Southwest Gas blames 2nd-quarter loss on pipe-replacement project
7 August 2012
Southwest Gas Corp. fell into the red during the second quarter after losing $13 million on a pipe-replacement project.
The Las Vegas-based utility said Tuesday it lost $3.7 million, or 8 cents per share, during the quarter ending June 30. That compares to a profit of $4.1 million, or a gain of 9 cents per share, during the same period last year.
The company attributed the slide to a loss of $13 million on a “large fixed-price pipe replacement contract.”
The quarterly loss comes amid rising revenue. Southwest Gas reported earning $409.8 million of operating revenue in the second quarter, up 5.5 percent from $388.5 million a year earlier.
The company provides natural-gas service to about 1.9 million customers in Arizona, Nevada and California.
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