Southwest Gas (SWX) Tops Q2 EPS by 25c

Southwest Gas (NYSE: SWX) reported Q2 EPS of $0.68, $0.25 better than the analyst estimate of $0.43. Revenue for the quarter came in at $757.25 million versus the consensus estimate of $271.93 million.

Commenting on Southwest Gas Holdings' performance and outlook, John P. Hester, President and Chief Executive Officer, said: "We are pleased to announce second quarter earnings of $0.68 per share, a $0.27 per share increase from the second quarter of 2019. Operating income for both segments improved over the prior year as our business fundamentals remained solid in a COVID-19 environment. Our utility infrastructure services segment posted record second quarter results as Centuri's utility customers continued to invest capital to enhance the safety and reliability of their delivery systems while serving new growth. In addition to improved operating performance, our utility segment also benefited from a COLI tailwind of $12 million as the underlying securities experienced a significant rebound from the drop in the first quarter. We are also in the midst of general rate case proceedings for each of the three states we serve, with resolution of all three proceedings expected by year-end 2020.

"Now more than perhaps at any other time, affordable natural gas is helping the communities we serve, including local businesses that are working to weather the current economic challenges. Southwest customers have recognized our efforts with a 96% customer satisfaction rating this year, and not only are existing customers satisfied, but new ones are coming. Home sales in our service territories have been resilient, even impressive, amidst the current environment, with an increase of 36,000 new meter sets over the past twelve months. As providers of essential services, we continue to serve our valued customers."

For earnings history and earnings-related data on Southwest Gas (SWX) click here.

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