Southwest Gas (NYSE: SWX) reported Q1 EPS of $1.31, $0.26 worse than the analyst estimate of $1.57. Revenue for the quarter came in at $836.32 million versus the consensus estimate of $538.75 million.

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