Southwest Gas (SWX) Misses Q4 EPS by 17c, Revenues Beat; Initiates FY19 EPS Mid-Point Guidance Below Consensus

Southwest Gas (NYSE: SWX) reported Q4 EPS of $1.36, $0.17 worse than the analyst estimate of $1.53. Revenue for the quarter came in at $786.65 million versus the consensus estimate of $375.48 million.

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."

GUIDANCE:

Southwest Gas sees FY2019 EPS of $3.75-$4.00, versus the consensus of $3.99.

For earnings history and earnings-related data on Southwest Gas (SWX) click here.

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