gas distribution and regulated pipeline | $ | 260.6 | $ | 241.3 | $ | 703.0 | $ | 660.0 |
Non-regulated pipeline, construction materials and contracting, construction services and other | 1,163.1 | 1,121.6 | 1,948.6 | 1,900.3 | ||||
Total operating revenues | 1,423.7 | 1,362.9 | 2,651.6 | 2,560.3 | ||||
Operating expenses: | ||||||||
Operation and maintenance: | ||||||||
Electric, natural gas distribution and regulated pipeline | 89.4 | 83.1 | 183.7 | 170.7 | ||||
Non-regulated pipeline, construction materials and contracting, construction services and other | 988.4 | 946.0 | 1,705.7 | 1,679.5 | ||||
Total operation and maintenance | 1,077.8 | 1,029.1 | 1,889.4 | 1,850.2 | ||||
Purchased natural gas sold | 63.2 | 56.8 | 239.5 | 222.2 | ||||
Depreciation, depletion and amortization | 73.7 | 71.5 | 147.4 | 140.8 | ||||
Taxes, other than income | 53.2 | 52.6 | 115.7 | 116.7 | ||||
Electric fuel and purchased power | 18.1 | 14.6 | 36.7 | 35.1 | ||||
Total operating expenses | 1,286.0 | 1,224.6 | 2,428.7 | 2,365.0 | ||||
Operating income | 137.7 | 138.3 | 222.9 | 195.3 | ||||
Other income | 9.0 | 10.0 | 12.3 | 9.0 | ||||
Interest expense | 23.4 | 24.8 | 46.8 | 49.3 | ||||
Income before taxes | 123.3 | 123.5 | 188.4 | 155.0 | ||||
Income tax expense | 23.1 | 23.7 | 36.1 | 29.7 | ||||
Income from continuing operations | 100.2 | 99.8 | 152.3 | 125.3 | ||||
Loss from discontinued operations, net of tax | - | (.1) | - | (.5) | ||||
Net income | $ | 100.2 | $ | 99.7 | $ | 152.3 | $ | 124.8 |
Earnings per share - basic: | ||||||||
Income from continuing operations | $ | .50 | $ | .50 | $ | .76 | $ | .62 |
Discontinued operations, net of tax | - | - | - | - | ||||
Earnings per share - basic | $ | .50 | $ | .50 | $ | .76 | $ | .62 |
Earnings per share - diluted: | ||||||||
Income from continuing operations | $ | .50 | $ | .50 | $ | .76 | $ | .62 |
Discontinued operations, net of tax | - | - | - | - | ||||
Earnings per share - diluted | $ | .50 | $ | .50 | $ | .76 | $ | .62 |
Weighted average common shares outstanding - basic | 201.3 | 200.5 | 201.0 | 200.5 | ||||
Weighted average common shares outstanding - diluted | 201.7 | 200.5 | 201.3 | 200.5 |
Selected Cash Flows Information | ||||
Six Months Ended | ||||
June 30, | ||||
2021 | 2020 | |||
(In millions) | ||||
Operating activities: | ||||
Net cash provided by continuing operations | $ | 182.9 | $ | 261.8 |
Net cash used in discontinued operations | (.1) | (.4) | ||
Net cash provided by operating activities | 182.8 | 261.4 | ||
Investing activities: | ||||
Net cash used in continuing operations | (266.5) | (296.5) | ||
Net cash provided by discontinued operations | - | - | ||
Net cash used in investing activities | (266.5) | (296.5) | ||
Financing activities: | ||||
Net cash provided by continuing operations | 82.1 | 33.0 | ||
Net cash provided by discontinued operations | - | - | ||
Net cash provided by financing activities | 82.1 | 33.0 | ||
Decrease in cash and cash equivalents | (1.6) | (2.1) | ||
Cash and cash equivalents - beginning of year | 59.6 | 66.5 | ||
Cash and cash equivalents - end of period | $ | 58.0 | $ | 64.4 |
Capital Expenditures | ||||||||
Business Line | 2021 Estimated | 2022 Estimated | 2023 Estimated | 2021 - 2025 Total Estimated | ||||
(In millions) | ||||||||
Regulated energy delivery | ||||||||
Electric | $ | 110 | $ | 182 | $ | 109 | $ | 600 |
Natural gas distribution | 213 | 225 | 188 | 971 | ||||
Pipeline | 230 | 74 | 110 | 508 | ||||
553 | 481 | 407 | 2,079 | |||||
Construction materials and services | ||||||||
Construction services | 46 | 34 | 35 | 187 | ||||
Construction materials and contracting | 202 | 154 | 150 | 742 | ||||
248 | 188 | 185 | 929 | |||||
Other | 5 | 4 | 3 | 19 | ||||
Total capital expenditures | $ | 806 | $ | 673 | $ | 595 | $ | 3,027 |
Note: Total capital expenditures are presented on a gross basis. |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(In millions) | ||||||||
Net income | $ | 100.2 | $ | 99.7 | $ | 152.3 | $ | 124.8 |
Loss from discontinued operations, net of tax | - | .1 | - | .5 | ||||
Income from continuing operations | 100.2 | 99.8 | 152.3 | 125.3 | ||||
Adjustments:
|
||||||||
Interest expense
|
23.4 | 24.8 | 46.8 | 49.3 | ||||
Income taxes
|
23.1 | 23.7 | 36.1 | 29.7 | ||||
Depreciation, depletion and amortization
|
73.7 | 71.5 | 147.4 | 140.8 | ||||
EBITDA from continuing operations | $ | 220.4 | $ | 219.8 | $ | 382.6 | $ | 345.1 |
Electric | Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(In millions) | ||||||||
Operating income | $ | 12.8 | $ | 12.8 | $ | 26.7 | $ | 27.6 |
Adjustments: | ||||||||
Operating expenses: | ||||||||
Operation and maintenance | 31.3 | 29.0 | 62.6 | 59.7 | ||||
Depreciation, depletion and amortization | 16.9 | 15.7 | 33.0 | 31.3 | ||||
Taxes, other than income | 4.5 | 4.4 | 9.2 | 8.7 | ||||
Total adjustments | 52.7 | 49.1 | 104.8 | 99.7 | ||||
Adjusted gross margin | $ | 65.5 | $ | 61.9 | $ | 131.5 | $ | 127.3 |
Natural Gas Distribution | Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(In millions) | ||||||||
Operating income | $ | 3.6 | $ | .7 | $ | 57.2 | $ | 50.7 |
Adjustments: | ||||||||
Operating expenses: | ||||||||
Operation and maintenance | 46.0 | 43.1 | 97.2 | 89.1 | ||||
Depreciation, depletion and amortization | 20.3 | 21.0 | 42.7 | 41.8 | ||||
Taxes, other than income | 6.7 | 6.0 | 13.8 | 12.1 | ||||
Total adjustments | 73.0 | 70.1 | 153.7 | 143.0 | ||||
Adjusted gross margin | $ | 76.6 | $ | 70.8 | $ | 210.9 | $ | 193.7 |
Regulated Energy Delivery | ||||||||||||
Electric | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 83.8 | $ | 76.6 | 9 | % | $ | 168.6 | $ | 162.7 | 4 | % |
Electric fuel and purchased power | 18.1 | 14.6 | 24 | % | 36.7 | 35.1 | 5 | % | ||||
Taxes, other than income | .2 | .1 | 100 | % | .4 | .3 | 33 | % | ||||
Adjusted gross margin | 65.5 | 61.9 | 6 | % | 131.5 | 127.3 | 3 | % | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 31.3 | 29.0 | 8 | % | 62.6 | 59.7 | 5 | % | ||||
Depreciation, depletion and amortization | 16.9 | 15.7 | 8 | % | 33.0 | 31.3 | 5 | % | ||||
Taxes, other than income | 4.5 | 4.4 | 2 | % | 9.2 | 8.7 | 6 | % | ||||
Total operating expenses | 52.7 | 49.1 | 7 | % | 104.8 | 99.7 | 5 | % | ||||
Operating income | 12.8 | 12.8 | - | % | 26.7 | 27.6 | (3) | % | ||||
Other income | 1.6 | 2.5 | (36) | % | 2.2 | 2.1 | 5 | % | ||||
Interest expense | 6.6 | 6.8 | (3) | % | 13.2 | 13.6 | (3) | % | ||||
Income before taxes | 7.8 | 8.5 | (8) | % | 15.7 | 16.1 | (2) | % | ||||
Income tax benefit | (2.5) | (3.7) | 32 | % | (5.3) | (7.4) | 28 | % | ||||
Net income | $ | 10.3 | $ | 12.2 | (15) | % | $ | 21.0 | $ | 23.5 | (11) | % |
Adjustments:
|
||||||||||||
Interest expense
|
6.6 | 6.8 | (3) | % | 13.2 | 13.6 | (3) | % | ||||
Income tax benefit | (2.5) | (3.7) | 32 | % | (5.3) | (7.4) | 28 | % | ||||
Depreciation, depletion and amortization
|
16.9 | 15.7 | 8 | % | 33.0 | 31.3 | 5 | % | ||||
EBITDA
|
$ | 31.3 | $ | 31.0 | 1 | % | $ | 61.9 | $ | 61.0 | 1 | % |
Operating Statistics | Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Retail sales (million kWh): | ||||||||
Residential | 254.1 | 257.7 | 589.0 | 588.3 | ||||
Commercial | 347.1 | 323.7 | 708.9 | 699.5 | ||||
Industrial | 144.1 | 115.9 | 288.6 | 268.9 | ||||
Other | 22.1 | 20.4 | 41.3 | 40.8 | ||||
767.4 | 717.7 | 1,627.8 | 1,597.5 | |||||
Average cost of electric fuel and purchased power per kWh | $ | .022 | $ | .019 | $ | .021 | $ | .020 |
Natural Gas Distribution | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 153.9 | $ | 141.7 | 9 | % | $ | 504.3 | $ | 468.3 | 8 | % |
Purchased natural gas sold
|
70.9 | 64.6 | 10 | % | 273.1 | 255.2 | 7 | % | ||||
Taxes, other than income
|
6.4 | 6.3 | 2 | % | 20.3 | 19.4 | 5 | % | ||||
Adjusted gross margin
|
76.6 | 70.8 | 8 | % | 210.9 | 193.7 | 9 | % | ||||
Operating expenses:
|
||||||||||||
Operation and maintenance
|
46.0 | 43.1 | 7 | % | 97.2 | 89.1 | 9 | % | ||||
Depreciation, depletion and amortization | 20.3 | 21.0 | (3) | % | 42.7 | 41.8 | 2 | % | ||||
Taxes, other than income
|
6.7 | 6.0 | 12 | % | 13.8 | 12.1 | 14 | % | ||||
Total operating expenses
|
73.0 | 70.1 | 4 | % | 153.7 | 143.0 | 7 | % | ||||
Operating income | 3.6 | .7 | NM | 57.2 | 50.7 | 13 | % | |||||
Other income | 2.4 | 4.1 | (41) | % | 4.0 | 4.4 | (9) | % | ||||
Interest expense | 9.1 | 9.0 | 1 | % | 18.2 | 18.1 | 1 | % | ||||
Income (loss) before taxes | (3.1) | (4.2) | 26 | % | 43.0 | 37.0 | 16 | % | ||||
Income tax (benefit) expense | (2.4) | (3.2) | 25 | % | 7.5 | 5.6 | 34 | % | ||||
Net income (loss) | $ | (.7) | $ | (1.0) | 26 | % | $ | 35.5 | $ | 31.4 | 13 | % |
Adjustments:
|
||||||||||||
Interest expense
|
9.1 | 9.0 | 1 | % | 18.2 | 18.1 | 1 | % | ||||
Income tax (benefit) expense | (2.4) | (3.2) | 25 | % | 7.5 | 5.6 | 34 | % | ||||
Depreciation, depletion and amortization
|
20.3 | 21.0 | (3) | % | 42.7 | 41.8 | 2 | % | ||||
EBITDA
|
$ | 26.3 | $ | 25.8 | 2 | % | $ | 103.9 | $ | 96.9 | 7 | % |
Operating Statistics | Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Volumes (MMdk)
|
||||||||
Retail sales:
|
||||||||
Residential
|
9.0 | 9.7 | 37.8 | 37.4 | ||||
Commercial
|
6.5 | 6.3 | 25.1 | 25.1 | ||||
Industrial
|
1.1 | 1.0 | 2.6 | 2.5 | ||||
16.6 | 17.0 | 65.5 | 65.0 | |||||
Transportation sales:
|
||||||||
Commercial
|
.4 | .4 | 1.1 | 1.1 | ||||
Industrial
|
38.9 | 30.2 | 82.8 | 75.8 | ||||
39.3 | 30.6 | 83.9 | 76.9 | |||||
Total throughput
|
55.9 | 47.6 | 149.4 | 141.9 | ||||
Average cost of natural gas per dk
|
$ | 4.26 | $ | 3.81 | $ | 4.17 | $ | 3.93 |
Pipeline
|
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 35.6 | $ | 35.7 | - | % | $ | 71.8 | $ | 71.5 | - | % |
Operating expenses:
|
||||||||||||
Operation and maintenance
|
16.1 | 15.1 | 7 | % | 31.3 | 30.1 | 4 | % | ||||
Depreciation, depletion and amortization | 5.2 | 5.3 | (2) | % | 10.3 | 11.2 | (8) | % | ||||
Taxes, other than income
|
3.2 | 3.1 | 3 | % | 6.6 | 6.6 | - | % | ||||
Total operating expenses
|
24.5 | 23.5 | 4 | % | 48.2 | 47.9 | 1 | % | ||||
Operating income | 11.1 | 12.2 | (9) | % | 23.6 | 23.6 | - | % | ||||
Other income | 1.9 | 1.0 | 90 | % | 2.8 | 1.0 | 180 | % | ||||
Interest expense | 1.9 | 1.9 | - | % | 3.9 | 3.9 | - | % | ||||
Income before taxes | 11.1 | 11.3 | (2) | % | 22.5 | 20.7 | 9 | % | ||||
Income tax expense | 1.9 | 2.3 | (17) | % | 4.4 | 4.4 | - | % | ||||
Net income | $ | 9.2 | $ | 9.0 | 3 | % | $ | 18.1 | $ | 16.3 | 11 | % |
Adjustments:
|
||||||||||||
Interest expense
|
1.9 | 1.9 | - | % | 3.9 | 3.9 | - | % | ||||
Income tax expense | 1.9 | 2.3 | (17) | % | 4.4 | 4.4 | - | % | ||||
Depreciation, depletion and amortization
|
5.2 | 5.3 | (2) | % | 10.3 | 11.2 | (8) | % | ||||
EBITDA
|
$ | 18.2 | $ | 18.5 | (2) | % | $ | 36.7 | $ | 35.8 | 3 | % |
Operating Statistics | Three Months Ended | Six Months Ended | ||
June 30, | June 30, | |||
2021 | 2020 | 2021 | 2020 | |
Transportation volumes (MMdk)
|
118.7 | 95.6 | 229.5 | 207.3 |
Natural gas gathering volumes (MMdk)
|
- | 2.1 | - | 5.4 |
Customer natural gas storage balance (MMdk):
|
||||
Beginning of period
|
5.2 | 3.8 | 25.5 | 16.2 |
Net injection (withdrawal) | 10.8 | 15.3 | (9.5) | 2.9 |
End of period
|
16.0 | 19.1 | 16.0 | 19.1 |
Construction Materials and Services | ||||||||||||
Construction Services | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 525.6 | $ | 497.2 | 6 | % | $ | 1,044.1 | $ | 1,011.9 | 3 | % |
Cost of sales:
|
||||||||||||
Operation and maintenance
|
442.0 | 411.1 | 8 | % | 869.2 | 847.3 | 3 | % | ||||
Depreciation, depletion and amortization
|
3.9 | 4.0 | (3) | % | 7.9 | 7.9 | - | % | ||||
Taxes, other than income
|
16.3 | 17.2 | (5) | % | 35.7 | 40.6 | (12) | % | ||||
Total cost of sales
|
462.2 | 432.3 | 7 | % | 912.8 | 895.8 | 2 | % | ||||
Gross margin
|
63.4 | 64.9 | (2) | % | 131.3 | 116.1 | 13 | % | ||||
Selling, general and administrative expense:
|
||||||||||||
Operation and maintenance
|
23.6 | 23.5 | - | % | 48.2 | 47.4 | 2 | % | ||||
Depreciation, depletion and amortization
|
1.0 | 2.4 | (58) | % | 2.3 | 4.2 | (45) | % | ||||
Taxes, other than income
|
1.0 | 1.1 | (9) | % | 2.7 | 2.8 | (4) | % | ||||
Total selling, general and administrative expense
|
25.6 | 27.0 | (5) | % | 53.2 | 54.4 | (2) | % | ||||
Operating income | 37.8 | 37.9 | - | % | 78.1 | 61.7 | 27 | % | ||||
Other income | 1.6 | .5 | NM | 1.8 | .7 | NM | ||||||
Interest expense | .9 | 1.1 | (18) | % | 1.8 | 2.3 | (22) | % | ||||
Income before taxes | 38.5 | 37.3 | 3 | % | 78.1 | 60.1 | 30 | % | ||||
Income tax expense | 9.6 | 9.4 | 2 | % | 19.4 | 15.3 | 27 | % | ||||
Net income | $ | 28.9 | $ | 27.9 | 3 | % | $ | 58.7 | $ | 44.8 | 31 | % |
Adjustments:
|
||||||||||||
Interest expense
|
.9 | 1.1 | (18) | % | 1.8 | 2.3 | (22) | % | ||||
Income tax expense | 9.6 | 9.4 | 2 | % | 19.4 | 15.3 | 27 | % | ||||
Depreciation, depletion and amortization
|
4.9 | 6.4 | (23) | % | 10.2 | 12.1 | (16) | % | ||||
EBITDA
|
$ | 44.3 | $ | 44.8 | (1) | % | $ | 90.1 | $ | 74.5 | 21 | % |
Construction Materials and Contracting | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 633.8 | $ | 621.1 | 2 | % | $ | 899.5 | $ | 883.3 | 2 | % |
Cost of sales:
|
||||||||||||
Operation and maintenance
|
497.0 | 487.9 | 2 | % | 740.2 | 738.7 | - | % | ||||
Depreciation, depletion and amortization
|
24.3 | 21.2 | 15 | % | 46.7 | 40.8 | 14 | % | ||||
Taxes, other than income
|
13.9 | 13.6 | 2 | % | 23.6 | 23.0 | 3 | % | ||||
Total cost of sales
|
535.2 | 522.7 | 2 | % | 810.5 | 802.5 | 1 | % | ||||
Gross margin
|
98.6 | 98.4 | - | % | 89.0 | 80.8 | 10 | % | ||||
Selling, general and administrative expense:
|
||||||||||||
Operation and maintenance
|
24.2 | 21.6 | 12 | % | 46.0 | 43.8 | 5 | % | ||||
Depreciation, depletion and amortization
|
1.0 | 1.3 | (23) | % | 2.1 | 2.3 | (9) | % | ||||
Taxes, other than income
|
1.0 | .8 | 25 | % | 3.4 | 3.2 | 6 | % | ||||
Total selling, general and administrative expense
|
26.2 | 23.7 | 11 | % | 51.5 | 49.3 | 4 | % | ||||
Operating income | 72.4 | 74.7 | (3) | % | 37.5 | 31.5 | 19 | % | ||||
Other income | 1.2 | 1.9 | (37) | % | 1.1 | .7 | 57 | % | ||||
Interest expense | 4.8 | 5.7 | (16) | % | 9.5 | 10.9 | (13) | % | ||||
Income before taxes | 68.8 | 70.9 | (3) | % | 29.1 | 21.3 | 37 | % | ||||
Income tax expense | 17.4 | 17.9 | (3) | % | 8.5 | 6.5 | 31 | % | ||||
Net income | $ | 51.4 | $ | 53.0 | (3) | % | $ | 20.6 | $ | 14.8 | 39 | % |
Adjustments:
|
||||||||||||
Interest expense
|
4.8 | 5.7 | (16) | % | 9.5 | 10.9 | (13) | % | ||||
Income tax expense | 17.4 | 17.9 | (3) | % | 8.5 | 6.5 | 31 | % | ||||
Depreciation, depletion and amortization
|
25.3 | 22.5 | 12 | % | 48.8 | 43.1 | 13 | % | ||||
EBITDA
|
$ | 98.9 | $ | 99.1 | - | % | $ | 87.4 | $ | 75.3 | 16 | % |
Operating Statistics | Three Months Ended | Six Months Ended | ||
June 30, | June 30, | |||
2021 | 2020 | 2021 | 2020 | |
Sales (000's):
|
||||
Aggregates (tons)
|
9,533 | 8,739 | 14,341 | 12,956 |
Asphalt (tons)
|
2,091 | 2,166 | 2,385 | 2,393 |
Ready-mixed concrete (cubic yards)
|
1,201 | 1,119 | 1,933 | 1,823 |
Other
|
||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
(In millions) | ||||||||||||
Operating revenues
|
$ | 3.4 | $ | 2.9 | 17 | % | $ | 6.7 | $ | 5.9 | 14 | % |
Operating expenses:
|
||||||||||||
Operation and maintenance
|
2.3 | 2.3 | - | % | 4.5 | 4.4 | 2 | % | ||||
Depreciation, depletion and amortization | 1.1 | .6 | 83 | % | 2.4 | 1.3 | 85 | % | ||||
Total operating expenses
|
3.4 | 2.9 | 17 | % | 6.9 | 5.7 | 21 | % | ||||
Operating income (loss) | - | - | NM | (.2) | .2 | NM | ||||||
Other income | .3 | - | NM | .4 | .2 | 100 | % | |||||
Interest expense | .1 | .3 | (67) | % | .2 | .6 | (67) | % | ||||
Income (loss) before income taxes | .2 | (.3) | NM | - | (.2) | NM | ||||||
Income tax (benefit) expense | (.9) | 1.0 | NM | 1.6 | 5.3 | (70) | % | |||||
Net income (loss) | $ | 1.1 | $ | (1.3) | NM | $ | (1.6) | $ | (5.5) | 70 | % |
Other Financial Data | ||||
June 30, | ||||
2021 | 2020 | |||
(In millions, except per share amounts) | ||||
(Unaudited) | ||||
Book value per common share | $ | 15.81 | $ | 14.45 |
Market price per common share | $ | 31.34 | $ | 22.18 |
Dividend yield (indicated annual rate) | 2.7 | % | 3.7 | % |
Price/earnings from continuing operations ratio (12 months ended) | 15.1 | x | 12.5 | x |
Market value as a percent of book value | 198.2 | % | 153.5 | % |
Total assets | $ | 8,298 | $ | 7,911 |
Total equity | $ | 3,199 | $ | 2,898 |
Total debt | $ | 2,387 | $ | 2,357 |
Capitalization ratios: | ||||
Total equity | 57.3 | % | 55.1 | % |
Total debt | 42.7 | 44.9 | ||
100.0 | % | 100.0 | % |