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Southwest Gas (SWX) Q1 Earnings & Revenues Outpace Estimates
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Southwest Gas Holdings Inc. (SWX - Free Report) recorded first-quarter 2023 operating earnings of $1.69 per share, which beat the Zacks Consensus Estimate of $1.39 by 21.6%. The bottom line decreased 2.9% from the year-ago quarter’s $1.74.
GAAP earnings were 67 cents per share compared with $1.58 in the prior-year period.
Total Revenues
Operating revenues totaled $1,603.3 million for the quarter, which outpaced the Zacks Consensus Estimate of $1,290 million by 24.3%. The top line improved 26.5% from $1,267.4 million in the prior-year quarter.
Southwest Gas Corporation Price, Consensus and EPS Surprise
Total operating expenses were $1,468.1 million, up 33.6% from $1,098.9 million in the comparable period of 2022. This increase was due to a hike in the net cost of gas sold and utility infrastructure services expenses.
Total operating income amounted to $135.2 million, down 19.8% from the year-ago quarter’s $168.5 million.
Financial Highlights
Cash and cash equivalents, as of Mar 31, 2023, were $82.1 million compared with $123.1 million as of Dec 31, 2022.
The long-term debt, less current maturities, amounted to $4,577.6 million as of Mar 31, 2023, compared with $4,403.3 million as of Dec 31, 2022.
Southwest Gas’ net cash used in operating activities was $185.7 million against $186.6 million cash provided in the year-ago period.
2023 Guidance
The Natural Gas Distribution segment expects 2023 capital expenditure of $665-$685 million, 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 net income of $205-$215 million.
Zacks Rank
Southwest Gas currently carries a Zacks Rank #5 (Strong Sell).
Atmos Energy Corporation (ATO - Free Report) reported second-quarter fiscal 2023 earnings of $2.48 per share, which marginally beat the Zacks Consensus Estimate of $2.47 by 0.4%.
ATO’s long-term (three to five years) earnings growth rate is pinned at 7.48%. The consensus estimate for 2023 EPS stands at $6.01, indicating a year-over-year increase of 7.32%.
Spire Inc. (SR - Free Report) reported second-quarter fiscal 2023 earnings of $3.70 per share, which surpassed the Zacks Consensus Estimate of $3.49 by 6%.
SR’s long-term earnings growth rate is pinned at 4.22%. The consensus mark for 2023 EPS stands at $4.22, implying a year-over-year improvement of 9.33%.
ONE Gas, Inc. (OGS - Free Report) reported first-quarter 2023 operating EPS of $1.84, which missed the Zacks Consensus Estimate of $1.85 by 0.54%.
OGS’ long-term earnings growth rate is pinned at 5%. The consensus estimate for 2023 EPS stands at $4.14, indicating year-over-year growth of 1.47%.
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Southwest Gas (SWX) Q1 Earnings & Revenues Outpace Estimates
Southwest Gas Holdings Inc. (SWX - Free Report) recorded first-quarter 2023 operating earnings of $1.69 per share, which beat the Zacks Consensus Estimate of $1.39 by 21.6%. The bottom line decreased 2.9% from the year-ago quarter’s $1.74.
GAAP earnings were 67 cents per share compared with $1.58 in the prior-year period.
Total Revenues
Operating revenues totaled $1,603.3 million for the quarter, which outpaced the Zacks Consensus Estimate of $1,290 million by 24.3%. The top line improved 26.5% from $1,267.4 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 were $1,468.1 million, up 33.6% from $1,098.9 million in the comparable period of 2022. This increase was due to a hike in the net cost of gas sold and utility infrastructure services expenses.
Total operating income amounted to $135.2 million, down 19.8% from the year-ago quarter’s $168.5 million.
Financial Highlights
Cash and cash equivalents, as of Mar 31, 2023, were $82.1 million compared with $123.1 million as of Dec 31, 2022.
The long-term debt, less current maturities, amounted to $4,577.6 million as of Mar 31, 2023, compared with $4,403.3 million as of Dec 31, 2022.
Southwest Gas’ net cash used in operating activities was $185.7 million against $186.6 million cash provided in the year-ago period.
2023 Guidance
The Natural Gas Distribution segment expects 2023 capital expenditure of $665-$685 million, 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 net income of $205-$215 million.
Zacks Rank
Southwest Gas currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Atmos Energy Corporation (ATO - Free Report) reported second-quarter fiscal 2023 earnings of $2.48 per share, which marginally beat the Zacks Consensus Estimate of $2.47 by 0.4%.
ATO’s long-term (three to five years) earnings growth rate is pinned at 7.48%. The consensus estimate for 2023 EPS stands at $6.01, indicating a year-over-year increase of 7.32%.
Spire Inc. (SR - Free Report) reported second-quarter fiscal 2023 earnings of $3.70 per share, which surpassed the Zacks Consensus Estimate of $3.49 by 6%.
SR’s long-term earnings growth rate is pinned at 4.22%. The consensus mark for 2023 EPS stands at $4.22, implying a year-over-year improvement of 9.33%.
ONE Gas, Inc. (OGS - Free Report) reported first-quarter 2023 operating EPS of $1.84, which missed the Zacks Consensus Estimate of $1.85 by 0.54%.
OGS’ long-term earnings growth rate is pinned at 5%. The consensus estimate for 2023 EPS stands at $4.14, indicating year-over-year growth of 1.47%.