National Fuel Gas Company (NFG)

Pretax margin

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	87,255	413,027	621,051	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
Revenue (ttm)	US$ in thousands	1,944,810	1,941,689	1,952,951	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
Pretax margin		4.49%	21.27%	31.80%	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%

September 30, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $87,255K ÷ $1,944,810K
= 4.49%

The pretax margin for National Fuel Gas Company has shown fluctuations over the past two years, with values ranging from negative to positive figures. In the most recent quarter, the pretax margin stood at 4.49%, significantly lower than the preceding quarter's margin of 21.27%. This decrease suggests a potential decline in the company's profitability before accounting for taxes in the current period.

Looking back at historical data, the pretax margin trend shows periods of relative stability interspersed with periods of variability. The company exhibited a strong performance in the quarter ended March 31, 2024, with a pretax margin of 31.80%, indicating efficient cost management and revenue generation strategies. However, this robust performance was followed by a decline in the subsequent quarters.

Overall, National Fuel Gas Company's pretax margin trend highlights the company's ability to generate profits before tax expenses, albeit with fluctuations in profitability levels. Analysts may further investigate the factors contributing to these fluctuations to assess the company's financial health and operational efficiency.