Southwest Gas SWX reported third-quarter 2021 adjusted earnings of 5 cents per share, which missed the Zacks Consensus Estimate of 17 cents by 70.6%. The same declined 84.4% from the year-ago level of 32 cents.
Total revenues came in at $888.7 million, surpassing the Zacks Consensus Estimate by 9%. The same improved 12.3% from $791.2 million in the year-ago quarter.
Southwest Gas Corporation Price, Consensus and EPS Surprise
Southwest Gas Corporation price-consensus-eps-surprise-chart | Southwest Gas Corporation Quote
Highlights of the Release
For the quarter under review, operating expenses of $865.4 million increased 17.4% from the prior-year period’s $737 million.
Operating income was $23.3 million, down 57.1% year over year.
In August, it completed the Riggs Distler acquisition, which is expected to generate $600 million extra revenues through 2024.
Cash and cash equivalents as of Sep 30, 2021 were $186.7 million compared with $83.4 million at 2020 end.
Long-term debt, less current maturities, amounted to $3,573.8 million as of Sep 30, 2021 compared with $2,732.2 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first three quarters of 2021 was $51.5 million compared with $487.8 million in the comparable period of 2020.
Earnings per share are expected in the range of $4-$4.10. Questar Pipelines and Riggs Distler acquisitions will likely be accretive to earnings in 2022.
It plans to invest $650-$675 million during the ongoing year in the Natural Gas Operations segment. It aims to spend $2.1billion during the 2021-2023 forecast period.
It carries a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ONEOK Inc OKE posted third-quarter 2021 operating earnings of 88 cents per share, surpassing the Zacks Consensus Estimate of 83 cents by 6%
ONE Gas Inc. OGS reported third-quarter 2021 earnings of 38 cents per share, on par with the Zacks Consensus Estimate.
MDU Resources Group Inc. MDU reported third-quarter 2021 operating earnings of 68 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 13.9%.
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