LAS VEGAS, Nov. 18, 2020 /PRNewswire/ -- The Board of Directors for Southwest Gas Holdings, Inc. (NYSE: SWX) has declared the following first quarter cash dividend:

The dividend equates to $2.28 per share on an annualized basis.  The Company has paid quarterly dividends continuously since going public in 1956.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue primarily from installation, replacement, repair, and maintenance of energy distribution systems.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Nov. 6, 2020 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2020 third quarter and twelve-months results on Friday, November 6, 2020.

The conference call will follow the release of the Company's earnings results on Thursday, November 5, 2020.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on November 6, 2020 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 6548543.  The digital replay of the call will be available until 4:30 p.m. (ET) on Thursday, November 12, 2020.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Nov. 5, 2020 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $0.32 per diluted share for the third quarter of 2020, a $0.22 increase from consolidated earnings of $0.10 per diluted share for the third quarter of 2019. Consolidated net income was $18.3 million for the third quarter of 2020, compared to consolidated net income of $5.4 million for the third quarter of 2019. The utility infrastructure services segment had net income of $34.9 million in the third quarter of 2020 compared to net income of $25.8 million in the third quarter of 2019, while the natural gas segment had a net loss of $16 million for the third quarter of 2020, compared to net loss of $20 million for the third quarter of 2019. Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period. Consolidated current-quarter results include $4.5 million, or $0.08 per share, in other income due to increases in the cash surrender value of company-owned life insurance ("COLI") policies, while the prior-year quarter included $200,000 associated with COLI policies.

Commenting on Southwest Gas Holdings' performance, John P. Hester, President and Chief Executive Officer, said: "We're very pleased to realize earnings per share of $0.32 for the third quarter of 2020, a notably higher year-on-year quarterly result for Southwest Gas Holdings. Our results reflected a solid performance by our Centuri infrastructure services segment, as it responded to growing core customer demands, and as it provided emergency restoration services to its electric customers following regional storms in the Gulf Coast and eastern United States. Meanwhile, in our regulated utility operations, we continued to efficiently manage the impacts of COVID-19, by controlling costs, capitalizing on strong regional growth, and ensuring our 2 million plus customer base continues to enjoy the safe, reliable, and economic gas distribution service they've come to expect from Southwest Gas.

"Looking forward, we're excited to have refreshed rates from our recently concluded Nevada general rate case proceeding, and anticipate a decision in our pending Arizona general rate case proceeding by year end. Additionally, customer growth continues to be robust, including as we make significant infrastructure installation progress supporting our service territory expansions in both southern (Mesquite) and northern (Spring Creek) Nevada."

For the twelve months ended September 30, 2020, consolidated net income was $220.5 million, or $3.97 per diluted share, compared to $191.5 million, or $3.59 per diluted share, for the twelve-month period ended September 30, 2019. The current twelve-month period includes a $7.2 million, or $0.13 per share, increase in the cash surrender values of COLI policies, while the prior-year period included COLI-related income of $2 million, or $0.04 per share. Natural gas segment net income was $156 million in the current twelve-month period compared to $146.3 million in the prior-year period. Utility infrastructure services segment net income was $66.6 million in the current twelve-month period and $46.7 million in the prior-year period.

Natural Gas Operations Segment Results

Third Quarter

Operating margin was slightly below the same quarter in the previous year. Customer growth provided nearly $3 million of incremental margin from 37,000 first-time meter sets during the last twelve months, while rate relief added $400,000 of margin. Offsetting these increases were other items, including impacts from a temporary moratorium on late fees and lower connection/re-connection charges during the COVID-19 pandemic. A reduction in amounts associated with regulatory account balances also impacted operating margin; however, effects of program recoveries are primarily offset in amortization expense.

Operations and maintenance expense decreased $7.9 million between quarters primarily due to the impacts of COVID-19 on training and travel costs and reductions in other service and maintenance costs. Lower legal claims-related costs also contributed to the decrease between quarters. Overall, operations and maintenance expenses are expected to increase in the fourth quarter of 2020. Depreciation and amortization increased $3.6 million between quarters due to a 9% increase in average gas plant in service since the corresponding quarter in the prior year, offset by a decrease associated with regulatory program balances. 

Other income improved $3.1 million between quarters primarily due to the increase in COLI cash surrender values between quarters. The current quarter reflects $4.5 million of COLI-related income, while the prior-year quarter reflected a $200,000 increase in COLI policy cash surrender values. Offsetting these impacts were higher non-service-related components of employee pension and other postretirement benefits. Net interest deductions increased $2.5 million between quarters, primarily due to the issuance of $450 million of Senior Notes in June 2020.

Twelve Months to Date

Operating margin increased $32 million between the twelve-month periods. Customer growth provided $14 million and combined rate relief in the Nevada and California jurisdictions provided $5 million of incremental operating margin. The prior-year period included an approximate $5 million reduction in margin resulting from a one-time adjustment to reflect the impacts of U.S. tax reform on the Arizona decoupling mechanism. The remaining net increase primarily resulted from regulatory mechanisms, notably an increase in regulatory asset recoveries, which are offset in amortization expense.

Operations and maintenance expense decreased $6.2 million, or 1%, between periods, primarily due to lower training and travel costs due to the current COVID-19 environment, as well as other service and maintenance costs, offset by incremental expenditures for pipeline damage prevention programs and increases in employee pension and other postretirement benefits. Depreciation and amortization expense increased $24.6 million, or 12%, between periods due primarily to a $670 million, or 9%, increase in average gas plant in service; amounts associated with regulatory program balances increased $8 million between periods.

Other income decreased $2.4 million between comparative twelve-month periods due primarily to lower interest on regulatory account balances, a decrease in amounts associated with the allowance for equity funds applied to projects during construction, and higher non-service cost components of employee pension and other postretirement benefits. Offsetting these impacts was an increase in COLI-related income. The current period reflects a $7.2 million increase in COLI policy cash surrender values, while the prior-year period reflected a $2 million increase. Net interest deductions increased $8.1 million between periods due to higher interest associated with the issuance of $300 million of Senior Notes in May 2019 and $450 million of Senior Notes in June 2020, offset by a reduction in outstanding borrowings under the credit facility.

An $8 million reduction in income taxes between periods includes $1.2 million in amortization of excess accumulated deferred income taxes following U.S. tax reform, which reduces tax expense.

Utility Infrastructure Services Segment Results

Third Quarter

Utility infrastructure revenues increased $65.1 million in the third quarter of 2020 when compared to the prior-year quarter. Included in this improvement were revenues of $48.7 million in the third quarter of 2020 from emergency restoration services following hurricane damage in the Gulf Coast and eastern regions of the U.S. Storm restoration revenues during the same quarter in 2019 totaled $6.3 million. Restoration revenues are contracted under time-and-material rates and generally involve a higher number of hours worked per day given the emergency response nature of the work performed. Centuri's revenues derived from these services vary from period to period due to the unpredictable nature of weather-related events, and can also vary greatly depending on the geographic area, customer mix, and rate of compensation under the contract. Higher volumes of gas and electric infrastructure work under blanket and bid contracts were also realized during the third quarter of 2020.

Utility infrastructure services expenses increased $51.4 million between quarters, due primarily to increased costs associated with storm restoration services, as well as costs to complete additional gas and electric infrastructure work. Storm restoration work typically generates a higher profit margin than other core infrastructure services due to improved operating efficiencies related to equipment utilization and absorption of fixed costs. Such profit margins can vary greatly depending on the geographic area, customer mix, and contract terms as noted above. Also included in total Utility infrastructure services expenses were general and administrative costs, which increased $6.7 million in the current quarter when compared to the corresponding quarter in 2019 due to higher payroll and operating costs associated with continued growth of the business and higher profit-based incentive compensation costs.

Depreciation and amortization increased $1.2 million between quarters, attributable to additional equipment purchased to support the growing volume of work being performed.

Net interest deductions decreased $1.8 million between periods due primarily to lower rates associated with outstanding borrowings under Centuri's secured revolving credit and term loan facility.

Twelve Months to Date

Utility infrastructure revenues increased $178.4 million, or 11%, in the current twelve-month period when compared to the prior-year period, primarily due to incremental electric infrastructure revenues from Linetec (acquired in November 2018) of $132.5 million, as well as continued growth with existing gas infrastructure customers under master service and bid agreements. Of the incremental Linetec revenues, $56 million was from emergency restoration services related to hurricane and tornado damage in the Gulf Coast and eastern regions of the U.S., as compared to $13.2 million during the same period in 2019. Centuri achieved increases in revenues despite the temporary shut-down of certain crews and postponement of certain work (due to COVID-19) that occurred primarily in the second quarter of 2020. Results during the twelve-month period of 2019 reflected revenues and incremental profits from customer-requested strike support that did not recur in 2020. 

Utility infrastructure services expenses increased $137 million, or 9%, between periods, primarily due to incremental expenses related to Linetec's electric infrastructure work of $102.1 million (including increased costs associated with storm restoration work) and additional gas infrastructure work, and due to higher labor-related operating expenses to support growth in operations. Also included in total Utility infrastructure services expenses were general and administrative costs, which increased $11.4 million in the twelve-month period ended September 2020 when compared to the corresponding period in the prior year, resulting from higher payroll and operating costs associated with continued growth of the business and higher profit-based incentive compensation costs. Net gains on sale of equipment (reflected as an offset to Utility infrastructure services expenses) were $2.9 million and $3.9 million for the twelve-month periods of 2020 and 2019, respectively. 

Depreciation and amortization expense increased $13.9 million between periods primarily due to incremental costs related to Linetec depreciation of $10.4 million, and to additional property and equipment purchased to support the growing volume of work being performed.

Outlook for 2020

Management affirms estimated 2020 diluted earnings per share between $3.75 and $4.00. 

Both our segments continue to navigate the COVID-19 environment. Governmental policies and economic challenges associated with COVID-19 in the communities/operating areas have influenced, and likely will continue to influence, operating results of the Company, including through the following: the timing of finalizing the Arizona general rate case; utility customer growth rates and employment statistics; operations and maintenance expense changes; timing of the release of Centuri project orders from its utility customers; and the incremental cost of additional safe working practices designed to safeguard employee health.

Management will provide an update on the above items during its earnings conference call and is also providing the following updated supplemental expectations:

Natural Gas Operations Segment:

• Operating margin for 2020 is anticipated to benefit from customer growth (approximately 37,000 first-time meter sets), infrastructure tracker mechanisms, expansion projects, and rate relief (including California attrition and partial-year results in Nevada and Arizona). Combined, these items are expected to produce an increase in operating margin of 3% to 4% (previously 3% to 5%).
• Pension costs are expected to increase $13.6 million primarily due to a lower discount rate (approximately $5.2 million to be reflected in other expense).
• Operating income is expected to increase 5% to 7% (previously 3% to 5%).
• COLI earnings of $3 million to $5 million are still included for full-year 2020 projections.
• Capital expenditures in 2020 are estimated at approximately $700 million, in support of customer growth, system improvements, and pipe replacement programs.

Utility Infrastructure Services Segment:

• Centuri's revenues for 2020 are expected to be 6% to 8% greater than 2019 (previously 2% to 7%).
• Operating income is expected to be approximately 5.5% to 6.0% of revenues.
• Interest expense is expected to be approximately $9 million to $10 million (previously $10 million to $11 million) as rates continue at historical lows.
• Expectations reflect earnings attributable to Southwest Gas Holdings, net of noncontrolling interests (estimated at approximately $6.5 million, an increase from the 2nd quarter 2020 estimate of $5 million). Changes in Canadian exchange rates could influence results.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California. 

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers. Centuri derives revenues primarily from installation, replacement, repair, and maintenance of energy distribution systems.

Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations or intentions regarding the future. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2020. In addition, the statements under the heading "Outlook for 2020" that are not historic, constitute forward-looking statements. A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, the impacts of stock market volatility, and the impact of the COVID-19 pandemic. In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, pension costs, COLI results, and capital expenditures of the natural gas segment will occur. Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues, operating income as a percentage of revenues, interest expense, and noncontrolling interest amounts will transpire. Because of these and other factors, the Company can provide no assurances that estimates of 2020 earnings per share will be realized. Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Measures.  Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability. Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance. Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms. Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment. (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Oct. 30, 2020 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2020 third quarter and twelve-months results on Friday, November 6, 2020.

The conference call will follow the release of the Company's earnings results on Thursday, November 5, 2020.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on November 6, 2020 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 6548543.  The digital replay of the call will be available until 4:30 p.m. (ET) on Thursday, November 12, 2020.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Oct. 30, 2020 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) has announced the release of its 2020 Sustainability Report titled "A Sustainable Future," featuring the Company's extensive commitments toward a responsible, ethical and environmentally sustainable future. The focus of the report also profiles efforts from both its business segments, Southwest Gas Corporation ("Southwest"), a natural gas utility providing safe and reliable natural gas service to over two million customers in Arizona, California and Nevada, and Centuri Group, Inc. ("Centuri"), a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.

"Our Company is committed to providing value to customers, employees, local communities and stockholders through ethical business practices; environmental stewardship; community support; and diversity; equity and inclusion. This is the fabric of who we are. Our efforts are guided by our core values of safety, excellence, quality, partnership, stewardship and value," said John Hester, President and Chief Executive Officer of Southwest Gas Holdings, Inc. "While I'm very proud of what we have accomplished, we're not done. To ensure our continuous improvement, we have defined a clear ESG strategy and are establishing measurable goals to guide our efforts well into the future. I'm looking forward to even greater accomplishments in the years to come."

The Company's environmental, social and governance ("ESG") initiatives are overseen by the Board of Directors as well as leadership from both Southwest and Centuri teams, ensuring ESG practices are embraced throughout the Company. To guide the administration and reporting of ESG initiatives, the Company has adopted the Sustainability Accounting Standards Board (SASB) framework and other recommended best practices. The 2020 Sustainability Report was developed in alignment with this framework and best practices.

A summary of the 2020 Sustainability Report is included with this release and the complete report is available here: www.swgasholdings.com/sustainability

Southwest Gas Holdings, Inc. ("Company"), through its subsidiaries, engages in the business of purchasing, distributing and transporting natural gas, and providing comprehensive utility infrastructure services across North America.

Southwest Gas Corporation ("Southwest"), a wholly owned subsidiary, safely and reliably delivers natural gas to over two million customers in Arizona, California and Nevada.

Centuri Group, Inc. ("Centuri"), a wholly owned subsidiary, is dedicated to delivering a diverse array of infrastructure service solutions to North America's gas and electric providers.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Sept. 24, 2020 /PRNewswire/ -- The Board of Directors for Southwest Gas Holdings, Inc. (NYSE: SWX) has declared the following fourth quarter cash dividend:

The dividend equates to $2.28 per share on an annualized basis.  The Company has paid quarterly dividends continuously since going public in 1956.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue primarily from installation, replacement, repair, and maintenance of energy distribution systems.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Aug. 7, 2020 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2020 second quarter and twelve-months results on Friday, August 7, 2020.

The conference call will follow the release of the Company's earnings results on Thursday, August 6, 2020.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on August 7, 2020 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 5819866.  The digital replay of the call will be available until 4:30 p.m. (ET) on Thursday, August 13, 2020.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Aug. 6, 2020 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $0.68 per diluted share for the second quarter of 2020, a $0.27 increase from consolidated earnings of $0.41 per diluted share for the second quarter of 2019. Consolidated current-quarter results include $12 million, or $0.22 per share, in other income due to increases in the cash surrender value of company-owned life insurance ("COLI") policies, while the prior-year included $3.4 million, or $0.06 per share, associated with COLI policies. Consolidated net income was $38 million for the second quarter of 2020, compared to consolidated net income of $22.1 million for the second quarter of 2019. The natural gas segment contributed net income of $11.9 million for the second quarter of 2020, compared to net income of $3.4 million for the second quarter of 2019, while the utility infrastructure services segment had net income of $26.3 million in the second quarter of 2020 compared to net income of $18.9 million in the second quarter of 2019. Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period.

Commenting on Southwest Gas Holdings' performance and outlook, John P. Hester, President and Chief Executive Officer, said: "We are pleased to announce second quarter earnings of $0.68 per share, a $0.27 per share increase from the second quarter of 2019. Operating income for both segments improved over the prior year as our business fundamentals remained solid in a COVID-19 environment. Our utility infrastructure services segment posted record second quarter results as Centuri's utility customers continued to invest capital to enhance the safety and reliability of their delivery systems while serving new growth. In addition to improved operating performance, our utility segment also benefited from a COLI tailwind of $12 million as the underlying securities experienced a significant rebound from the drop in the first quarter. We are also in the midst of general rate case proceedings for each of the three states we serve, with resolution of all three proceedings expected by year-end 2020.

"Now more than perhaps at any other time, affordable natural gas is helping the communities we serve, including local businesses that are working to weather the current economic challenges. Southwest customers have recognized our efforts with a 96% customer satisfaction rating this year, and not only are existing customers satisfied, but new ones are coming. Home sales in our service territories have been resilient, even impressive, amidst the current environment, with an increase of 36,000 new meter sets over the past twelve months. As providers of essential services, we continue to serve our valued customers."

For the twelve months ended June 30, 2020, consolidated net income was $207.6 million, or $3.76 per diluted share, compared to $198.5 million, or $3.82 per diluted share, for the twelve-month period ended June 30, 2019. The current twelve-month period includes a $2.9 million, or $0.05 per share, increase in the cash surrender values of COLI policies, while the prior-year period included COLI-related income of $6.5 million, or $0.12 per share. Natural gas segment net income was comparable between periods, with $152 million in the current twelve-month period, and $152.6 million in the prior-year period. Utility infrastructure services segment net income was $57.6 million in the current twelve-month period and $47.6 million in the prior-year period.

Natural Gas Operations Segment Results

Second Quarter

Operating margin increased $1.4 million between quarters, including $2.5 million attributable to customer growth from 36,000 first-time meter sets during the last twelve months. Rate relief contributed approximately $400,000 in incremental margin. Offsetting the increase were other items, including the impact of a temporary moratorium on late fees and lower connection/re-connection charges during the COVID-19 pandemic.

Operations and maintenance expense decreased $5.7 million between quarters primarily due to the impacts of COVID-19 on training and travel costs and reductions in other service and maintenance costs. Overall, the variance between 2019 and 2020 is expected to narrow in the second half of 2020. Depreciation and amortization increased $3.9 million between quarters due to a 9% increase in average gas plant in service since the corresponding quarter a year ago, offset by a decrease in regulatory account amortization. 

Other income improved $6.2 million between quarters primarily due to the increase in COLI cash surrender values between quarters. The current quarter reflects $12 million of COLI-related income, while the prior-year quarter reflected a $3.4 million increase in COLI policy cash surrender values. Offsetting these impacts were higher non-service-related components of employee pension and other postretirement benefits and lower interest income on regulatory account balances.

Twelve Months to Date

Operating margin increased $40 million between the twelve-month periods. Customer growth provided $13 million and combined rate relief in the Nevada and California jurisdictions provided $7 million of incremental operating margin. The prior-year period included an approximate $5 million reduction in margin resulting from a one-time adjustment to reflect the impacts of U.S. tax reform on the Arizona decoupling mechanism. The remaining net increase resulted from recoveries of regulatory assets (approximately $10 million, offset in amortization expense below), infrastructure replacement mechanisms, and customers outside the decoupling mechanisms.

Operations and maintenance expense increased $6.1 million, or 1%, between periods, including incremental expenditures for pipeline damage prevention programs and higher legal claim-related costs, partially offset by lower training and travel costs due to the COVID-19 environment. Depreciation and amortization expense increased $25.4 million between periods due primarily to a $651 million, or 9%, increase in average gas plant in service. Amortization related to regulatory account recoveries increased $10 million between periods.

Other income decreased $7.7 million between comparative twelve-month periods due to a decline in COLI-related income. The current period reflects a $2.9 million increase in COLI policy cash surrender values, while the prior-year period reflected a $6.5 million increase. Lower interest on regulatory account balances and amounts associated with the allowance for equity funds applied to projects during construction impacted the variance between periods. Net interest deductions increased $8.9 million between periods due to higher interest associated with the issuance of the $300 million of Senior Notes in May 2019.

Income taxes declined $8.9 million between periods due to lower taxable earnings and lower state income taxes (due to apportionment changes), as well as $1.2 million in amortization of excess accumulated deferred income taxes following U.S. tax reform, which reduces tax expense.

Utility Infrastructure Services Segment Results

Second Quarter

Utility infrastructure revenues increased $40.5 million in the second quarter of 2020 when compared to the prior-year quarter, due to a higher volume of electric infrastructure and pipe replacement work under blanket and bid contracts. Included in this improvement were revenues of $7.3 million in the second quarter of 2020 from storm-related electric services work that did not occur during the same period in the prior-year. Centuri achieved the overall increase in revenues despite a temporary shut-down for certain crews in response to local government requirements to postpone non-essential business services and precautions to ensure employee safety during the COVID-19 outbreak.

Utility infrastructure services expenses increased $28 million between quarters, as costs to complete additional electric infrastructure and pipe replacement work were mitigated by increased productivity and efficiencies on electrical infrastructure projects and lower fuel and overtime costs. Additionally, Centuri's mix of work was favorably impacted by certain restrictions on service-line related work due to COVID-19, resulting in increased main line replacement work, which provided greater production efficiency and reduced travel time. Centuri also benefited from $3.4 million in wage subsidies from the Canadian government amidst the COVID-19 environment; these funds were recorded as a reduction in wage-related expenses. Offsetting some of the noted improvements were, in certain cases, increased costs and workforce inefficiencies associated with the continued impact of the COVID-19 pandemic.

Depreciation and amortization increased $3 million between quarters, attributable to additional equipment purchased to support the growing volume of work being performed, primarily at Linetec.

Net interest deductions decreased $1.2 million between periods due primarily to lower rates associated with outstanding borrowings under the $590 million secured revolving credit and term loan facility.

Twelve Months to Date

Utility infrastructure revenues increased $177.9 million, or 11%, in the current twelve-month period when compared to the prior-year period, primarily due to incremental revenues from Linetec (acquired in November 2018) of $165.5 million, as well as continued growth with existing customers under master service and bid agreements. Partially offsetting these increases were decreased revenues from certain non-routine or non-recurring projects, including customer-requested support in 2018 and early 2019 during strike-related and emergency response situations, in addition to a multi-year water pipe replacement project that expired in July 2019 and was not renewed. The prior-year period also included the settlement of an earlier contract dispute related to that project ($9 million). Implementation of new professional engineering stamp requirements for operating locations within certain eastern states in the U.S. resulted in lower revenues during the current period as Centuri worked with customers to adopt the new requirements.

Utility infrastructure services expenses increased $141.4 million, or 10%, between periods, primarily due to incremental expenses related to Linetec of $137.7 million, along with additional electric infrastructure and pipe replacement work and higher labor-related operating expenses to support growth. Additionally, general and administrative costs increased $2 million in the twelve-month period ended June 2020 when compared to the corresponding period in the prior year. Offsetting impacts include deal costs from the acquisition of Linetec during 2018 ($6.9 million). Net gains on sale of equipment (reflected as an offset to Utility infrastructure services expenses) were $4.9 million and $2.3 million for the twelve-month periods of 2020 and 2019, respectively. 

Depreciation and amortization expense increased $21.5 million between periods primarily due to incremental assets from the acquisition of Linetec, providing $15.5 million of the increase. Depreciation on additional property and equipment purchased to support the growing volume of work being performed composes the remainder of the increase.

Outlook for 2020

Management affirms estimated 2020 diluted earnings per share between $3.75 and $4.00. 

Our utility operations are considered essential services and Centuri's operations in general have been similarly classified and both of our segments continue to navigate the COVID-19 environment. Governmental policies and economic challenges associated with COVID-19 in the communities served by our utility and the areas in which Centuri operates have influenced, and likely will continue to influence, operating results of the Company, including through the following: the timing of processing unsettled utility general rate case applications; utility customer growth rates and employment statistics; operations and maintenance expense changes (including management cost cutting initiatives and the potential for higher bad debt expense); timing of the release of Centuri project orders from its utility customers; and the incremental cost of additional safe working practices designed to safeguard employee health.

Management will provide an update on the above items in association with its earnings conference call and is also providing the following updated supplemental expectations:

Natural Gas Operations Segment:

• Operating margin for 2020 is anticipated to benefit from customer growth of 1.6%, infrastructure tracker mechanisms, expansion projects, and rate relief (including California attrition and anticipated partial-year results in Arizona and Nevada). Combined, these items are expected to produce an increase in operating margin of 3% to 5%.
• Pension costs are expected to increase $13.6 million primarily due to a lower discount rate (approximately $5.2 million to be reflected in other expense).
• Operating income is expected to increase 3% to 5%.
• COLI earnings of $3 million to $5 million are still included for full-year 2020 projections.
• Capital expenditures in 2020 are estimated at approximately $700 million (previously $650 million to $700 million), in support of customer growth, system improvements, and pipe replacement programs.

Utility Infrastructure Services Segment:

• Centuri's revenues for 2020 are expected to be 2% to 7% greater than 2019.
• Operating income is expected to be approximately 5.5% to 6.0% of revenues.
• Interest expense is expected to be approximately $10 million to $11 million (previously, $12.5 million to $13.5 million) as rates continue at historical lows.
• Expectations reflect earnings attributable to Southwest Gas Holdings, net of noncontrolling interests (estimated at approximately $5 million, an increase from 1st quarter 2020 estimate of $4 million). Changes in Canadian exchange rates could influence results.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California. 

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers. Centuri derives revenues primarily from installation, replacement, repair, and maintenance of energy distribution systems.

Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations or intentions regarding the future. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2020. In addition, the statements under the heading "Outlook for 2020" that are not historic, constitute forward-looking statements. A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, the impacts of stock market volatility, and the impact of the COVID-19 pandemic. In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, pension costs, COLI results, and capital expenditures of the natural gas segment will occur. Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues, operating income as a percentage of revenues, interest expense, and noncontrolling interest amounts will transpire. Because of these and other factors, the Company can provide no assurances that estimates of 2020 earnings per share will be realized. Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Measures.  Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability. Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance. Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms. Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment. (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, July 31, 2020 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2020 second quarter and twelve-months results on Friday, August 7, 2020.

The conference call will follow the release of the Company's earnings results on Thursday, August 6, 2020.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on August 7, 2020 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 5819866.  The digital replay of the call will be available until 4:30 p.m. (ET) on Thursday, August 13, 2020.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 1, 2020 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2020 first quarter and twelve-months results on Friday, May 8, 2020.

The conference call will follow the release of the Company's earnings results on Thursday, May 7, 2020.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com. Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on May 8, 2020 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 6764969. The digital replay of the call will be available until 4:30 p.m. (ET) on Thursday, May 14, 2020.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 7, 2020 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $1.31 per diluted share for the first quarter of 2020, a $0.46 decrease from consolidated earnings of $1.77 per diluted share for the first quarter of 2019. Consolidated current-quarter results include a $15.5 million loss, or $0.28 per share, due to decreases in the cash surrender value of company-owned life insurance ("COLI") policies, while the prior year included $7.6 million of income, or $0.14 per share, associated with COLI policies.  Consolidated net income was $72.5 million for the first quarter of 2020, compared to consolidated net income of $94.8 million for the first quarter of 2019. The natural gas segment had net income of $83.6 million for the first quarter of 2020 compared to net income of $103.4 million for the first quarter of 2019, while the utility infrastructure services segment had a net loss of $10.2 million in the current quarter compared to a net loss of $8 million in the first quarter of 2019. Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period.

Commenting on Southwest Gas Holdings' performance and outlook, John P. Hester, President and Chief Executive Officer, said: "As an essential business serving over 2 million customers in Arizona, California, and Nevada, Southwest Gas has continued working during the COVID-19 outbreak without disruption, and ensured that our customers can safely rely on their natural gas service. Centuri also continues to play a critical role in the development of vital projects supporting the safety and reliability of our nation's utility infrastructure. Utility operating income improved during the first quarter of 2020 as 33,000 net new customers were added to our system. This improvement was overshadowed by reductions in the values of COLI policies, which mirrored the dramatic declines in the broader stock market near the end of the first quarter. At Centuri, temporary crew reductions in response to governmental requirements, and incremental costs to ensure safety, are having a dampening effect on earnings.

"While COVID-19 has had profound effects on our nation and the areas we serve, Southwest Gas will play a vital role in our regional economic recovery. In response to the needs of our communities, we have proven to be efficient and flexible as we adapt our business practices and help customers make the most of their time at home without being burdened by worry surrounding energy needs and related affordability. Reliable and affordable natural gas will also play an important role as commercial and industrial enterprises take steps to recover from business interruptions they have experienced. New home construction in our service territory has continued during this time, demonstrating continued growth in the desert Southwest. Centuri's operations also have a history of resiliency with a business focus on critical infrastructure, and relationships that form a consistent and reliable customer base to withstand economic headwinds. We are committed to helping our communities during these challenging times by safely and efficiently providing our essential services."

For the twelve months ended March 31, 2020, consolidated net income was $191.7 million, or $3.50 per diluted share, compared to $198 million, or $3.91 per diluted share, for the twelve-month period ended March 31, 2019. The current twelve-month period includes a $5.7 million, or $0.10 per share, decline in the cash surrender values of COLI policies, while the prior-year period included COLI-related income of $5.1 million, or $0.10 per share. Natural gas segment net income was $143.4 million in the current twelve-month period, and $151.9 million in the prior-year period. Utility infrastructure services segment net income was $50.2 million in the current twelve-month period and $47.9 million in the prior-year period.

Natural Gas Operations Segment Results

First Quarter

Operating margin increased $14 million between quarters, including a $5 million increase attributable to customer growth, as 33,000 net new customers were added during the last twelve months. Rate relief,  primarily in California, contributed an additional $1 million. The prior-year quarter included an approximate $5 million reduction in margin resulting from a one-time adjustment by the Arizona Corporation Commission ("ACC") to reflect impacts of U.S. tax reform on the Arizona decoupling mechanism. The remaining increase primarily relates to the net recovery of regulatory program balances (collectively, having an offsetting impact in amortization expense), in addition to margin from customers outside the decoupling mechanisms and other miscellaneous revenues.

Operations and maintenance expense decreased $2.5 million between quarters, including lower pipeline integrity management costs and legal claims experience between periods. Depreciation and amortization increased $7.1 million between quarters due to a 10% increase in average gas plant in service since the corresponding quarter a year ago and the increase in regulatory amortization noted above.

Other income decreased $26.5 million between quarters primarily due to the decline in COLI cash surrender values between quarters. The current quarter reflects a $15.5 million COLI-related loss, while the prior-year quarter reflected a $7.6 million increase in COLI policy cash surrender values. The non-service-related components of employee pension and other postretirement benefit costs were $1.2 million higher between quarters.

Net interest deductions increased $2 million primarily due to higher interest associated with the issuance of $300 million of Senior Notes in May 2019.

Twelve Months to Date

Operating margin increased $40 million between the twelve-month periods. Customer growth provided $12 million and combined rate relief in the Nevada and California jurisdictions provided $9 million of incremental operating margin. The remaining increase includes the $5 million impact of the prior period ACC adjustment for the tax reform impacts on the Arizona decoupling mechanism, in addition to recoveries of regulatory assets (see corresponding $9.2 million increase in amortization expense below), infrastructure replacement mechanisms, customers outside the decoupling mechanisms, and other miscellaneous revenues.

Operations and maintenance expense increased $11.6 million, or 3%, between periods, primarily due to general cost increases, expenditures for pipeline damage prevention programs, and higher legal claims experience between comparative twelve-month periods. Depreciation and amortization expense increased $23.3 million between periods due primarily to a $625 million, or 9%, increase in average gas plant in service. Amortization related to regulatory account recoveries increased $9.2 million between periods. Taxes other than income taxes increased $1.7 million between periods primarily due to higher property balances (and rates, in the case of California and Nevada) and to an increase in the Nevada Commerce Tax.

Other income decreased $10.3 million between comparative twelve-month periods due to the decline in COLI policy values. The current period reflects a $5.7 million decline in COLI policy cash surrender values, while the prior-year period reflected a $5.1 million increase. Net interest deductions increased $11.4 million between periods due to higher interest associated with issuance of the $300 million of Senior Notes in May 2019.

Income taxes declined $9.8 million between periods partially due to lower state income taxes (due to apportionment changes) and $2.6 million in amortization of excess deferred income taxes following U.S. tax reform.

Utility Infrastructure Services Segment Results

First Quarter

Utility infrastructure revenues increased $20.6 million in the first quarter of 2020 when compared to the prior-year quarter, primarily due to a higher volume of electric infrastructure and pipe replacement work under blanket and bid contracts. Centuri achieved this increase in revenues despite a shut-down impacting certain crews in response to local government requirements to postpone some business services and precautions taken to ensure employee safety during the COVID-19 outbreak.

Utility infrastructure services expenses increased $18.8 million between quarters primarily due to costs to complete additional electric infrastructure and pipe replacement work. Expenses were also affected by increased costs and workforce inefficiencies associated with the implementation of new safety standards in response to the COVID-19 pandemic. Results during the first quarter of 2019 reflect incremental profit from customer requested strike support that did not recur in 2020. Included in total Utility infrastructure services expenses were general and administrative costs, which increased $1.6 million in 2020 compared to 2019, primarily associated with growth of the business.

Depreciation and amortization increased $3 million between quarters, attributable to additional equipment purchased to support the growing volume of work being performed, primarily at Linetec. Depreciation expense was higher, relative to recorded revenues, during the first quarter of 2020 compared to the prior-year quarter as a result of some equipment being idle while certain crews were not deployed during the COVID-19 outbreak.

Other income decreased $1.1 million in the first quarter of 2020 when compared to the prior-year quarter, due to a realized gain on foreign currency exchange recognized in 2019 and lower earnings in an equity method investee.

Twelve Months to Date

Utility infrastructure revenues increased $196.5 million, or 12%, in the current twelve-month period when compared to the prior-year period, due to incremental revenues from Linetec (acquired in November 2018) of $192.2 million, as well as continued growth with existing customers under master service and bid agreements. Partially offsetting these increases were decreased revenues from certain non-routine projects, including customer-requested support in 2018 and early 2019 during strike-related and emergency response situations, in addition to a multi-year water pipe replacement project that expired in July 2019 and was not renewed. The prior-year period also included the settlement of an earlier contract dispute related to that project ($9 million). Implementation of new regulatory requirements for operating locations within certain eastern states in the U.S. resulted in lower revenues during the current period as Centuri worked with customers to adopt the new requirements.

Utility infrastructure services expenses increased $162.9 million, or 11%, between periods, primarily due to incremental expenses related to Linetec of $157.6 million along with additional electric infrastructure and pipe replacement work and higher labor-related operating expenses to support growth in operations. Efforts to complete an industrial construction project in Canada resulted in additional losses of approximately $4 million during the current twelve-month period as a result of delays in commissioning the project. Included in total Utility infrastructure services expenses were general and administrative costs, which decreased $4.4 million in the twelve-month period ended March 2020 when compared to the corresponding period ended March 2019, due primarily to the impact of deal costs from the acquisition of Linetec during 2018 ($6.9 million). The 2020 period included higher operating costs overall, associated with the growth of the business. Gains on sale of equipment (reflected as an offset to this expense category) were approximately $5.3 million and $1.7 million for the twelve-month periods of 2020 and 2019, respectively.

Depreciation and amortization expense increased $25.8 million between periods primarily due to incremental costs related to Linetec of $17.7 million, as well as an increase in depreciation on additional equipment purchased to support the growing volume of work being performed.

Outlook for 2020

Management affirms estimated 2020 diluted earnings per share between $3.75 and $4.00.

While our utility operations are considered essential services and Centuri's operations in general have been classified similarly, operations of both segments are subject to future impacts related to COVID-19. Governmental policies enacted to suppress the spread of COVID-19 may impact future results of the Company, including through the following variables: the timing of processing utility general rate case applications; utility customer growth rates; operations and maintenance expense changes (including management cost cutting initiatives and the potential for higher bad debt expense); timing of the release of Centuri project orders from its utility customers; and the incremental cost of additional safe working practices designed to safeguard employee health.

Management will discuss the above items more in-depth on its earnings conference call and is also providing the following updated supplemental expectations:

Natural Gas Operations Segment:

• Operating margin for 2020 is anticipated to benefit from customer growth of 1.6% (previously 1.7%), infrastructure tracker mechanisms, expansion projects, and rate relief (including California attrition and anticipated partial-year results in Arizona and Nevada). Combined, these items are expected to produce an increase in operating margin of 3% to 5% (previously 4% to 5%).
• Pension costs expected to increase $13.6 million primarily due to lower discount rate. Approximately $5.2 million to be reflected in other expense.
• Operating income is expected to increase 3% to 5%.
• COLI earnings of $3 million to $5 million are still included for full-year 2020.
• Capital expenditures in 2020 are estimated between $650 million and $700 million, in support of customer growth, system improvements, and pipe replacement programs.

Utility Infrastructure Services Segment:

• Centuri's revenues for 2020 are expected to be 2% to 7% greater than 2019 (previously 5% to 10%). Impacts of COVID-19 are expected to be more pronounced in the second quarter.
• Operating income is expected to be approximately 5.5% to 6.0% of revenues.
• Interest expense is expected to be approximately $12.5 million to $13.5 million (previously $13.5 million to $14.5 million).
• Expectations reflect earnings attributable to Southwest Gas Holdings, net of noncontrolling interests (estimated at approximately $4 million). Changes in Canadian exchange rates could influence results.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers. Centuri derives revenues from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations or intentions regarding the future. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2020. In addition, the statements under the heading "Outlook for 2020" that are not historic, constitute forward-looking statements. A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, the impacts of stock market volatility, and the impact of the COVID-19 pandemic. In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, pension costs, COLI results, and capital expenditures of the natural gas segment will occur. Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues, operating income percentage of revenues, interest expense, and noncontrolling interest amounts will transpire. Because of these and other factors, the Company can provide no assurances that estimates of 2020 earnings per share will be realized. Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Measures.  Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability. Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance. Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms. Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment. (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 6, 2020 /PRNewswire/ -- The Board of Directors for Southwest Gas Holdings, Inc. (NYSE: SWX) has declared the following third quarter cash dividend:

The dividend equates to $2.28 per share on an annualized basis.  The Company has paid quarterly dividends continuously since going public in 1956.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 1, 2020 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2020 first quarter and twelve-months results on Friday, May 8, 2020.

The conference call will follow the release of the Company's earnings results on Thursday, May 7, 2020.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com. Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on May 8, 2020 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 6764969. The digital replay of the call will be available until 4:30 p.m. (ET) on Thursday, May 14, 2020.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, April 13, 2020 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced that, due to public meeting restrictions and continued public health concerns related to the spread of COVID-19, the Company changed the format of its previously announced Annual Meeting of Stockholders, scheduled for May 7, 2020, from an in-person meeting to an online only meeting.  Additionally, the Company changed the meeting time to 11:30 a.m. PT.  As always, the Company encourages stockholders to vote and submit their proxies well ahead of the Annual Meeting, although voting will also be available during the online meeting.

The Company designed the format of the Annual Meeting to ensure that stockholders are afforded the same rights and opportunities to participate as they would at an in‑person meeting, using online tools to ensure stockholder access and participation. More information about the online Annual Meeting is provided below.

Access to the Audio Webcast of the Annual Meeting. The live audio webcast of the Annual Meeting will begin promptly at 11:30 a.m. PT. Online access to the audio webcast will open 30 minutes prior to the start of the Annual Meeting to allow time for stockholders of record as of the close of business on March 10, 2020, the record date for the Annual Meeting, to log-in and test their equipment.

The Company is providing the live audio webcast access through two online platforms. All of the Company's stockholders are encouraged to carefully review and confirm the log-in information that follows to ensure they are accessing the appropriate designated platform. Also, the Company encourages stockholders to access the meeting in advance of the Annual Meeting's start time.

Log-in Instructions. To attend the online Annual Meeting, stockholders should do the following:

• Stockholders of Record: Stockholders that hold shares directly in their name should go to https://web.lumiagm.com/284679093 and log-in by clicking "I have a control number," entering the 11-digit control number found on the upper right-hand corner of the proxy card included in the proxy materials that were previously mailed to the stockholder and entering the following meeting code: SWGAS2020 (case sensitive).
• Beneficial Stockholders: Stockholders who are not stockholders of record (e.g. stockholders who hold shares in a stock brokerage account or through a bank or other holder of record) are beneficial stockholders and should go to http://virtualshareholdermeeting.com/SWX2020 and log-in by entering the 16-digit control number on the proxy materials that were previously forwarded or otherwise made available to the stockholder by their broker, bank or other holder of record.

Submitting Questions. Prior to the meeting, stockholders may submit questions pertaining to the business of the meeting by emailing the Company's Corporate Secretary, Thomas Moran, at: SWX@swgas.com. During the Annual Meeting stockholders will also be able to submit questions through the platforms being used for the Annual Meeting.  As has been the case at prior Annual Meetings, the Company will respond to questions during or shortly after the meeting.

Assistance. Beginning 30 minutes prior to, and during the Annual Meeting, the Company will have support available to assist stockholders with any technical difficulties they may have accessing or hearing the virtual meeting. If a stockholder encounters any difficulty accessing, or during, the virtual meeting, the support tools that may be found on the respective online platforms being used for the Annual Meeting should be utilized.

Whether or not a stockholder plans to access the online webcast of the Annual Meeting, the Company urges all stockholders to vote and submit their proxies in advance of the Annual Meeting using one of the methods described in the proxy materials that were mailed to stockholders of record on or about March 23, 2020. Stockholders are encouraged to read the Company's proxy statement carefully. All information included in the proxy statement remains unchanged except with respect to the matters set forth herein.  The proxy card included with the proxy materials will not be updated to reflect the change in time and location and may continue to be used to vote your shares in connection with the Annual Meeting.

About Southwest Gas Holdings, Inc.
Southwest Gas Holdings, Inc. has two business segments.  Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, California, and Nevada.  Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers. Centuri derives revenues from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Feb. 25, 2020 /PRNewswire/ -- The Board of Directors for Southwest Gas Holdings, Inc. (NYSE:  SWX) has increased the quarterly common stock dividend from $0.545 per share to $0.57 per share and has declared the following second quarter cash dividend:

The dividend equates to $2.28 per share, a 10 cent or 4.6 percent increase, on an annualized basis.  Southwest has paid quarterly dividends continuously since going public in 1956, and has raised its dividend each year since 2007.  President and Chief Executive Officer John Hester noted, "We are pleased that Southwest's strong, sustainable operating performance and financial condition have positioned us to again increase the dividend.  Dividend increases are necessary to facilitate competitive and reasonable returns for our shareholders.  When setting the dividend rate, the Board's policy is to target a dividend payout ratio that is competitive in the industry (55‑65%) while maintaining strong credit ratings and the ability to fund future capital expenditures."

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

Forward-Looking Statements:  This press release may contain statements which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act).  All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act.  A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements.  These factors include, but are not limited to, future operating results, the effects of regulation/deregulation, the timing and amount of rate relief, and changes in rate design.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Feb. 20, 2020 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2019 fourth quarter and twelve-months results on Thursday, February 27, 2020.

The conference call will follow the release of the Company's earnings results on Wednesday, February 26, 2020.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com. Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on February 27, 2020 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 7074455. The digital replay of the call will be available until 4:30 p.m. (ET) on Wednesday, March 4, 2020.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Dec. 20, 2019 /PRNewswire/ -- Southwest Gas is pleased to highlight findings in a newly released study that outlines the supply and benefits of renewable natural gas (RNG) as a key energy source in the reduction of greenhouse gas emissions.

The Renewable Sources of Natural Gas Supply and Emission Reduction Assessment study, co-sponsored by the American Gas Foundation and fellow utilities including Southwest Gas, was conducted by ICF, a global consulting services company. The study indicates the potential supply of RNG nationwide is significant. The study adds that by 2040, RNG has the potential to play a substantial role in significantly lowering emissions, with costs that are lower or competitive with other emission reduction approaches.

"Today, natural gas helps meet energy demand affordably, drives energy independence and economic growth, and plays a major role in reducing greenhouse gas emissions in the United States," said Jose Esparza, Southwest Gas Senior Vice President, Information Services and Customer Engagement. "We are excited by the potential of renewable natural gas to further decarbonize the pipeline as we strive to achieve a balanced approach to the sustainable energy future." 

The study assesses both low and high resource scenarios, both of which estimate that an impressive amount of British thermal units (Btus) of RNG will be produced annually for pipeline injection by 2040. Low resource potential targets approximately 1,660 trillion Btus, while the high resource scenario allocates as much as 3,780 Btus. Further, ICF expects that by 2040, the majority of RNG will cost between $7-$20mmbtu, making RNG competitive with other emission reduction technologies at a cost range between $55-$300/metric ton CO₂.

The American Gas Association defines RNG as methane produced from farms, landfills and wastewater treatment plants that is carbon neutral and fully compatible with existing natural gas infrastructure. The study findings strengthen Southwest Gas' commitment to bring this new environmentally friendly resource to our customers in Arizona, California and Nevada.

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, California and Nevada.

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SOURCE Southwest Gas Corporation

LAS VEGAS, Nov. 18, 2019 /PRNewswire/ -- The Board of Directors for Southwest Gas Holdings, Inc. (NYSE: SWX) has declared the following first quarter cash dividend:

The dividend equates to $2.18 per share on an annualized basis.  The Company has paid quarterly dividends continuously since going public in 1956.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Oct. 31, 2019 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2019 third quarter and twelve-months results on Thursday, November 7, 2019.

The conference call will follow the release of the Company's earnings results on Wednesday, November 6, 2019.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on November 7, 2019 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 9497660.  The digital replay of the call will be available until 4:30 p.m. (ET) on Wednesday, November 13, 2019.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Nov. 6, 2019 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $0.10 per diluted share for the third quarter of 2019, a $0.15 decrease from consolidated earnings of $0.25 per diluted share for the third quarter of 2018.  Consolidated net income was $5.4 million for the third quarter of 2019, compared to consolidated net income of $12.3 million for the third quarter of 2018.  The natural gas segment experienced a net loss of $20 million in the third quarter of 2019 compared to a net loss of $13.7 million in the third quarter of 2018, while the utility infrastructure services segment had net income of $25.8 million in the current quarter compared to net income of $26.8 million in the third quarter of 2018.  Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period. Consolidated current quarter results include $200,000 in other income due to increases in the cash surrender value of company-owned life insurance ("COLI") policies, while the prior-year quarter included $4.7 million, or $0.09 per share, associated with COLI policies.

Commenting on Southwest Gas Holdings' performance, John P. Hester, President and Chief Executive Officer, said: "Our third quarter results demonstrated continued growth in both our natural gas operations and utility infrastructure services business segments. Record consolidated revenues were experienced for the quarter, as well as the trailing twelve-month period. Net income for the quarter was less than expected due to (1) the consolidation of a pending Arizona surcharge request into our current Arizona general rate case proceeding, and (2) cost inefficiencies and mix of work changes experienced with several utility infrastructure services customers. The combined impact of these factors leads us to reduce our year-end earnings per share guidance from the previously disclosed $3.75-$4.00 range to a revised range of $3.60-$3.80. The fundamentals of both business segments remain strong, with rate cases currently in process in three different regulatory jurisdictions, and another record earnings year anticipated at our utility infrastructure services business.

"The three-state regional economy for our natural gas operations continues to be robust, requiring record 2019 capital investment, now estimated at $730 million, to enhance the safety and reliability of our gas distribution systems and serve new growth. Annual customer additions at our natural gas operations are estimated at approximately 35,000, or 1.7%. Similarly, we are experiencing significant growth at our utility infrastructure services business, especially on the heels of our Linetec Services acquisition last year, which has contributed $175 million in revenue in 2019 to date and provided strategic business diversification into southeastern United States electric markets. As we look forward to 2020, we are very excited about the benefits that our customers and investors will realize from the resolution of our pending general rate case proceedings, as well as continued growth and diversification at our utility infrastructure services business."

For the twelve months ended September 30, 2019, consolidated net income was $191.5 million, or $3.59 per diluted share, compared to $209.4 million, or $4.29 per diluted share, for the twelve-month period ended September 30, 2018.  Consolidated results for the twelve-month period ended September 30, 2018 reflect approximately $20 million, or $0.41 per share, of one-time tax benefits due to the remeasurement of deferred tax balances in December 2017.  Natural gas operations segment net income was $146.3 million in the current twelve-month period, and $153.7 million in the prior-year period.  Utility infrastructure services segment net income was $46.7 million in the current twelve-month period and $57.7 million in the prior-year period.

Natural Gas Operations Segment Results

Third Quarter

Operating margin increased $7 million including a $2 million increase attributable to customer growth, as 34,000 net new customers were added during the last twelve months.  Rate relief in California and Nevada contributed an additional $2 million.  Miscellaneous service revenue and revenue outside the decoupling mechanisms also increased between periods.  Regulatory surcharges composed the residual increase.

Operations and maintenance expense increased $4.4 million between quarters. Higher legal and other general costs contributed to the increase between quarters.  Depreciation and amortization expense increased $4.4 million, or 9%, primarily due to a $602 million, or 9%, increase in average gas plant in service since the corresponding quarter a year ago, coupled with an increase in regulatory amortization.

Other income decreased $2.2 million primarily due to a decline in income from COLI policies between quarters mitigated by a decrease in non-service-related components of employee pension and other postretirement benefit costs.  Net interest deductions increased $3.2 million primarily due to the issuance of $300 million of Senior Notes in May 2019.

Twelve Months to Date

Operating margin increased $25 million between the twelve-month periods.  Customer growth provided $11 million and combined rate relief in Nevada and California provided $9 million of incremental operating margin.  The remaining increase relates to recoveries of regulatory assets, infrastructure replacement mechanisms, customers outside the decoupling mechanisms, and other miscellaneous revenues, net of impacts from U.S. tax reform.

Operations and maintenance expense increased $7.8 million, or 2%, between periods, primarily due to higher expenditures for pipeline damage prevention programs and other general cost increases, offset by a reduction in the service-related components of pension and other postretirement benefit costs.  Depreciation and amortization expense increased $11.8 million, or 6%, between periods due to a $550 million, or 8%, increase in average gas plant in service, mitigated by lower regulatory account amortization.  Taxes other than income taxes increased $2 million, or 3%, reflective of higher property taxes from net plant additions, as well as increased commerce and franchise taxes.

Other income (deductions) improved $1.2 million between the comparative twelve-month periods.  Interest income associated with the equity component of the allowance for funds used during construction ("AFUDC") contributed $4.5 million due to increases in construction expenditures and AFUDC rates in the current period.  Additionally, the non-service components of employee pension and other postretirement benefits costs improved in the current period by $4 million.  Offsetting the increase was a decline in the cash surrender value of COLI policies and net death benefits of $7.5 million in the current period compared to the prior-year period.  Net interest deductions increased $14.1 million between periods due to higher interest associated with the issuance of $300 million of Senior Notes in March 2018 and $300 million in May 2019, higher interest rates and average outstanding credit facility balances, and carrying costs on purchased gas adjustment mechanism balances.

Utility Infrastructure Services Segment Results

Third Quarter

Revenues increased $64.6 million in the third quarter of 2019 compared to the same period in 2018, primarily due to $70.3 million in revenues contributed by the operations of Linetec Services, LLC ("Linetec"), which was acquired in November 2018, partially offset by the July 2019 expiration of a multi-year water pipe replacement project, which was not renewed.  The prior-year quarter also included revenue from certain non-routine customer-requested support during a strike-related event.

Utility infrastructure services expenses increased $55.7 million between quarters, including $55.8 million of Linetec expenses.  Implementation of new regulatory requirements for operating locations within certain eastern states in the U.S. resulted in lower revenues and productivity inefficiencies totaling an estimated $4 million during the current quarter, as Centuri works with customers to adopt the new requirements.  Efforts to complete an industrial construction project in Canada resulted in additional costs of approximately $2 million during the current quarter from delays in commissioning the project.   Additionally, changes in the mix of work requested in 2019 by certain customers under unit-priced multi-year master services contracts resulted in higher labor and equipment costs.

Depreciation and amortization increased $8.8 million between quarters, $7.5 million of which resulted from the Linetec acquisition, including amortization of finite-lived intangible assets and depreciation of property and equipment.  Depreciation expense also reflects additional equipment purchased to support the growing volume of work performed.

Twelve Months to Date

Revenues increased $219.1 million in the current twelve-month period compared to the prior-year period, including $188.7 million in revenues from Linetec since the acquisition date in November 2018. The remaining revenue increase is due to a higher volume of pipe replacement work under new and existing blanket and bid contracts, primarily in the central U.S., and certain non-routine projects (including customer-requested support during strike-related and emergency response situations).  Revenue for the twelve-month period in 2018 included a $9 million negotiated settlement of an outstanding contract dispute from 2017 associated with a water pipe replacement project.

Utility infrastructure services expenses increased $184.6 million between periods primarily due to related expenses for Linetec of $149.8 million and additional labor and equipment costs to complete work during inclement weather conditions.  Efforts to complete the industrial construction project in Canada and a change in the mix of work requested in the current period contributed to increased costs.  A $12.3 million increase in general and administrative costs, including $6.9 million of deal costs from the acquisition of Linetec, contributed to the increase overall.

Depreciation and amortization increased $27 million between periods primarily due to incremental depreciation and amortization of finite-lived tangible and intangible assets recognized from the Linetec acquisition, as well as an increase in depreciation on additional equipment purchased to support the growing volume of work being performed.

Income tax expense for the twelve months ended September 30, 2018 was favorably impacted by approximately $12 million of one-time tax benefits related to the remeasurement of Centuri's deferred tax liabilities when U.S. tax reform was enacted in December 2017.

Outlook for 2019

Management has updated its estimated 2019 earnings to be between $3.60 and $3.80 per diluted share (previously $3.75 to $4.00).  The change is primarily due to a reduction in fourth quarter expected operating margin at Southwest, and the impacts of lower-than-expected earnings at Centuri during the third quarter of 2019, as detailed below.

Southwest's February 2019 requests for annualized incremental surcharge revenues in Arizona totaling approximately $12.7 million (related to 2018 expenditures under its COYL and VSP programs) have been delayed by an Arizona Corporation Commission decision in October 2019 that consolidated consideration of the requests into Southwest's general rate case proceeding, to be decided in mid-2020.  Approximately one-half of the request was originally expected to be recognized in 2019.

As discussed in the third quarter results of the utility infrastructure services segment, Centuri results were adversely impacted by approximately $4 million related to implementation of new regulatory requirements for its customers and by $2 million in incremental costs associated with an industrial project in Canada.  Changes in the mix of work by certain customers during the third quarter also negatively impacted third- quarter results.

Management also provides the following supplemental expectations:

Natural Gas Operations Segment:

• Operating margin for 2019 is anticipated to benefit from customer growth (similar to 2018), infrastructure tracker mechanisms (net of delayed surcharge revenue in Arizona), expansion projects, and rate relief.  Combined, these items are now expected to produce an increase in operating margin of 4.0% to 4.5% (previously 4% to 5%).
• Operating income is now expected to decrease slightly compared to 2018 (previously expected to increase modestly).
• Full-year projections include approximately $1 million of incremental COLI earnings during the 4th quarter of 2019.
• Capital expenditures in 2019 are now estimated at approximately $730 million, in support of customer growth, system improvements, and accelerated pipe replacement programs (previously $710 million).

Utility Infrastructure Services Segment:

• Centuri has a strong base of large utility clients that are expected to sustain, and over time, grow its business. Including the recent Linetec acquisition, revenues for 2019 are expected to be 10% to 15% greater than 2018 levels.
• Operating income, including the third quarter 2019 impacts from the recent change in mix of work and regulatory delays experienced by customers in the northeastern U.S., is now expected to be approximately 5.0% to 5.5% of revenues (previously 6.0% to 6.5%).
• Net income expectations reflect earnings attributable to Southwest Gas Holdings, net of noncontrolling interests. Changes in Canadian exchange rates could influence results.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

Forward-Looking Statements:  This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations or intentions regarding the future.  These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2019.  In addition, the statements under the heading "Outlook for 2019" that are not historic, constitute forward-looking statements.  A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements.  These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, and the impacts of stock market volatility.  In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, COLI results, and capital expenditures of the natural gas segment will occur.  Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues and operating income percentage of revenues will transpire.  Because of these and other factors, the Company can provide no assurances that estimates of 2019 earnings per share will be realized.  Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form   10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC.  The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise.  The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Measures.  Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers.  Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability.  Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance.  Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms.  Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure.  Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment.  (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Oct. 31, 2019 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2019 third quarter and twelve-months results on Thursday, November 7, 2019.

The conference call will follow the release of the Company's earnings results on Wednesday, November 6, 2019.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on November 7, 2019 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 9497660.  The digital replay of the call will be available until 4:30 p.m. (ET) on Wednesday, November 13, 2019.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Sept. 26, 2019 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) will host an Analyst Day from 12:00 p.m. to 3:00 p.m. ET on Wednesday, October 2, at the New York Hilton Midtown in New York City.  John Hester, president and chief executive officer, and other members of the senior management team will make the presentation and will answer questions from on-site participants.

The presentation materials will be accessible on the Company's website at https://investors.swgasholdings.com on October 2, 2019, beginning at 12:00 p.m. ET.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Sept. 25, 2019 /PRNewswire/ -- The Board of Directors for Southwest Gas Holdings, Inc. (NYSE: SWX) has declared the following fourth quarter cash dividend:

The dividend equates to $2.18 per share on an annualized basis. The Company has paid quarterly dividends continuously since going public in 1956.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers. Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Aug. 6, 2019 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $0.41 per diluted share for the second quarter of 2019, a $0.03 decrease from consolidated earnings of $0.44 per diluted share for the second quarter of 2018.  Consolidated net income was $22.1 million for the second quarter of 2019, compared to consolidated net income of $21.6 million for the second quarter of 2018.  The natural gas segment had net income of $3.4 million in the second quarter of 2019 compared to net income of $2.6 million in the second quarter of 2018, while the utility infrastructure services segment had net income of $18.9 million in the current quarter compared to net income of $19.2 million in the second quarter of 2018, which included $9 million of incremental revenue as part of a negotiated settlement of an outstanding contract dispute from 2017 associated with a water pipe replacement project.  Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period. Consolidated current quarter results include $3.4 million, or $0.06 per share, in other income due to increases in the cash surrender value of company-owned life insurance ("COLI") policies, while the prior-year quarter included $2 million, or $0.04 per share, associated with COLI policies. 

Commenting on Southwest Gas Holdings' performance, John P. Hester, President and Chief Executive Officer, said: "We are pleased to report diluted earnings per share of $0.41 for the second quarter of 2019.  Results for the utility infrastructure services segment were bolstered by $57 million of incremental revenues and $3.1 million of net income from Linetec that we acquired in November 2018.  Linetec continues to meet and exceed our internal business case projections while also expanding our geographic footprint and diversifying our utility infrastructure service offerings.  Natural gas segment income improved between quarters as 34,000 net new customers fueled operating margin growth.  On a consolidated basis, we reached a major milestone by recording record revenues of over $3 billion during the past 12 months.

"We continue to experience robust economic growth throughout our service territories and we are investing in our utility infrastructure to ensure safe and reliable natural gas service to our growing customer base.  We are also seeking to provide safe, clean, and affordable natural gas service to customers and communities that do not fully enjoy that advantage.  As part of that effort, we filed in June 2019 for approval to construct the infrastructure necessary to expand natural gas service into Spring Creek, Nevada.  Coupled with the expanded service offerings for our utility infrastructure service customers, we are positioned to grow our businesses well into the future."  

For the twelve months ended June 30, 2019, consolidated net income was $198.5 million, or $3.82 per share, compared to $207.3 million, or $4.28 per share, for the twelve-month period ended June 30, 2018.  Consolidated results for the twelve-month period ended June 30, 2018 reflect approximately $20 million, or $0.41 per share, of one-time tax benefits due to the remeasurement of deferred tax balances in December 2017.  Natural gas segment net income was $152.6 million in the current twelve-month period, and $163.3 million in the prior-year period.  Utility infrastructure services segment net income was $47.6 million in the current twelve-month period and $45.2 million in the prior-year period. 

Natural Gas Operations Segment Results

Second Quarter

Operating margin increased a net $1 million. Approximately $2 million of incremental margin was attributable to customer growth, as 34,000 net new customers were added during the last twelve months (a 1.7% growth rate).  Rate relief in California and Nevada contributed an additional $2 million.  Offsetting these increases were the regulatory impacts of tax reform and the effects of regulatory surcharges.  The surcharges and credits are offset in amortization expense.  

Operations and maintenance expense was relatively flat between quarters as higher general cost increases were offset by lower pension and medical costs.  Depreciation and amortization expense increased $1.7 million, or 4%, primarily due to a $579 million, or 9%, increase in average gas plant in service since the corresponding quarter a year ago, mitigated by the impact of regulatory program amortization.

Other income and deductions improved $3.7 million between quarters primarily due to an increase in income from COLI policies.  Net interest deductions increased $3.2 million due to higher interest associated with the issuance of $300 million of senior notes in May 2019, higher borrowings under the revolving credit and term-loan facility, and the impacts of carrying costs on regulatory liability account balances.

Twelve Months to Date

Operating margin increased $18 million between the twelve-month periods.  Customer growth provided $11 million and combined rate relief in Nevada and California provided $7 million of incremental operating margin.  Other mostly offsetting impacts resulted from recoveries of regulatory assets, infrastructure replacement mechanisms, customers outside the decoupling mechanisms, impacts of U.S. tax reform, and other miscellaneous revenues.

Operations and maintenance expense increased $10.7 million, or 3%, between periods, including expenditures for pipeline damage prevention programs and other general cost increases.  Depreciation and amortization expense increased $9 million, or 5%, between periods due to a $520 million, or 8%, increase in average gas plant in service, mitigated by lower regulatory account amortization. Taxes other than income taxes increased $2.7 million between periods primarily due to higher property taxes associated with net plant additions.

Other income and deductions improved $6 million between the comparative twelve-month periods due to higher interest income and over $3 million related to the equity component of the allowance for funds used during construction ("AFUDC") resulting from higher construction expenditures and AFUDC rates in the current period.  Additionally, the non-service components of employee pension and other postretirement benefit costs improved by $2 million in the current period.  Net interest deductions increased $13.8 million between periods due to higher interest associated with issuance of $300 million of senior notes in March 2018 and $300 million of senior notes in May 2019, in addition to higher interest rates and average outstanding credit facility balances, collectively, in support of ongoing capital investment.

Utility Infrastructure Services Segment Results

Second Quarter

Revenues increased $59.1 million in the second quarter of 2019 compared to the same period in 2018 primarily due to $56.7 million in revenues contributed by the operations of Linetec Services, LLC ("Linetec"), which was acquired in November 2018, and to a higher volume of pipe replacement work under existing master services agreements and bid contracts.  Revenue for the prior-year quarter included a $9 million negotiated settlement of an outstanding contract dispute from 2017 associated with a water pipe replacement project.

Utility infrastructure services expenses increased $49.5 million between quarters, including $45.1 million of Linetec expenses and costs, to complete additional pipe replacement work. 

Depreciation and amortization increased $7.4 million between quarters, $6 million of which resulted from the Linetec acquisition, including amortization of finite-lived intangible assets and depreciation of property and equipment.  Depreciation expense also reflects additional equipment used to support the growing volume of work performed.  

Twelve Months to Date

Revenues increased $225 million in the current twelve-month period compared to the prior-year period, including approximately $118.4 million in revenues from Linetec since the acquisition date in November 2018.  New England Utility Constructors, Inc. ("Neuco"), acquired in November 2017, provided revenues of approximately $155.8 million and $65.4 million during the comparative twelve-month periods ended June 30, 2019 and 2018, respectively.  In addition, revenues were favorably impacted by work performed by Centuri on a higher volume of pipe replacement work under new and existing blanket and bid contracts and certain non-routine projects (including customer-requested support during strike-related and emergency response situations primarily in the second half of 2018).

Utility infrastructure services expenses increased $182.1 million between periods primarily due to related expenses for Linetec and Neuco of $93.2 million and $50.2 million, respectively, in addition to additional pipe replacement work and higher labor-related operating expenses to support growth in operations. 

Depreciation and amortization increased $20.1 million between periods primarily due to incremental depreciation and amortization of finite-lived tangible and intangible assets recognized from the Linetec and Neuco acquisitions, as well as an increase in depreciation on additional equipment purchased to support the growing volume of work being performed.  Net interest deductions increased $3.1 million between periods due primarily to higher average debt outstanding and amortization of debt issuance costs, partially offset by lower borrowing rates on variable rate debt.

Income tax expense for the twelve months ended June 30, 2018 was favorably impacted by approximately $12 million of one-time tax benefits related to the remeasurement of deferred tax balances when U.S. tax reform was enacted in December 2017.

Outlook for 2019

Management affirms estimated 2019 diluted earnings per share between $3.75 and $4.00 and provides the following supplemental expectations:

Natural Gas Operations Segment:

• Operating margin for 2019 is anticipated to benefit from customer growth (similar to 2018), infrastructure tracker mechanisms, expansion projects, and rate relief. Combined, these items are expected to produce an increase in operating margin of 4% to 5%.
• On a comparative basis, operating income is expected to increase modestly.
• Capital expenditures in 2019 are estimated at approximately $710 million, in support of customer growth, system improvements, and accelerated pipe replacement programs.

Utility Infrastructure Services Segment:

• Centuri has a strong base of large utility clients that are expected to sustain, and over time, grow its business, including the recent Linetec acquisition. Revenues for 2019 are expected to be 10% to 15% greater than 2018 levels.
• Operating income is expected to be approximately 6.0% to 6.5% of revenues.
• Net income expectations reflect earnings attributable to Southwest Gas Holdings, net of noncontrolling interests. Changes in Canadian exchange rates could influence results.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

Forward-Looking Statements:  This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations or intentions regarding the future.  These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2019.  In addition, the statements under the heading "Outlook for 2019" that are not historic, constitute forward-looking statements.  A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements.  These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, and the impacts of stock market volatility.  In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, and capital expenditures of the natural gas segment will occur.  Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues and operating income percentage of revenues will transpire.  Because of these and other factors, the Company can provide no assurances that estimates of 2019 earnings per share will be realized.  Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC.  The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise.  The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Measures.  Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers.  Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability.  Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance.  Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms.  Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure.  Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment.  (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Aug. 1, 2019 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2019 second quarter and twelve-months results on Thursday, August 8, 2019.

The conference call will follow the release of the Company's earnings results on Tuesday, August 6, 2019.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on August 8, 2019 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 6555347.  The digital replay of the call will be available until 4:30 p.m. (ET) on Wednesday, August 14, 2019.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 16, 2019 /PRNewswire/ -- John P. Hester, president and chief executive officer of Southwest Gas Holdings, Inc. (NYSE: SWX) will present to the investment community at the American Gas Association 2019 Financial Forum on May 22, 2019, at 9:30 a.m. ET.

The presentation materials utilized at the forum will be accessible on the Company's website at www.swgasholdings.com on May 21, 2019, beginning at 12:00 p.m. ET.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 2, 2019 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2019 first quarter and twelve-months results on Thursday, May 9, 2019.

The conference call will follow the release of the Company's earnings results on Tuesday, May 7, 2019.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on May 9, 2019 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 8981189.  The digital replay of the call will be available until 4:30 p.m. (ET) on Wednesday, May 15, 2019.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 7, 2019 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $1.77 per diluted share for the first quarter of 2019, a $0.14 increase from consolidated earnings of $1.63 per diluted share for the first quarter of 2018.  Consolidated net income was $94.8 million for the first quarter of 2019, compared to consolidated net income of $79.1 million for the first quarter of 2018.  The natural gas segment had net income of $103.4 million in the first quarter of 2019 compared to net income of $90.3 million in the first quarter of 2018, while the utility infrastructure services segment had a net loss of $8 million in the current quarter compared to a net loss of $11 million in the first quarter of 2018.  Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period. Consolidated current quarter results include $7.6 million, or $0.14 per share, in other income due to increases in the cash surrender value of company-owned life insurance ("COLI") policies, while the prior-year quarter included a $700,000 loss, or $0.01 per share, associated with COLI policies. 

Commenting on Southwest Gas Holdings' performance, John P. Hester, President and Chief Executive Officer, said:  "We are pleased to report diluted earnings per share of $1.77 for the first quarter of 2019, an improvement from $1.63 per share for the first quarter of 2018.  Natural gas segment results improved $13 million between quarters due to the combined effects of rate relief, customer growth and income from the COLI policies.  Results for our utility infrastructure services segment improved $3 million between the first quarter of 2019 and the first quarter of 2018. This improvement reflects the first full quarter of the integration of Linetec's operations. 

"Our natural gas operations segment serves areas where populations and economies are growing at rates that outpace the national average, particularly in the metropolitan areas of Las Vegas and Phoenix.  As a result, we are experiencing some of the highest customer growth among natural gas utilities, and were recently ranked as one of the easiest utilities with which to do business.  We are future focused on performance we achieve, partnerships we form, and the possibilities that lie ahead, including improvements we expect to realize from our recently filed $57 million utility operations general rate application in Arizona."

For the twelve months ended March 31, 2019, consolidated net income was $198 million, or $3.91 per share, compared to $203.6 million, or $4.23 per share, for the twelve-month period ended March 31, 2018.  The current twelve-month period includes $5.1 million, or $0.10 per share, in other income due to increases in the cash surrender values of COLI policies, while the prior-year period included COLI-related income of $6.8 million, or $0.14 per share.  Natural gas segment net income was $151.9 million in the current twelve-month period, and $170.2 million in the prior-year period.  Utility infrastructure services segment net income was $47.9 million in the current twelve-month period and $34.7 million in the prior-year period. 

Natural Gas Operations Segment Results

First Quarter

Operating margin increased $19 million, including a $4 million increase attributable to customer growth, as 32,000 net new customers were added during the last twelve months.  Rate relief in California and Nevada added an additional $4 million in operating margin.  Higher reserves for the regulatory impacts of tax reform recognized in the prior-year quarter resulted in a $4 million improvement in operating margin between quarters.  The remaining increase includes the combined impact of surcharge recoveries for infrastructure replacement programs and other mechanisms, in addition to changes in other miscellaneous revenues and margin from customers outside the decoupling mechanisms, offset by a $4.7 million one-time adjustment to reflect the impacts of U.S. tax reform on the Arizona decoupling mechanism.

Operations and maintenance expense increased $3.4 million, or 3%, between quarters due to higher pipeline integrity management and damage prevention programs and other general costs mitigated by a decrease in pension and medical costs between quarters.  Depreciation and amortization expense increased $7.7 million primarily due to regulatory account amortization notably associated with programs in California and an 8% increase in average gas plant in service since the corresponding quarter a year ago.

Other income and deductions improved $10.5 million between quarters primarily due to an increase in income from COLI policies.  The current quarter reflects a $7.6 million increase in COLI policy cash surrender values, while the prior-year quarter reflected a $700,000 COLI-related loss.  Net interest deductions increased $3.8 million primarily due to higher interest associated with the issuance of $300 million of senior notes in March 2018, higher borrowings under the revolving credit and term-loan facility, and the carrying cost on Purchased Gas Adjustment ("PGA") balances payable in the current period. 

Twelve Months to Date

Operating margin increased $18 million between the twelve-month periods.  Customer growth provided $11 million and combined rate relief in the Nevada and California jurisdictions provided $5 million of incremental operating margin.  The remaining increase includes recoveries of regulatory assets, infrastructure replacement mechanisms, customers outside the decoupling mechanisms, and other miscellaneous revenues, net of reserve and related regulatory adjustments associated with the impacts of tax reform. 

Operations and maintenance expense increased $18.5 million between periods, including higher technology, administrative and other general cost increases.  Included in the increase were pension-related service cost and expenditures for pipeline damage prevention programs, which increased $3 million and $3.5 million, respectively.  Depreciation and amortization expense increased $8.8 million between periods due to the impacts of an 8% increase in average gas plant in service. Taxes other than income taxes increased $2.4 million between periods primarily due to higher property taxes associated with net plant additions.

Other income and deductions improved $3.1 million between the comparative twelve-month periods due to an increase in interest income related to the gas infrastructure replacement mechanism in Nevada and the equity component of the allowance for funds used during construction ("AFUDC") resulting from higher construction expenditures and higher AFUDC rates in the current period.  Income from increases in the cash surrender value of COLI policies and net death benefits recognized was $5.1 million in the current period and $6.8 million in the prior-year period.  Net interest deductions increased $13.8 million between periods due to higher interest associated with issuance of the $300 million of senior notes in March 2018, higher credit facility borrowings, and impacts from PGA balances payable in the current period.

Utility Infrastructure Services Segment Results

First Quarter

Revenues increased $52.8 million in the first quarter of 2019 compared to the same period in 2018 primarily due to incremental revenues of $47.6 million associated with operations of Linetec Services, LLC ("Linetec"), which was acquired in November 2018, and to a higher volume of pipe replacement work under blanket and bid contracts.

Utility infrastructure services expenses increased $41.5 million between quarters, including $37.9 million of Linetec expenses, and costs to complete additional pipe replacement work, in addition to higher labor-related costs incurred to complete work during inclement weather conditions in the current-year quarter.

Depreciation and amortization increased $7.4 million between quarters, $5.7 million of which resulted from the Linetec acquisition, including amortization of finite-lived intangible assets and depreciation of property and equipment, in addition to additional equipment purchased to support the growing volume of work performed.  

Twelve Months to Date

Revenues increased $260.8 million in the current twelve-month period compared to the prior-year period, including approximately $61.7 million in revenues from Linetec (acquired in November 2018).  New England Utility Constructors, Inc. ("Neuco"), acquired in November 2017, provided revenues of approximately $155.4 million and $31.2 million during the comparative twelve-month periods ended March 31, 2019 and 2018, respectively.  In addition, revenues were favorably impacted by work performed by Centuri on non-routine projects with customers.

Utility infrastructure services expenses increased $213.2 million between periods primarily due to related expenses for Linetec and Neuco of $48.1 million and $78.6 million, respectively, in addition to more pipe replacement work and higher labor-related operating expenses to support growth in operations.  Gains on sale of equipment (reflected as an offset to construction expenses) were $1.7 million and $4.1 million for the twelve-month periods of 2019 and 2018, respectively.

Depreciation and amortization increased $14.5 million between periods primarily due to incremental depreciation and amortization of finite-lived tangible and intangible assets recognized from the Linetec and Neuco acquisitions and an increase in depreciation for additional equipment purchased to support the growing volume of work being performed.  Net interest deductions increased $5 million between periods due primarily to higher average debt outstanding and amortization of debt issuance costs.

Income tax expense for the twelve months ended March 31, 2018 was favorably impacted by approximately $12 million of one-time tax benefits related to the remeasurement of deferred tax balances when U.S. tax reform was enacted in December 2017.

Outlook for 2019

Management affirms estimated 2019 diluted earnings per share of between $3.75 and $4.00 and the following expectations:

Natural Gas Operations Segment:

• Operating margin for 2019 is anticipated to benefit from customer growth (similar to 2018), infrastructure tracker mechanisms, expansion projects, and rate relief, including from the recently concluded Nevada general rate proceeding and California attrition. Combined, these items are expected to produce an increase in operating margin of 4% to 5%.
• On a comparative basis, operating income is expected to increase modestly.
• Capital expenditures in 2019 are estimated at approximately $710 million, in support of customer growth, system improvements, and accelerated pipe replacement programs.

Utility Infrastructure Services Segment:

• Centuri has a strong base of large utility clients that are expected to sustain, and over time, grow its business. That, coupled with the Linetec acquisition, is expected to result in revenues for 2019 that are 15% to 20% greater than 2018 levels.
• Operating income is expected to be approximately 6.0% to 6.5% of revenues.
• Net income expectations reflect earnings attributable to Southwest Gas Holdings, net of noncontrolling interests. Changes in Canadian exchange rates could influence results.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California.

Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North American's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

Forward-Looking Statements:  This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations or intentions regarding the future.  These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2019.  In addition, the statements under the heading "Outlook for 2019" that are not historic, constitute forward-looking statements.  A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements.  These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, and the impacts of stock market volatility.  In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, and capital expenditures of the natural gas segment will occur.  Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues and operating income percentage of revenues will transpire.  Because of these and other factors, the Company can provide no assurances that estimates of 2019 earnings per share will be realized.  Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC.  The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise.  The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Measures.  Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers.  Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability.  Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance.  Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms.  Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure.  Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment.  (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 2, 2019 /PRNewswire/ -- Senior management of Southwest Gas Holdings, Inc. (NYSE: SWX) is holding a conference call to discuss the Company's 2019 first quarter and twelve-months results on Thursday, May 9, 2019.

The conference call will follow the release of the Company's earnings results on Tuesday, May 7, 2019.

The call will also be webcast live on the Company's website at www.swgasholdings.com.

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com.  Alternatively, a digital replay of the call can be accessed beginning at 4:30 p.m. (ET) on May 9, 2019 by dialing (855) 859-2056 or (404) 537-3406 for international calls; conference ID: 8981189.  The digital replay of the call will be available until 4:30 p.m. (ET) on Wednesday, May 15, 2019.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, May 1, 2019 /PRNewswire/ -- The Board of Directors for Southwest Gas Holdings, Inc. (NYSE:  SWX) has declared the following third quarter cash dividend:

The dividend equates to $2.18 per share on an annualized basis.  The Company has paid quarterly dividends continuously since going public in 1956.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over two million customers in Arizona, Nevada, and California.

Centuri Construction Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, March 13, 2019 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) management will present to and meet with energy equity analysts and investors at the Williams Capital Group - West Coast Utilities Conference in Las Vegas, Nevada, on Wednesday, March 20, 2019.

John Hester, president and chief executive officer; Greg Peterson, senior vice president/chief financial officer; Ken Kenny, vice president/finance/treasurer, of Southwest Gas Holdings, Inc., and Justin Brown, senior vice president/general counsel of Southwest Gas Corporation, will present on Wednesday, March 20, at 8:00 a.m. (PDT).

The presentation materials utilized at the seminar will be accessible on the Southwest website at www.swgasholdings.com, that morning, beginning at 7:00 a.m. (PDT). 

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SOURCE Southwest Gas Holdings, Inc.

LAS VEGAS, Feb. 27, 2019 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) announced consolidated earnings of $3.68 per diluted share for 2018, a $0.36 decrease from tax reform influenced consolidated earnings of $4.04 per diluted share during 2017.  Consolidated net income was $182.3 million for 2018, compared to consolidated net income of $193.8 million for 2017.  The natural gas operations segment had net income of $138.8 million in 2018 compared to net income of $156.8 million in 2017, while the utility infrastructure services segment had net income of $45 million in 2018 compared to net income of $38.4 million in 2017.  Consolidated current-year results include a $3.2 million loss, or ($0.06) per share, in other income due to decreases in the cash surrender values of company-owned life insurance ("COLI") policies, while the prior year included $10.3 million, or $0.21 per share, in other income associated with COLI policies. 

Commenting on Southwest Gas Holdings' performance and outlook, John P. Hester, President and Chief Executive Officer, said: "We are pleased to report 2018 diluted earnings per share of $3.68, which compares favorably to 2017 results after considering the impacts of tax reform and company-owned life insurance.  Our natural gas operations benefitted from the addition of 32,000 net new customers and we continued to expand and fortify our distribution system to ensure safe and reliable natural gas service.  We also achieved our highest customer satisfaction ratings ever.  Centuri, our utility infrastructure services segment, surpassed our expectations by posting record revenues of $1.5 billion and $45 million of net income in the first full year of integration following the Neuco acquisition in November 2017. 

"Based on our 2018 results and expectations for the future, we are initiating earnings guidance of $3.75 to $4.00 per diluted share for 2019.  On the horizon, we look forward to the benefits of further utility infrastructure services expansion into the southeast region of the U.S. through the recent acquisition of Linetec Services.  Our natural gas operations segment also is expanding as Southwest connected its first natural gas utility customers in Mesquite, Nevada in February 2019.  This is just one example of our successful efforts to achieve preauthorization and cost recovery for planned capital investments.  We are excited about the long-term growth opportunities for both of our operating segments."

During the fourth quarter of 2018, consolidated net income was $69.3 million, or $1.36 per diluted share, versus $96.5 million, or $2.00 per diluted share, for the fourth quarter of 2017.  The fourth quarter of 2017 included $20 million, or $0.42 per share, in one-time income tax benefits from the enactment of U.S. tax reform.

Quarterly results for 2018 were impacted by a $9.2 million, or ($0.18) per share, reduction in COLI values versus COLI income of $3.5 million, or $0.07 per share, in the prior-year quarter.

Natural Gas Operations Segment Results

Full Year 2018

Operating margin decreased $9 million between years due to a $20 million reduction in customer rates to reflect lower income tax rates related to U.S. tax reform.  Combined rate relief in the Arizona and California jurisdictions provided $6 million in operating margin, while customer growth contributed another $11 million, as 32,000 net new customers were added during the last twelve months.  Operating margin from all other sources decreased a net $6 million between years, including reductions in regulatory surcharges that are offset in amortization expense.

Operations and maintenance expense increased $13.5 million, or 3%, between 2018 and 2017 due to an $8 million increase in pension cost and other employee benefit costs.  Higher expenses for pipeline integrity management and damage prevention programs accounted for $3.5 million of the increase.  Despite a $466 million, or 7%, increase in average gas plant in service, depreciation and amortization expense decreased $10.1 million between years primarily due to reduced depreciation rates in Arizona, a result of the April 2017 Arizona general rate case decision.  Property taxes increased $2 million between years primarily due to the increase in average gas plant in service.

Other income decreased $10.9 million between years due to a $13.5 million decline in COLI-related income.  COLI cash surrender values, inclusive of recognized death benefits, decreased $3.2 million in 2018, while the prior year reflected $10.3 million of COLI-related income.  Cash surrender values fluctuate based on the value of the underlying investments which experienced significant declines in the fourth quarter of 2018, similar to the broader stock market.  Offsetting the decrease, interest earned related to the Gas Infrastructure Replacement mechanism in Nevada increased $3.2 million in the current year due to a substantial increase in the amount of accelerated pipe replacement work under the program.  Net interest deductions increased $12 million between years, primarily due to the issuance of $300 million of senior notes in March 2018 and higher interest associated with credit facility borrowings during 2018. 

Income taxes were favorably impacted in 2018 by the reduced corporate federal income tax rate, while 2017 reflected a one-time benefit of approximately $8 million, from the December 2017 enactment of tax reform.

Fourth Quarter

Natural gas operations segment net income was $59.5 million for the fourth quarter of 2018 compared to $74.4 million for the fourth quarter of 2017.  Quarterly results reflect a COLI cash surrender value decline of $9.2 million in the fourth quarter of 2018 and COLI-related income of $3.5 million in the fourth quarter of 2017.

Operating margin decreased $3 million between quarters.  Customer growth contributed an incremental $3 million while tax reform savings returned to customers resulted in a decrease of $5 million.  Operating margin from all other sources, including the impact of regulatory surcharges, decreased $1 million. 

Operations and maintenance expenses were relatively flat between quarters.  Depreciation and amortization decreased $2 million between quarters primarily due to reductions in regulatory surcharge amortizations. 

Other income and deductions decreased $11 million between quarters due to the $12.7 million decline in COLI cash surrender values between quarters.  Income taxes decreased $1.7 million, including the impacts of tax reform.

Utility Infrastructure Services Segment Results

Full Year 2018

Revenues increased $275.8 million, or 22%, in 2018 when compared to 2017, primarily due to a full year of Neuco results ($147.9 million in 2018 compared to $17.2 million in 2017) and December 2018 revenues of $14.1 million from Linetec following these acquisitions.  In addition, revenue was favorably impacted from certain non-routine projects (including customer-requested support during strike-related and emergency response situations) and from settlement in 2018 of a previous contract dispute on a water pipe replacement project.  Revenue growth with existing customers in 2018 reflects the continuation of utility system replacement work due to governmental safety-related programs and utilities undertaking multi-year infrastructure system replacement projects.

Utility infrastructure services expenses increased $238.7 million, or 21%, between 2018 and 2017 largely due to additional gas pipe replacement work and higher labor-related operating expenses to support business growth.  Included in total Utility infrastructure services expenses are general and administrative ("G&A") costs, which increased $23.8 million in 2018 when compared to 2017, including $6.9 million (2018) and $2.6 million (2017) of deal costs from the acquisitions of Linetec and Neuco, respectively.  Excluding deal costs, but including all other G&A components, there were $133 million of expenses during 2018 related to Neuco ($120.3 million) and Linetec ($12.7 million), as compared to $14.4 million in 2017 from Neuco activity following the acquisition date.

Gains on sale of equipment (reflected as an offset to this expense category) were approximately $1.7 million and $4.2 million for 2018 and 2017, respectively. 

Depreciation and amortization expense increased $8.4 million between 2018 and 2017 partially due to $3.5 million of incremental amortization of finite-lived intangible assets related to the Neuco and Linetec acquisitions.  Other increases in depreciation and amortization expense were incurred in connection with additional equipment purchases due to the growing volume of work being performed, partially offset by a $6.9 million reduction in depreciation with the extension of the estimated useful lives of certain depreciable equipment.

Net interest deductions increased $6 million between 2018 and 2017 primarily due to interest expense and amortization of debt issuance costs from incremental borrowings under Centuri's secured revolving credit and term loan facility used to finance the acquisitions of Neuco and Linetec.

Income tax expense increased $16 million between 2018 and 2017 primarily due to a one-time benefit of $12 million in 2017 related to enactment of tax reform and the associated remeasurement of Centuri's deferred tax liabilities, and from an increase in 2018 due to higher taxable earnings, partially offset by lower corporate federal income tax rates which apply in 2018 under the tax reform changes.

Fourth Quarter

Utility infrastructure services net income was $9.9 million for the fourth quarter of 2018 and $22.6 million for the fourth quarter of 2017.  A one-time tax benefit of $12 million was recorded in the fourth quarter of 2017 associated with U.S. tax reform. 

Revenues increased $42.5 million in the fourth quarter of 2018 when compared to the prior-year quarter primarily due to a continued increase in pipe replacement work with existing customers under blanket and bid contracts, as well as increased revenues during the fourth quarter of 2018 for Neuco and Linetec as compared to the same period in 2017.

Utility Infrastructure services expenses increased $37.8 million between quarters.  Results were impacted by increased pipe replacement work and higher labor-related and operating expenses to support the increased revenue growth.  Additionally, $6.9 million in acquisition-related expenses for Linetec were incurred primarily during the fourth quarter of 2018. 

Depreciation and amortization increased $3.4 million between quarters, primarily due to the incremental amortization of finite-lived intangible assets recognized from the Neuco and Linetec acquisitions and additional equipment purchased to support the growing volume of work being performed.  Depreciation expense includes a reduction of $1.4 million associated with an extension (in early 2018) of the estimated useful lives of certain depreciable equipment. 

Net interest deductions increased by $850,000 between quarters due primarily to higher average debt outstanding (including amounts used to finance the Neuco and Linetec acquisitions) and higher average rates on variable-rate debt.

Income tax expense increased $12.6 million in the fourth quarter of 2018 as compared to 2017 primarily due to the one-time benefit recorded during the fourth quarter of 2017 due to the enactment of tax reform. 

Outlook for 2019

Management expects 2019 diluted earnings per share to be between $3.75 and $4.00.  Other highlights of 2019 expectations include the following:

Natural Gas Operations Segment

• Operating margin for 2019 is anticipated to benefit from customer growth (similar to 2018), infrastructure tracker mechanisms, expansion projects, and rate relief, including from the recently concluded Nevada general rate proceeding and California attrition. Combined, these items are expected to produce an increase in operating margin of 4% to 5%.
• On a comparative basis, operating income is expected to increase modestly.
• Capital expenditures in 2019 are estimated at approximately $710 million, in support of customer growth, system improvements, and accelerated pipe replacement programs.

Utility Infrastructure Services Segment

• Centuri has a strong base of large utility clients that are expected to sustain, and over time, grow its business. That, coupled with the recent Linetec acquisition, is expected to result in revenues for 2019 that are 15% to 20% greater than 2018 levels.
• Operating income is expected to be approximately 6.0% to 6.5% of revenues.
• Net income expectations reflect earnings attributable to Southwest Gas Holdings, net of noncontrolling interests. Changes in Canadian exchange rates could influence results.

Southwest Gas Holdings has two business segments:

Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, Nevada, and California. 

Centuri Construction Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America's gas and electric providers.  Centuri derives revenue from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.

Forward-Looking Statements:  This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings, Inc. (the "Company") and the Company's expectations, hopes or intentions regarding the future. These forward looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2019. In addition, the statements under the heading "Outlook for 2019" that are not historic, constitute forward-looking statements.  A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements.  These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, future earnings trends, seasonal patterns, and the impacts of stock market volatility.  In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, and capital expenditures of the natural gas segment will occur.  Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues and operating income percentage of revenues will transpire. Because of these and other factors, the Company can provide no assurances that estimates of 2019 earnings per share will be realized.  Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's and Southwest Gas Corporation's current and periodic reports filed from time to time with the SEC.  The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its Web site or otherwise.  The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Measures.  Southwest recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers.  Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest's profitability.  Therefore, management routinely uses operating margin, defined as operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance.  Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms.  Operating margin is not, however, specifically defined in accounting principles generally accepted in the United States ("U.S. GAAP") and is considered a non-GAAP measure.  Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment.  (Refer to the Southwest Gas Holdings, Inc. Consolidated Earnings Digest for a reconciliation of revenues to operating margin.)