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November 10, 2009

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Vegas utility’s loss widens

Friday, Nov. 2, 2001 | 10:48 a.m.

Southwest Gas Corp. of Las Vegas reported a loss of $16.5 million for the quarter ending Sept. 30, widening by 70 percent over the year-ago period.

The company, Las Vegas' dominant natural gas utility, lost 51 cents per share during the quarter, compared to a loss of 31 cents per share in the year-ago quarter. The company's results had been bolstered in the year-ago quarter by one-time income tax benefits of $4.4 million, or 14 cents per share.

Southwest usually reports losses in the third quarter because of seasonally low demand.

The company said its results were hurt by the delay of rate hikes in Arizona, where it has the most customers.

Southwest's revenues rose 24 percent to $246.1 million, and its operating margin rose $9.8 million, or 12 percent. But operating expenses increased $9.7 million, or 11 percent, and financing costs rose $2.6 million, or 14 percent.

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