Southwest Gas says earnings were stable
Southwest Gas Corp. of Las Vegas on Friday reported that first-quarter net income was about the same as a year ago as the economies of Nevada and Arizona slowed.
The gas distribution company earned $49.2 million, or $1.14 per share, for the three months ended March 31, down from $49.8 million, or $1.17 per share, a year earlier.
“Customer growth continued to be affected by a sluggish new-construction housing market as the inventory of unoccupied homes remained high in our service territories,” Shaw said.
“Our natural gas operations segment recorded solid operating results in the first quarter,” CEO Jeffrey Shaw said in a statement.
Cooler temperatures increased gas consumption, and operating expenses were minimized, Shaw said.
Operating revenues increased 2.5 percent to $813.6 million from $793.7 million in the first quarter last year.
Shares of Southwest Gas increased 12 cents, or 0.39 percent, Friday to close at $30.55 on the New York Stock Exchange.