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Southwest Gas (SWX) Q4 Earnings Miss Estimates, Revenues Beat
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Southwest Gas Holdings Inc. (SWX - Free Report) recorded fourth-quarter 2022 operating earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.57 by 26.1%. The bottom line also decreased 22.1% from the year-ago quarter’s $1.49.
GAAP loss in the reported quarter was $4.18 per share, down 463.5% from the year-ago quarter’s earnings of $1.15 per share.
For 2022, SWX reported earnings of $3 per share, down 25% from $4 in 2021.
Total Revenues
Operating revenues were $1,420.9 million for the fourth quarter, which surpassed the Zacks Consensus Estimate of $1,216 million by 16.8%. The top line improved 31% from $1,084.4 million in the prior-year quarter.
Total revenues for 2022 were $4,960 million, up 34.8% from $3,680.5 million in 2021.
Southwest Gas Corporation Price, Consensus and EPS Surprise
Total operating expenses for 2022 came in at $4,984.4 million, up 50.5% from $3,310.9 million in 2021. This increase was due to a hike in the net cost of gas sold, higher operations and maintenance expenses, and utility infrastructure services expenses.
For 2022, SWX reported total operating loss of $24.4 million against an income of $369.5 million in 2021.
Financial Highlights
Cash and cash equivalents, as of Dec 31, 2022, were $123.1 million compared with $222.7 million as of Dec 31, 2021.
The long-term debt, less current maturities, amounted to $4,403.3 million as of Dec 31, 2022, compared with $4,115.7 million as of Dec 31, 2021.
Southwest Gas’ net cash provided by operating activities for 2022 was $407.5 million compared with $111.4 million in 2021.
Guidance
The Natural Gas Distribution segment expects its 2023 capital expenditures in the $665-$685 million range, in support of customer growth, system improvements and pipe replacement programs. For 2023-2025, capital expenditure is expected to be $2 billion. The segment predicts 2023 net income in the range of $205-$215 million.
Zacks Rank
Southwest Gas currently carries a Zacks Rank #4 (Sell).
Sempra Energy (SRE - Free Report) reported fourth-quarter 2022 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.06 by 14.1%.
SRE’s long-term (three to five years) earnings growth is currently pegged at 5.71%. The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $8.96, implying a year-over-year increase of 0.7%.
National Fuel Gas Company (NFG - Free Report) reported fiscal first-quarter 2023 adjusted earnings of $1.84 per share, beating the Zacks Consensus Estimate of $1.65 by 11.5%.
NFG’s long-term earnings growth is currently pegged at 9.98%. It had delivered an average earnings surprise of 2.7% in the last four quarters.
ONE Gas, Inc. (OGS - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.23 per share, beating the Zacks Consensus Estimate of $1.20 by 2.5%.
OGS’s long-term earnings growth is currently pegged at 5%. The Zacks Consensus Estimate for 2023 EPS is $4.13, implying a year-over-year increase of 1.23%.
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Southwest Gas (SWX) Q4 Earnings Miss Estimates, Revenues Beat
Southwest Gas Holdings Inc. (SWX - Free Report) recorded fourth-quarter 2022 operating earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.57 by 26.1%. The bottom line also decreased 22.1% from the year-ago quarter’s $1.49.
GAAP loss in the reported quarter was $4.18 per share, down 463.5% from the year-ago quarter’s earnings of $1.15 per share.
For 2022, SWX reported earnings of $3 per share, down 25% from $4 in 2021.
Total Revenues
Operating revenues were $1,420.9 million for the fourth quarter, which surpassed the Zacks Consensus Estimate of $1,216 million by 16.8%. The top line improved 31% from $1,084.4 million in the prior-year quarter.
Total revenues for 2022 were $4,960 million, up 34.8% from $3,680.5 million in 2021.
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 for 2022 came in at $4,984.4 million, up 50.5% from $3,310.9 million in 2021. This increase was due to a hike in the net cost of gas sold, higher operations and maintenance expenses, and utility infrastructure services expenses.
For 2022, SWX reported total operating loss of $24.4 million against an income of $369.5 million in 2021.
Financial Highlights
Cash and cash equivalents, as of Dec 31, 2022, were $123.1 million compared with $222.7 million as of Dec 31, 2021.
The long-term debt, less current maturities, amounted to $4,403.3 million as of Dec 31, 2022, compared with $4,115.7 million as of Dec 31, 2021.
Southwest Gas’ net cash provided by operating activities for 2022 was $407.5 million compared with $111.4 million in 2021.
Guidance
The Natural Gas Distribution segment expects its 2023 capital expenditures in the $665-$685 million range, in support of customer growth, system improvements and pipe replacement programs. For 2023-2025, capital expenditure is expected to be $2 billion. The segment predicts 2023 net income in the range of $205-$215 million.
Zacks Rank
Southwest Gas currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Sempra Energy (SRE - Free Report) reported fourth-quarter 2022 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.06 by 14.1%.
SRE’s long-term (three to five years) earnings growth is currently pegged at 5.71%. The Zacks Consensus Estimate for 2023 earnings per share (EPS) is $8.96, implying a year-over-year increase of 0.7%.
National Fuel Gas Company (NFG - Free Report) reported fiscal first-quarter 2023 adjusted earnings of $1.84 per share, beating the Zacks Consensus Estimate of $1.65 by 11.5%.
NFG’s long-term earnings growth is currently pegged at 9.98%. It had delivered an average earnings surprise of 2.7% in the last four quarters.
ONE Gas, Inc. (OGS - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.23 per share, beating the Zacks Consensus Estimate of $1.20 by 2.5%.
OGS’s long-term earnings growth is currently pegged at 5%. The Zacks Consensus Estimate for 2023 EPS is $4.13, implying a year-over-year increase of 1.23%.