We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Southwest Gas (SWX) Q1 Earnings Miss, Revenues Beat Estimates
Read MoreHide Full Article
Southwest Gas Holding Inc. (SWX - Free Report) recorded first-quarter 2022 operating earnings per share (EPS) of $1.74, which missed the Zacks Consensus Estimate of $2.02 by 13.9%. The bottom line also decreased by 14.3% from the year-ago quarter’s tally of $2.03 per share.
Total Revenues
Operating revenues of $1,267.4 million surpassed the Zacks Consensus Estimate of $1,055 million by 20%. The top line improved 43.1% from $885.9 million in the prior-year quarter.
Southwest Gas Corporation Price, Consensus and EPS Surprise
Total operating expenses in the first quarter amounted to $1,098.9 million, up 54.2% from the year-ago figure of $712.5 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 $168.5 million, down 2.9% year over year.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2022 were $624.7 million compared with $222.7 million as of Dec 31, 2021.
The long-term debt, less current maturities, amounted to $4,559.7 million as of Mar 31, 2022 compared with $4,115.7 million as of Dec 31, 2021.
Southwest Gas’ net cash provided by operating activities for the first three months of 2022 was $186.6 million compared with cash used in operating activities of $52.5 million in the year-ago period.
Guidance
SWX reaffirmed plans to invest the $650-$700 million range in the ongoing year in the Natural Gas Distribution segment. The segment expects a utility rate base CAGR of 5% to 7% for the 2022-2026 period.
Southwest Gas expects the five-year capital expenditure in the range of $2.5-$3.5 billion.
The Utility Infrastructure Services segment reaffirmed its 2022 revenue expectation in the range of $2.65-$2.8 billion.
Algonquin Power & Utilities (AQN - Free Report) is set to release first-quarter 2022 results on May 12 after market close. The Zacks Consensus Estimate for EPS is pegged at 22 cents.
Algonquin Power & Utilities’ long-term (three to five years) earnings growth is projected at 8.1%. The Zacks Consensus Estimate for AQN’s 2022 EPS indicates year-over-year growth of 4.2%.
Pampa Energia S.A (PAM - Free Report) is set to release first-quarter 2022 results on May 12 after market close. The Zacks Consensus Estimate for EPS is pegged at $1.23.
Pampa Energia’s long-term earnings growth is projected at 33%. The Zacks Consensus Estimate for PAM’s 2023 EPS indicates year-over-year growth of 44.9%.
Consolidated Water (CWCO - Free Report) is set to release first-quarter 2022 results on May 13 before market open. The Zacks Consensus Estimate for EPS is pegged at 9 cents.
Consolidated Water’s long-term earnings growth is projected at 8%. The Zacks Consensus Estimate for CWCO’s 2022 EPS indicates year-over-year growth of 130.4%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Southwest Gas (SWX) Q1 Earnings Miss, Revenues Beat Estimates
Southwest Gas Holding Inc. (SWX - Free Report) recorded first-quarter 2022 operating earnings per share (EPS) of $1.74, which missed the Zacks Consensus Estimate of $2.02 by 13.9%. The bottom line also decreased by 14.3% from the year-ago quarter’s tally of $2.03 per share.
Total Revenues
Operating revenues of $1,267.4 million surpassed the Zacks Consensus Estimate of $1,055 million by 20%. The top line improved 43.1% from $885.9 million in the prior-year quarter.
Southwest Gas Corporation Price, Consensus and EPS Surprise
Southwest Gas Corporation price-consensus-eps-surprise-chart | Southwest Gas Corporation Quote
Highlights of the Release
Total operating expenses in the first quarter amounted to $1,098.9 million, up 54.2% from the year-ago figure of $712.5 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 $168.5 million, down 2.9% year over year.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2022 were $624.7 million compared with $222.7 million as of Dec 31, 2021.
The long-term debt, less current maturities, amounted to $4,559.7 million as of Mar 31, 2022 compared with $4,115.7 million as of Dec 31, 2021.
Southwest Gas’ net cash provided by operating activities for the first three months of 2022 was $186.6 million compared with cash used in operating activities of $52.5 million in the year-ago period.
Guidance
SWX reaffirmed plans to invest the $650-$700 million range in the ongoing year in the Natural Gas Distribution segment. The segment expects a utility rate base CAGR of 5% to 7% for the 2022-2026 period.
Southwest Gas expects the five-year capital expenditure in the range of $2.5-$3.5 billion.
The Utility Infrastructure Services segment reaffirmed its 2022 revenue expectation in the range of $2.65-$2.8 billion.
Zacks Rank
Southwest Gas carries a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Algonquin Power & Utilities (AQN - Free Report) is set to release first-quarter 2022 results on May 12 after market close. The Zacks Consensus Estimate for EPS is pegged at 22 cents.
Algonquin Power & Utilities’ long-term (three to five years) earnings growth is projected at 8.1%. The Zacks Consensus Estimate for AQN’s 2022 EPS indicates year-over-year growth of 4.2%.
Pampa Energia S.A (PAM - Free Report) is set to release first-quarter 2022 results on May 12 after market close. The Zacks Consensus Estimate for EPS is pegged at $1.23.
Pampa Energia’s long-term earnings growth is projected at 33%. The Zacks Consensus Estimate for PAM’s 2023 EPS indicates year-over-year growth of 44.9%.
Consolidated Water (CWCO - Free Report) is set to release first-quarter 2022 results on May 13 before market open. The Zacks Consensus Estimate for EPS is pegged at 9 cents.
Consolidated Water’s long-term earnings growth is projected at 8%. The Zacks Consensus Estimate for CWCO’s 2022 EPS indicates year-over-year growth of 130.4%.