Attached files
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|---|---|
| 8-K - SECOND QUARTER 2017 EARNINGS RELEASE - Southwest Gas Holdings, Inc. | form8k8717.htm |
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SOUTHWEST GAS HOLDINGS, INC.
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SUMMARY UNAUDITED OPERATING RESULTS
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(In thousands, except per share amounts)
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THREE MONTHS ENDED
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SIX MONTHS ENDED
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TWELVE MONTHS ENDED
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JUNE 30,
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JUNE 30,
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JUNE 30,
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2017
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2016
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2017
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2016
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2017
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2016
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Results of Consolidated Operations
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Contribution to net income - gas operations
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$
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9,522
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$
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2,358
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$
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86,460
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$
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79,941
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$
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125,942
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$
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113,302
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Contribution to net income - construction services
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8,716
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6,585
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1,382
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4,448
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29,552
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32,472
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Corporate and administrative
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(374
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)
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-
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(670
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)
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-
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(670
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)
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-
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Net income
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$
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17,864
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$
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8,943
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$
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87,172
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$
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84,389
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$
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154,824
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$
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145,774
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Basic earnings per share
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$
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0.38
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$
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0.19
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$
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1.83
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$
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1.78
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$
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3.26
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$
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3.08
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Diluted earnings per share
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$
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0.37
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$
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0.19
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$
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1.82
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$
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1.77
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$
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3.24
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$
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3.06
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Average outstanding common shares
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47,571
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47,473
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47,550
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47,455
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47,516
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47,347
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Average shares outstanding (assuming dilution)
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47,884
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47,811
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47,874
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47,787
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47,857
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47,693
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Results of Natural Gas Operations
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Gas operating revenues
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$
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260,162
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$
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255,648
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$
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722,764
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$
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780,748
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$
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1,263,428
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$
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1,395,629
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Net cost of gas sold
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69,421
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71,416
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216,300
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285,016
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328,405
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486,048
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Operating margin
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190,741
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184,232
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506,464
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495,732
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935,023
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909,581
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Operations and maintenance expense
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102,501
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98,744
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211,180
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199,541
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413,363
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397,886
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Depreciation and amortization
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46,254
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57,232
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107,449
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117,977
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222,935
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224,845
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Taxes other than income taxes
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14,497
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12,987
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29,279
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27,000
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54,655
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50,982
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Operating income
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27,489
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15,269
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158,556
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151,214
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244,070
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235,868
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Other income (deductions)
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2,052
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2,436
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5,663
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4,191
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9,748
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3,569
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Net interest deductions
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16,991
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16,561
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34,201
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32,791
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68,407
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65,041
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Income before income taxes
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12,550
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1,144
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130,018
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122,614
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185,411
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174,396
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Income tax expense (benefit)
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3,028
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(1,214
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)
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43,558
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42,673
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59,469
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61,094
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Contribution to net income - gas operations
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$
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9,522
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$
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2,358
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$
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86,460
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$
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79,941
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$
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125,942
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$
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113,302
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SOUTHWEST GAS HOLDINGS, INC.
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SELECTED STATISTICAL DATA
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JUNE 30, 2017
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FINANCIAL STATISTICS
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Market value to book value per share at quarter end
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202
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%
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Twelve months to date return on equity -- total company
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9.3
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%
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-- gas segment
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8.1
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%
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Common stock dividend yield at quarter end
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2.7
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%
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Customer to employee ratio at quarter end (gas segment)
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888 to
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1 | ||||||||||||||
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GAS OPERATIONS SEGMENT
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Authorized
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Authorized
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Authorized
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Return on
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Rate Base
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Rate of
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Common
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Rate Jurisdiction
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(In thousands)
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Return
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Equity
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Arizona
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$
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1,324,902
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7.42
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%
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9.50
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% |
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Southern Nevada
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825,190
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6.46
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10.00
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Northern Nevada
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115,933
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7.88
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9.30
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Southern California
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159,277
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6.83
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10.10
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Northern California
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67,620
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8.18
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10.10
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South Lake Tahoe
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25,389
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8.18
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10.10
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Paiute Pipeline Company (1)
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87,158
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8.46
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11.00
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(1) Estimated amounts based on rate case settlement.
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SYSTEM THROUGHPUT BY CUSTOMER CLASS
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SIX MONTHS ENDED
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TWELVE MONTHS ENDED
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JUNE 30,
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JUNE 30,
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(In dekatherms)
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2017
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2016
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2017
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2016
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Residential
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45,810,326
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45,797,775
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68,475,112
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71,709,842
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Small commercial
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17,864,184
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17,569,917
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29,746,780
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29,857,918
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Large commercial
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5,047,946
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4,983,834
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9,159,002
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9,128,712
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Industrial / Other
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1,691,615
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1,570,129
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3,149,000
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3,063,175
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Transportation
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46,880,253
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47,775,900
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96,160,440
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107,116,483
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Total system throughput
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117,294,324
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117,697,555
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206,690,334
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220,876,130
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HEATING DEGREE DAY COMPARISON
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Actual
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1,126
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1,147
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1,590
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1,758
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Ten-year average
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1,227
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1,248
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1,748
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1,776
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Heating degree days for prior periods have been recalculated using the current period customer mix.
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