Northwest Natural Holding Company (NYSE:NWN) reported second-quarter results that exceeded Wall Street earnings expectations, although quarterly revenue came in below analyst forecasts.
The utility company’s shares were little changed following the announcement, edging up 0.06% in after-hours trading.
The company posted adjusted earnings of $0.01 per share, outperforming the consensus estimate of a loss of $0.06 per share. Revenue totalled $243.55 million, missing analyst expectations of $271.87 million, but increasing from $236.19 million in the same quarter of 2025.
Company expects earnings toward the top of guidance
Following its first-half performance, Northwest Natural said it now expects full-year 2026 earnings per share to finish in the upper half of its previously issued guidance range of $2.95 to $3.15.
The midpoint of that range, $3.05 per share, is slightly below the Wall Street consensus forecast of $3.06.
President and Chief Executive Officer Justin Palfreyman said the company’s performance exceeded internal expectations.
“Our results exceeded our expectations and reflect strong execution across the business,” Palfreyman said. “Our consistent performance and strong first-half results, combined with increased visibility into the balance of the year, support our expectation that 2026 EPS will be in the upper half of our guidance range.”
Customer growth and regulatory approvals support outlook
During the first six months of 2026, Northwest Natural generated earnings per share of $2.33, compared with $2.11 during the same period last year.
The company also added nearly 18,000 new gas and water utility connections over the 12 months ended 30 June 2026, representing customer growth of 1.9%.
Northwest Natural received regulatory approval for a Washington rate case that will increase annual revenue requirements by $20.1 million beginning on 1 August 2026, with further increases scheduled over the following two years.
In Oregon, the utility also submitted a multi-party settlement related to its alternative rate mechanism, which includes a proposed annual revenue requirement increase of $13.0 million.
Investment plans remain unchanged
The company invested $235 million in its gas and water infrastructure during the first half of the year and continues to expect capital expenditures of between $500 million and $550 million for full-year 2026.
Northwest Natural also reaffirmed its longer-term financial objectives, including annual rate base growth of 6% to 8% through 2030 and a long-term earnings-per-share growth target of 4% to 6%.