Southwest Gas Posts Profit In Q2 - Quick Facts

(RTTNews) - Southwest Gas Corp. (SWX) reported higher net income of $10.11 million, or $0.22 per share for the second quarter of 2013, compared with a loss of $3.7 million, or $0.08 per share last year. Prior-year results reflected a nonrecurring contract loss at the Company's construction subsidiary. Due to the seasonal nature of the Company's businesses, results for quarterly periods are not generally indicative of earnings for a complete twelve-month period.

Quarterly consolidated operating revenues totaled $411.57 million, an increase from last year's $409.77 million.

Jeffrey Shaw, President and Chief Executive, said, "We are pleased with our second quarter 2013 earnings of $0.22 per share. This reflects solid performances by both the natural gas and construction services segments. NPL contributed $8.1 million to the bottom line this quarter, a significant turnaround from the prior-year quarter's net loss. The natural gas segment's higher contribution to net income was driven by improved COLI-related income and lower interest deductions, coupled with stable operating results."