Feb 4 (Reuters) - Atmos Energy ATO.N posted a rise in first-quarter profit on Tuesday, as the natural gas utility benefited from higher rates.
During the reported quarter, the company implemented, or received approval to implement ratemaking regulatory actions which resulted in an increase in annual operating income of $150.5 million.
Higher rates boosted operating income in its distribution segment by 12.7% to $316.1 million, from the previous year.
Growth in residential customers and increased industrial load also helped the segment's quarterly performance.
Atmos delivers natural gas to about 3 million distribution customers across eight U.S. states.
The company, which also operates about 5,700 miles of transmission pipelines in Texas, said quarterly operating earnings in its pipeline and storage unit rose 20.9% to $143.4 million, from the previous year.
It reaffirmed its full-year profit forecast range of $7.05 to $7.25 per share.
The Dallas, Texas-based company's net income rose to $351.9 million, or $2.23 per share, in the quarter ended Dec. 31, from $311.3 million, or $2.08 cents per share, a year earlier.
(Reporting by Seher Dareen and Mrinalika Roy in Bengaluru; Editing by Maju Samuel)
((Seher.Dareen@thomsonreuters.com;))
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