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Southwest Gas' Q3 net income plummets, misses estimatesfrom SNL Energy Finance Daily Southwest Gas' Q3 net income plummets, misses estimatesByline: S&P Global Market Intelligence Southwest Gas Holdings Inc. on Nov. 6 reported net income applicable to the company of $5.4 million, or 10 cents per share, in the third quarter, a drop from $12.3 million, or 25 cents per share, a year ago. The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was 25 cents per share, with three analysts reporting. Consolidated operating revenues were $725.2 million, up from $668.1 million in the previous third quarter. Operating margin was $174.9 million, an increase from $167.6 million in the prior-year period. Southwest Gas, which serves more than 2 million natural gas utility customers in Arizona, California and Nevada, attributed the decline in net income to the consolidation of a pending Arizona surcharge request into its current Arizona general rate case proceeding as well as cost inefficiencies and mix of work changes with some utility infrastructure services customers. |
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