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