Southwest Gas Holding Inc. (SWX - Free Report) recorded second-quarter 2022 operating earnings per share (EPS) of 23 cents, which missed the Zacks Consensus Estimate of 53 cents by 56.7%. The bottom line also decreased by 46.5% from the year-ago quarter’s tally of 43 cents per share.
Total Revenues
Operating revenues of $1,146.1 million surpassed the Zacks Consensus Estimate of $1,011 million by 13.4%. The top line improved by 39.5% from $821.4 million in the prior-year quarter.
Highlights of the Release
Total operating expenses in the second quarter amounted to $1,100.5 million, up 44.4% from the year-ago figure of $762.2 million, due to an increase in the net cost of gas sold, utility infrastructure services expenses and higher operations and maintenance expenses.
The operating income was $45.7 million, down 22.9% year over year.
Financial Highlights
Cash and cash equivalents as of Jun 30, 2022 were $215.9 million compared with $222.7 million as of Dec 31, 2021.
The long-term debt, less current maturities, amounted to $4,588.5 million as of Jun 30, 2022 compared with $4,115.7 million as of Dec 31, 2021.
Southwest Gas’ net cash provided by operating activities for the first six months of 2022 was $263.6 million compared to cash used in operating activities of $1.4 million in the year-ago period.
Guidance
SWX updated capital expenditure plans in the range of $600-$650 million compared with the previously announced $650-$700 million range in the Natural Gas Distribution segment. The segment expects a utility rate base CAGR of 5% to 7% for the 2022-2026 period.
Natural Gas Distribution segment reiterated the five-year capital expenditure expectation in the range of $2.5-$3.5 billion.
The Utility Infrastructure Services segment reiterated its 2022 revenue expectation in the range of $2.65 billion-$2.8 billion.
Zacks Rank
Southwest Gas carries a Zacks Rank #4 (Sell) currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Atmos Energy Corporation (ATO - Free Report) posted third-quarter fiscal 2022 EPS of 92 cents, which surpassed the Zacks Consensus Estimate of 86 cents by 7%.
The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 8.4%. Atmos Energy’s long-term earnings growth is pegged at 7.4%.
Sempra Energy’s (SRE - Free Report) second-quarter 2022 adjusted EPS came in at $1.98, which beat the Zacks Consensus Estimate of $1.82 by 8.8%.
The Zacks Consensus Estimate for SRE’s 2022 earnings implies year-over-year growth of 1.8%. Sempra Energy’s long-term earnings growth is pegged at 5.8%.
National Fuel Gas Company (NFG - Free Report) posted third-quarter fiscal 2022 adjusted operating earnings of $1.54 per share, surpassing the Zacks Consensus Estimate of $1.47 by 4.8%.
The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 36.4%. National Fuel Gas’ long-term earnings growth is pegged at 13.6%.
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If Biden Wins? If Trump Wins?
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Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
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1. Medical manufacturer has gained +11,000% in the last 15 years.
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3. Energy powerhouse plans to grow its already large dividend by 25%.
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Southwest Gas Holding Inc. (SWX - Free Report) recorded second-quarter 2022 operating earnings per share (EPS) of 23 cents, which missed the Zacks Consensus Estimate of 53 cents by 56.7%. The bottom line also decreased by 46.5% from the year-ago quarter’s tally of 43 cents per share.
Total Revenues
Operating revenues of $1,146.1 million surpassed the Zacks Consensus Estimate of $1,011 million by 13.4%. The top line improved by 39.5% from $821.4 million in the prior-year quarter.
Highlights of the Release
Total operating expenses in the second quarter amounted to $1,100.5 million, up 44.4% from the year-ago figure of $762.2 million, due to an increase in the net cost of gas sold, utility infrastructure services expenses and higher operations and maintenance expenses.
The operating income was $45.7 million, down 22.9% year over year.
Financial Highlights
Cash and cash equivalents as of Jun 30, 2022 were $215.9 million compared with $222.7 million as of Dec 31, 2021.
The long-term debt, less current maturities, amounted to $4,588.5 million as of Jun 30, 2022 compared with $4,115.7 million as of Dec 31, 2021.
Southwest Gas’ net cash provided by operating activities for the first six months of 2022 was $263.6 million compared to cash used in operating activities of $1.4 million in the year-ago period.
Guidance
SWX updated capital expenditure plans in the range of $600-$650 million compared with the previously announced $650-$700 million range in the Natural Gas Distribution segment. The segment expects a utility rate base CAGR of 5% to 7% for the 2022-2026 period.
Natural Gas Distribution segment reiterated the five-year capital expenditure expectation in the range of $2.5-$3.5 billion.
The Utility Infrastructure Services segment reiterated its 2022 revenue expectation in the range of $2.65 billion-$2.8 billion.
Zacks Rank
Southwest Gas carries a Zacks Rank #4 (Sell) currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Atmos Energy Corporation (ATO - Free Report) posted third-quarter fiscal 2022 EPS of 92 cents, which surpassed the Zacks Consensus Estimate of 86 cents by 7%.
The Zacks Consensus Estimate for ATO’s 2022 earnings implies year-over-year growth of 8.4%. Atmos Energy’s long-term earnings growth is pegged at 7.4%.
Sempra Energy’s (SRE - Free Report) second-quarter 2022 adjusted EPS came in at $1.98, which beat the Zacks Consensus Estimate of $1.82 by 8.8%.
The Zacks Consensus Estimate for SRE’s 2022 earnings implies year-over-year growth of 1.8%. Sempra Energy’s long-term earnings growth is pegged at 5.8%.
National Fuel Gas Company (NFG - Free Report) posted third-quarter fiscal 2022 adjusted operating earnings of $1.54 per share, surpassing the Zacks Consensus Estimate of $1.47 by 4.8%.
The Zacks Consensus Estimate for NFG’s 2022 earnings implies year-over-year growth of 36.4%. National Fuel Gas’ long-term earnings growth is pegged at 13.6%.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
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