Southwest Gas Holdings, Inc. Announces 2016 Earnings

LAS VEGAS, Feb. 27, 2017 /PRNewswire/ — Southwest Gas Holdings, Inc. (SWX), which on January 1, 2017 became the parent company of Southwest Gas Corporation and its subsidiaries, announced record consolidated earnings of $3.20 per basic share for 2016, a $0.26 increase from consolidated earnings of $2.94 per basic share during 2015. Consolidated net income was $152 million for 2016, compared to consolidated net income of $138.3 million for 2015. The natural gas segment had net income of $119.4 million in 2016 compared to net income of $111.6 million in 2015, while the construction services segment had net income of $32.6 million in 2016 compared to net income of $26.7 million in 2015. Consolidated current-year results include $7.4 million, or $0.16 per share, in other income due to increases in the cash surrender values of company-owned life insurance (“COLI”) policies, while the prior year included a $500,000 loss, or ($0.01) per share, associated with COLI policies.

Commenting on Southwest Gas Holdings’ performance and outlook, John P. Hester, President and Chief Executive Officer, said: “2016 was a banner year for our Company as we delivered record-setting EPS of $3.20 and both business segments improved their results.  Our natural gas operations benefitted from the addition of 28,000 net new customers and Centuri, our construction services segment, posted record revenues and net income. Our strong performance and expectations of continuing growth in 2017 gave the Board the confidence to approve a 10% increase in the common stock dividend last week.  

“On the regulatory front, a draft settlement was filed in our Arizona general rate case in January 2017. If approved as filed, revenues would increase by $16 million and depreciation expense would decline by $44.7 million. We currently expect new rates to be effective in May 2017.  Additionally, after receiving approvals from our regulators in California, Nevada, and…

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