National Fuel Gas Company (NFG)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	590,264	641,398	683,112	698,632	732,601	682,649	644,832	620,567	548,427	478,329	168,465	106,039	-115,829	-105,034	161,845	192,327	381,929	389,512	385,141	382,483
Revenue (ttm)	US$ in thousands	2,040,273	2,173,771	2,239,970	2,313,890	2,298,349	2,186,047	2,106,889	1,998,662	1,848,057	1,742,660	1,674,661	1,603,283	1,543,263	1,546,291	1,551,643	1,585,824	1,647,273	1,693,332	1,689,187	1,674,899
Pretax margin		28.93%	29.51%	30.50%	30.19%	31.88%	31.23%	30.61%	31.05%	29.68%	27.45%	10.06%	6.61%	-7.51%	-6.79%	10.43%	12.13%	23.19%	23.00%	22.80%	22.84%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $590,264K ÷ $2,040,273K
= 28.93%

The pretax margin for National Fuel Gas Co. has shown a slight decrease in the first quarter of 2024 compared to the previous quarter, standing at 28.93%. However, the company has maintained a relatively stable pretax margin range between 28.93% and 31.88% over the past eight quarters. This indicates that National Fuel Gas Co. has been able to effectively manage its operating expenses and generate healthy profits before accounting for taxes. Overall, the company's pretax margin performance demonstrates consistent profitability and efficiency in its operations.