SWX - Earnings call transcript Q3 2020 | Southwest Gas Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Southwest Gas Holdings 2020 Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would like to hand the conference over to one of your speakers today, Ken Kenny, Vice President of Finance and Treasurer. Sir, please go ahead.

Ken Kenny

Thank you, Michelle. Holdings Gas Southwest to Inc. Welcome earnings XXXX call. third quarter conference

is and and I Michelle stated, the Kenny, name my Finance As am Ken Vice Treasurer. President,

Internet. call live conference being the Our is over broadcast

to those access website For www.swgasholdings.com on link. click conference and who you would at the please visit of webcast, our call the like

Peterson, we Chief Internet, Executive P. John Hester, Officer; and Chief We the be to Mr. which have slides President, follow have accessed Mr. Senior Gregory and Mr. J. Officer; can Financial on our Vice presentation. Today, President

differ turn to to any like such update over from or a forward-looking management's statements that and obligation factors may X company no L. Gas impact contains Brown, not I XXXX release will are These on cause also that you XX, brief our press and time and may of to Senior of the filings statements. would to earnings. Further, our Justin that operations Vice on President, factors should guidance September certain may results the a All that Corporation, senior this the and which Counsel discussed General forward-looking assumptions, information to you to have provide the year's overview the today, come Southwest true, Slide will SEC our as asked company's to may ended statements. lawyers and forward-looking description members assume refer made discuss as we of to reaffirm be the and some statements. earnings of the XXXX me other remind of earnings said, based for and John. language With are share coming management for statements of per actual that

John Hester

Thanks, Ken.

Turning to our following. for highlights quarter third Slide the include X,

holding company earnings per the experienced level, of $X.XX. we First, share at

realized electric that to refreshed is third services hurricane. resolution numerous to business record effective of infrastructure regulated sustainability report, recently outlook focus our our our Gas environment, to application net XXXX are as customers which Centuri the and to Nevada quarter portion A our decrease our we our due At commitment revenues We upgrade of the income robust our Corporation our of XX,XXX a million revenues October sets governance. finally, from past life million, that stable. expense customer of emergency $XXX income the Centuri storm And of And utility case we insurance segment, operation rate record we year, support work S&P rates accrued provided added Southwest related also company-owned damage our results our regional to $X.X performed million, maintenance many negative third us over $XX.X customers. facility and corporate released increased Meanwhile, communities, XX% to of first-time segment, regulated initiatives Holdings utility third of at general quarter Gas and XXXX. financial significant million. experienced of and Southwest XX-month quarter saw included in operations, meter undertaking for utility our our its from growth support details continued $X.X employees highlights that services a from of and for the trailing our

Slide an call. to today's Moving for X, we provide outline

for our businesses. First, quarter with our services a and third financial on report Greg infrastructure results will detail utility Peterson regulated provide segment

expectations that, base, growing beyond. XXXX for the of to on growth sustainability Greg. And various close will over turn comprehensive remainder our of COVID-XX, report I and regulatory liquidity, on capital the recently I provide now and call our a report customer report Brown our With and our base rate a management issued will with Justin will activities. our

Gregory Peterson

Thank John. you,

yesterday report invite XXXX. afternoon. quarterly and documents for quarter release press you outlook read earnings for and additional made to our third of available reminder, And results details Form I our were a As on those XX-Q

start with total results let of X. call, today's the company For summary me operating on Slide

For was prior or million the compared per income year September share net share. in diluted $XXX the XXXX, or XX $XXX per to XX, $X.XX net period ended million income months of diluted $X.XX

$XX.X the For consolidated quarter. net income XXXX, of quarter third for versus year the was $X.X million million prior

to dime rose Third quarter The from segment. results EPS several next XXXX. a by XXXX in $X.XX detail slides in

with quarter Centuri's results third me Slide start on X. Let

these days safety of and work included restore services Revenues working protecting quarter to XX% remaining diverted of infrastructure work were return original were $XX.X XX-hour or third net non-controlling things, power infrastructure infrastructure As of prior in than earlier, expenses blanket growth of to third and health bid the segment, and $X other under levels were over perform following associated and The to $XX.X generates payroll, items employees U.S. These year customers and the customers, Eastern the the At over million profit at electric decline emergency realized third volumes depreciation rates under emergency this of were service in $X.X credit attributable record posted to currently overall own. and income from the The associated million primarily the nearly and our services additional XXX to themselves quarter. and income quarter to million restoration portion due significant had also peak the million among with over interest grew hurricane once incentive the $X satisfied. business profit-based compensation million damage growth. Gulf to homes for needs to interest G&A also in grew regions revenues. lower employees community. their electric business is Centuri, the The in vigilant during borrowings John increase mentioned in of contracts we other the for our Centuri's $XX million, primarily emergency utilities, due utility businesses, $X.X thousands by million to support year other the not services expenses and placed typically facility. expense Higher The infrastructure allocable effort, a quarter to back and due infrastructure restoration do of The over increase quarter Storm higher services record assignments the Coast of million of while in improved component volume equipment work reflects increase $X.X margins utilization. was prior that administrative core higher reflects of and of Linetec business. equipment XXXX. with net to, the amortization related we on efficiencies operating gas higher in

acquisition quarter, years two Linetec provided ago shareholders, level electric infrastructure to our while their our electric of top financial this to As utilities demonstrated in customers. business and service has in benefits particular, providing

Slide operation quarters. our chart results. quarterly to go natural results shows Now of the components in and natural operations let's This between improvement gas the gas $X X waterfall million

expand of travel late first-time of a a during operating temporary balances. reduction of initiatives, growth, million. the fees the seasonality this utility quarters, in to natural cost COLI decreased last and million other between distribution life as or between mentioned, decline sets of of plant meter gas of a deferral XXXX. $X.X and also reduction and past the million third O&M charges, the Despite in due value depreciation, as to system. are in-person of primarily margin John benefit decline. our business, reflected $X.X The quarters of quarters COLI improvement million, as and O&M income claims-related $X.X expected. various in and reinforce and $X.X amortization well expenses increase increase in Bad non-service and in only service versus $X.X in including hiring pension-related company-owned from third slightly planned in XX average the reflecting As in year's as and of quarter cash $XXX,XXX modestly including insurance continue offsetting in XXXX in personnel general customer are the of lower about quarter a third $XXX,XXX associated by the taxes margin policies relief, million on expense Partially incremental $X.X regulatory increases rate due million in reminder, costs. cost months million [of Management a $XXX,XXX connection/re-connection increase moratorium over declined XX,XXX X% losses reflects incremental we training $X.X this increased cost million a income] with million or amounts was surrender quarter. debt replacement $XXX quarterly the impact account between reflects $X.X of legal The projects containment gas and the delayed to

higher Lastly, June in XXXX senior the robust issued uptick capital interest outstanding, that expenditure facilitate Southwest's to $XXX debt million expense program. in we of $X.X reflects notes million including

our by months XX, X. activity, XX-month a the review slide to relative during transition beginning operating we'll depicts ended This the contributions Slide on XX segments September XXXX. Next, two

see, services group can operations gas our infrastructure third natural our quarter. consolidated provided current is mix The provided of performance Centuri contribution due term utility expected XX%. net to As than slightly while higher longer record Centuri's in XX% the Centuri you income,

the $XX.X in well services approximately including and at increase Linetec million $XX costs to Linetec, the with to work. revenues infrastructure between in Linetec infrastructure prior million million of shows the increase increased due of million We'll restoration nearly also incremental to service from higher acquired Centuri from increased in Overall, between primarily which million support the periods, from XX% higher each Centuri during gas volumes income operations, restoration $XXX look Depreciation XX million of XX-month start year billion the $XX.X associated between we including additional Infrastructure additional $XX.X revenues $XXX primarily incurred XX-month Of to emergency expenses with period, Slide was revenues Let's related XXXX. or Incremental amortization services. of associated electric net incremental were due than XX and million, costs move storm periods. placed operations, last of work. income as $XXX from details the components work. with equipment net periods. Centuri. segment's XX million increased Slide to as $XXX months, $X.X November were

line We attributable Centuri's In the and profit additional Linetec. assets. that income the other category interest intangible these $X.X primarily further useful operating appendix expense gross EBITDA, The portion the and is The to materials net also format we separate to due interest a was slides summary separately results includes evaluating to of investors results. in decrease A from may this credit of reflects non-controlling amortization added measure, million in primarily in Centuri's presentation, interest a identifies the accompanying be facility. have non-GAAP presentation rate to analysts Centuri believe in of a lower included. of Centuri

in includes COLI million the margin reduction relief continued operations $XX gas and between conclude also in resulted million XX-month This of $X and periods. $XXX unfavorable associated hiring approximately on account expenditures interest natural $X or million a $X.X $X.X in $X current one-time results with or about approximately The and planned $X.X prior equity million the the reflects primarily Arizona growth of in million year increase reform, The X% $X.X reflects reform million May, of system. amortization the X.X costs. in increase to the in or rate from the general the are $XXX million gas $XXX,XXX update. my decrease net operations which million with in turn taxes X% margin during $XX.X expense our over accumulated excess taxes was associated as debt periods. operating income approximate remaining additional The regulatory a cash $XXX increased reduction training AFUDC from service. funds higher O&M periods, income natural finance program gas taxes in prior regulatory million delayed periods. asset million The of The amortization tax The $X.X million various the Justin pension in in amortization for U.S. a XX-month recoveries. reduction in in impact year. cost following of issuances $X capital XX. operating million other depreciation, with Brown taxes and million income includes million income including between me in months to expense. increase tax The now apportionment Nevada the of continue due while increase customer of included million deferral period income XXXX and decoupling $X.X for construction. that, between components used in-person $X Slide between XXXX Bad versus reduces Non-service million plant a due changes, increased reduction improvement million XX fortify The million $XX.X million in adjustment California. decrease lower depicts June combined presentation increase we in and million Let surrender containment state in is Impacts expense for I'll expand and initiatives, in in of reflected travel regulatory to mechanism. deferred Management reflects $X debt in to interest average XX-month allowance to $X.X component in an a increase projects call reduction. $X.X a income value distribution review tax an and period the and balances costs million slide in income in the With

Justin Brown

regulatory during several of on Thanks, this We Greg. progress some made our quarter. good initiatives

Paiute our became rate settlement approval of August. First, case final in FERC

our rate a some resulted the a which rate little mid-September. of in Slide August October. an detail case in our case our in proposed settlement rates in more each hearings We million milestones on week on expansion new We provides Arizona. several completed We efforts. of that order Nevada in the rate we’ve also and and received reached I $XX overview completed first projects sustainability key California our in briefing in will these August. case filed September of legal stage of update final XX, starting And

before XX the XX As following the with we've recommended year. briefing seeing rates a always days mentioned, of we've new previously to and end opinion order legal anticipated within days

We are December and receiving weeks for within would X. timeframe, and the scheduled still next a opinion order couple December agenda, on being and and within anticipate is we recommended currently X of that anticipate the which

XX Slide case. to rate and Moving our Nevada

As the and in hearings I mentioned end of decision received September. previously, a we August completed

the to with ROE effective The of approved billion. also in X.XX% unamortized the approved with as of an recovery the decision costs of case full our rate projects CDMI as from increase an and customer, year of became of the relative our of amounts Mesquite an test software the rates revenue million equity rate ratio well base of the in disallowed previously project. case, New XXXX and expansion project cost amounts The authorized associated October. $XX XX.XX% $X.XX

We continue our also approval to design. received with fully rate decoupled

increase authorized proposed with the settlement and settlement on XX% case of the XX. for to We Turning revenue August. an to ROE XX% base week ratio provides of our $XXX.X of Slide including filed California rate proposed our agreement million. $X.X commission agreement an first of of rate million, The a an equity relative

will customers. making rate to to safety surcharge. $XXX for We years Two recover through components programs, reliable important And these the adjust case costs the us which invest and allow risk ensure also agreed continued we five by revenues safe year to include annually of service attrition in us our informed a continue approval which annually next decision to be also five will up measures proposed over to the allow filings, million over our allowed to cycle. very of next X.XX% our rate other annual

part as test for of we original accounted Tahoe the in In North addition, project to as base This million efficiency the of original cost we included recently $X the proposed recover period to request, completed. the filing, annually estimated the which million remove case. replacement $XX.X our are agreed agreed of in as project and $XX a it from million and segments large the a was in instead, project simply rate parties $XX of about million Lake future the nearly

this the final year. end We expect a before of decision

Turning XX. to Slide

will of pre-tax case service a cost rate mentioned, we reached on of slightly settlement upon return As based box of that black a stated existing rate reduce the our previously Paiute X.X%.

of LNG the continue first addition, The term five August. design week part the and the In storage the year parties and rate to extension effective contract customers agreed settlement proposed differentiated to as became both agreed transportation of settlement.

supply to Turning we the Southern pipeline on main in first In Subject later receiving we construction the into Northern for with main make by XXX% the month. Creek testing the this quick several be approval will Nevada, up area, of stage first completed proceed month. expansion signed has and service. and source in we our natural end since update the to to completed on neighborhood Nevada, continue a on of serve gas approach the testing which service natural possibly progress to In to where of for are of gas main, our Slide million final before SBXXX $XX our customers construction Spring approach We've our of track Mesquite. our projects. $XX on customers contractor we're have permanent that final of this approach of to million expansion-related proposal, XX initial the place main, project

Turning to XX. Slide

at stakeholders including with focus gas Another Southwest important that John earlier compressed natural working opportunities. natural sustainability renewable partnering and gas stakeholders key mentioned been on with on Gas various initiatives, has

received facilities approval interconnect facility. wastewater a on gas the distribution we build to One allow the During our suppliers proposals with Arizona dairy two system. is is a natural different to quarter, treatment farm in other and renewable to

turn of of existing their used behalf used that we've renewable a CNG Transportation for are also We it with to approval filing the since that to back dairy the And of Regional their fleets. Nevada requesting I'll In filed Nevada, made proposals in Commission currently will pending load John. additional Southern have two ACC. supplement natural be farms before gas on purchase to that,

John Hester

Justin. Thanks,

XX. Turning Slide to

safety and and and equipment a the maximum all employees to home has our interruption affected pandemic customers employees, have challenges While those our service to our or continue is we customers, the of with that watching reliable, and with for available Continuing a social to pandemic. working share aggressive utilization inconvenience. are challenges their program at programs dialogues and natural temporary and continuing gas customers, distancing contractors community Numerous COVID-XX financial outreach while navigate protocols without charitable us that of of ensuring for utility our and impact to COVID-related from of number Slide programs, affordable the health provide provided thrown and office protective to to along fees non-payment protective PPE support, ensure safe, sponsored late our practices effectively, with also numerous we support from of increasing increased financial continuing disconnections work distancing, the of organizations practices. our ensure customers been XX, along personal financial potential including most social to governmentally with our use suspension best provide support leaders, on for any contributions coordination

to of recovery to to remained providing with only three base regulators Although Slide utility margin $XXX,XXX partner timely growing reported, rate continue customers. under we'll to XX, detail we be utility past cost of decoupled as expense On bad That this our continue across strong, our employees our And Greg service debt ensure utility customer rose structures healthy. quarter. said, our states. diversified

XX-month first-time the have home other the strong low gas from those continue service. and prices we homebuyers increasing, XX,XXX service homebuilders Nevada to been ending and sets states Existing inventory country. September as to has in-migration demand our experience both Arizona around As been mentioned, meter as period homebuilding and experienced continue natural remains previously for in territory XXXX XX, and

Turning Slide to XX.

in Technologies. headquarters Arizona, we the Hotel in week a Las service Vegas customer in this United our projects continues project of continued new open and and entity In billion square commercial Circa to the ramp plant year. Tucson including billion COVID vehicle summer residential Lucid World In past Resorts hotel post-merger Downtown expansion industrial and of foot manufacturing $X and Strip expected Raytheon near up Grande, include to the territory. at of for progress XXX,XXX $X see the continue the in prior Systems Las shutdown, our billion Motors' casino growth, the Beyond Missile identified being electric facility manufacturing Center business exciting as on Casino next $X.X Casa Vegas, growth the just to Intel's opening also from Chandler continued

quantitative We of customer and On year's of new demand growth XX. Slide affordable provide previously numbers. Slide home robust the customers services reliable we customer to XX, why continue Moving year showed excellent energy natural to set with the exceed some part referenced some last to in many I gas permits provided detailing reasons satisfaction. the our with services, information world this

residential Satisfaction and Just this month, rating Customer excited the for agency. Southwest leading satisfaction third-party business very we Gas Best in from past separate, are a designation to West customer win

received resonating as that our safety, several other the price, leading corporate categories, are from a we marks reliability, on our values communications, Gas team customers. indicating customers citizenship, that prioritize management and Southwest core all with

to This causes we growth significant and pursuing Turning across to customer have aggressive meet these to to anticipate capital possible our territory safest the system gas to Slide XX. year, Continuing continue expenditure our and goals. most us distribution commitment plan. a million service reliable $XXX investing

Over Slide billion. the to total from three year balanced investments systems expected in cash is XXXX, $X.X and ensuring and of that expect detail financing the with to future debt completed capital expenditures of some flows needs continued growth a quantitative XX-XX sources, mix best and holders. company's of our shareholders a mix issuances. provide will and is collective on come period be financed internal of that capital debt our ended our equity Funding and our those we in we our XX, On additional interest responsibly

XX. Slide to Moving

on information growing in X.X% base, our that represent serving liquidity translate will On the operations. $X.X over an billion our which natural XXXX, XX, in XXXX. ended annual utility our base. base customer reinvestment period gas we continued compounded Slide for growth of our profile the regulated rate will rate rate provide five-year increased end operations ultimately into anticipate Our By we have

of referenced stable the report issued the quarter. credit The Slide Holdings. million practices, available available sustainability details local for this to revolving on our for responsible diversity, communities $XX report a of is and we The Southwest team, with at the our end management web $XXX at review website and experience the Gas continue the our and only XX, address have investors. noted I million sustainability. our cash our third We to flows report. ethical being On used report commitment highest recently facility our of to well bottom business as priorities are as embracing encourage inclusion and environmental strong the and promoting our to page. our important you equity employees, check standards of These customers, out as

it I informative interesting. and think you'll find

to have national to Both We Turning believe pandemic. of strong remarkably with XX. our during our current disciplined model proven and Slide business segments coronavirus that Holdings focus. business resilient be of Southwest Gas the continues a stable

highly natural experience customer gas base and rate desired to customers. and while a service to growth, our Our continue affordable providing operations

combination affirm end of beginning earnings year. generate of continue continue gas, guidance we the with year, share service At optimization, with this continue to initiative management to we energy our also the to growing regulators. $X. source $X.XX continue further per of increasing decrease on expect At cross-selling the infrastructure natural customers, the of to On to relationships our focus utility renewable this and Slide per carbon our to resource cash company. operations an we cost at to investors issued our dividends our reward dioxide parent continue services group, pursue dividends. opportunities efforts our a we'll emissions. and for share and believe green earnings We'll profitability will and We efficiency, of to Centuri excellent providing to to collective We working utility to strive earnings XX, services with execution,

realized estimate million earnings COLI $XX earnings compared $X XXXX, the includes XXXX. insurance to life year-end an Our for assumed $X in million of we to that million company-owned in

more looking Slide toward we detailed end. year Moving expectations as to XX, approach

gas Pension due Operating our increase to to partially operating should low to natural expected X% by rates. income to by are is costs by margin operations, increase discount For increase $XX.X expected X%. X% to million, X%.

total Capital million $X.X mentioned I should COLI three the $X of over $XXX program. $XXX the the we to should XXXX. expenditures equity assume through $X year for ATM this million. $XXX issuances last As current and million returns And year slide, year ended period our million million normalized to approximate billion on

For attributable services million. X.X% Operating our revenues. of to net X%. X% earnings utility infrastructure be to rates exchange influence Southwest approximate to interest. Gas Centuri Net million to expense should X% non-controlling expected of increase our $X Holdings Canadian operations. to income income to revenues And to expectations $XX Interest results is segment, Canadian estimated by reflect can are due

our over period three base over period Turning affirm ended compounded our our expected are revenues three revenues level, million income of longer-term operations, X.X% period three our XX. XXXX, issuances to natural to a to ended over to the infrastructure year five Slide expect years period. to million XXXX. Centuri business, that the X.X% And holding At of $XXX $XXX total XXXX, payout a of we target billion XXXX total ratio ATM equity company services operating X% annual XX% We growth rate XX%. through should expectations. at the dividend gas expenditures year ended year capital be and to should ended will At $X.X for to the same and over X% X.X% rate and annually utility expected grow and is our we the

Finally, believe well complementary come. are Gas that two we continued for segments to years Holdings and that for Slide business XX, positioned Southwest continue attractive has on to growth

We in and gas reliability regulated grow growth, compelling platform focusing and to these reinvestment infrastructure to providing risk Ken. increasing system. the I needs while operations offers low and safety utility investors. rate utility dividends services customer focus of utility and businesses Our customers, group return by catering continue continued two will the continues that, strong offerings our to utility base our a of on proposition value service distribution Centuri's on experience growth, strong their the to long-term call for cash believe combination our With free flow. a diversify

Ken Kenny

Thanks, presentation. concludes prepared our John. That

two business your For other have with provided information also can segments. those an at about its These Gas slides, pertinent that slides be and our appendix reviewed slides have Southwest convenience. accessed who include we Holdings

Our process for operator, the will now questions. asking Michelle, explain

Operator

question [Operator comes Ciccarelli Instructions] Richard first line Thank from of America. of you. the Bank Our with

Please Your open. line ahead. is go

Richard Ciccarelli

update call, Hi, thanks the robust very for and there. appreciate taking my

Just count. still ACC elections lead and the democrat curious one republicans on here, right in some to you left seems be it have like now, the votes two

of where end? you gives up curious And sitting by Just we potential What are the case the does how that I confidence here? meetings some year have things timing see decision ALJ open rate the them? believe the coming rec. with outcome impact in as you

Justin Brown

it's Justin. I as be Anna Marquez it current it looks moment Yeah, still then democrat O'Connor. commissioner votes, Hey, and the also is will described, think is vote leading followed but like Tovar, by Lea gainer, who mean, their Jim they're who Peterson, you the Richie, I at counting

So, terms counting. super close votes, those of but obviously, they're they in are still

of schedule. finale XX get we'll that about window couple hopefully in day we day So contingency that that one impacting the the middle we're for kind days. XX talked still of that of of one, some their couple of that also don't has of I of to the the meeting set end I in. and open have Xth part the they kind anticipated been we've anticipate Again, that commission But our know next agenda experience a dates; the know December. has before December Xth. our November,

here meeting of seeing that an So, confident in we us open next route agenda. there’s four also a I on the for opportunities weeks. to And feel anticipate get couple

of So they've experience, well year as as out for open that's the our of meeting planned in got kind on opportunities. historical of what terms just the remainder based

Richard Ciccarelli

cost bend your And to it like the it. curve utility drivers you. then on the at XXXX, there. Got That's Thank you're very for there. able helpful separately, updated seems just

we are the where sit be that within range? Just be of drivers you what we thinking curious, the should thinking should And here how about about key the that for year? remainder

Gregory Peterson

Richie, this is Greg.

down been As been come some staff office COVID-XX as to savings Over our [Technical from we the home we services and the offices. customers we people ramp customers you well. service of been cost our into found Difficulty] money have safely number associated that. without contact, to and mentioned, certainly need. indicated, the for the as manage us have there reach that out works able of XX% ways we We has with as to as that We've saved personal change efficiently to the provide and able and indicated, impacts

into well So, savings future. continue to of these some we are situated the

think we That conferences to mentioned has the meetings have success reach the time ongoing and savings limited to of and person company suppliers. and that and participate us. been business we at it's various has our customers cost important been of in our to in though, part an As interactions, with have out

back in However, we those of future. come expect the to some

later things But cost long your fashion XXXX. some our So, is, costs ramp to receive in move this we up down. money expect we've learned year question basis we to an the the benefits that saving and do into and keeping quarter fourth expect in and answer back the in ongoing short on to as of we

Richard Ciccarelli

right. All

end necessarily or to just pointing you're with provided, in the but still that? top that not those cost anything like savings, So, confident you range the

Gregory Peterson

Yeah.

in range guidance range items will of would relief. the We confident And and Justin concur, think the one the in mentioned of that provided. and outstanding timing our be as I John has have amount very rate we Arizona are

Richard Ciccarelli

All right. all a lot. had. That's thanks I Greg,

Operator

next from Levine question And our you. Citi. Thank the Ryan with of line comes

Please open. go is line ahead. Your

Ryan Levine

afternoon. good Hi,

Centuri you that in – and Given COVID-XX, the appendix, margin seeing contract added initiative structures costs cost the procedures expansion more for opportunities at in are light to work you the thing? you're that changes of or that is utility in

Gregory Peterson

about distancing cost substantially Greg. again, performed structure. we've The initiatives protective again, and office they the Centuri, go appropriate measures, their services to really that emergency services utility continue construction talked And side. third perform outside are possible. necessary and including by is is and work they the utilizing are people But that Ryan, quarter. out use this PPE their they're in on of where appropriate highlighted the were the

measures have they some So found side. in those saving general, like we've efficiencies, on but focused about utility are the the that cost utility talked

Ryan Levine

quantify of you the Centuri's some of can also, the then results? on storms quarter impact And this

Gregory Peterson

of other very each work were on came employees Greg. that as mentioned, were of work. emergency people the that, This different these profitable doing considerably. XXX the incidents were they peak But the worked from pulled incremental were customers. and same on results revenues work And Yeah. each restoration that the or at that course, plus talked for from working is the contracts Those we've about, I that storm the of the

that while So, services safe restoration I us. to and say these think profitable for safety it's were more

to haven't the to out revenues increase the have put levels to increase X% X% revenues We this we annually. three that we any year and year quantification about other to than talked expect

Ryan Levine

numbers? substantial? in mean, been Okay. there you're about per talking just a share to or going I of may way more even be of benefit the if to we going share the it to specific or not is the I more upside have frame pennies are scope is terms mean,

Gregory Peterson

increase think revenues, relationship at I incremental can of results conclusions than at some share profitability Yeah. overall you I the revenues, we've any the the definitive more draw the work that revenue third the can look storm in on see quarter we certainly, you overall and from you call, information increase. look revenue increase want don't to other think the you got about the of to incremental and if

So, I I but specific give than can math other information don't some ideas, that. any we're think providing you that think

Ryan Levine

you. Thank Okay. I appreciate it.

Operator

showing Thank you. over to And Kenny this the time. I Mr. to for at like turn questions remarks. back And I'm further Ken would further conference no any

Ken Kenny

Inc. Gas Michelle. in participation great Southwest This you. call, Holdings, a conference we concludes day. your and Thank and Thank you, appreciate interest our Have

Operator

conclude program participating for and you may and day. disconnect. Ladies great you This the thank in have conference. today’s gentlemen, all does a Everyone

Southwest Gas (SWX) 8 Nov 202020 Q3 Earnings call transcript