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Southwest Gas HOLDINGS Southwest Gas Holdings , Inc. Announces First Quarter 2021 Earnings May 6 , 2021 LAS VEGAS , May 6 , 2021 / PRNewswire / -- Southwest Gas Holdings , Inc. ( NYSE : SWX ) announced consolidated earnings of $ 2.03 per diluted share for the first quarter of 2021 , a $ 0.72 increase from consolidated earnings of $ 1.31 per diluted share for the first quarter of 2020. Consolidated net income was $ 117.3 million for the first quarter of 2021 , compared to consolidated net income of $ 72.5 million for the first quarter of 2020. The natural gas segment had net income of $ 118.7 million for the first quarter of 2021 compared to net income of $ 83.6 million for the first quarter of 2020 , while the utility infrastructure services segment had a net loss of $ 859,000 in the first quarter of 2021 compared to a net loss of $ 10.2 million in the first quarter of 2020. 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 . Consolidated current - quarter results include $ 2.7 million , or $ 0.05 per share , in other income due to increases in the cash surrender value of company - owned life insurance ( " COLI " ) policies , while the prior - year quarter included a $ 15.5 million COLI - related loss , or $ ( 0.28 ) per share . Commenting on Southwest Gas Holdings ' performance , John P. Hester , President and Chief Executive Officer , said : " We are pleased with our first quarter financial results of $ 2.03 per diluted share . In our utility business , we're realizing the rate relief from multiple concluded general rate cases ; and impressively over the past year , Southwest's Arizona , California , and Nevada territories have all experienced significant growth , driving increased demand for new homes , and natural gas service generally . The communities we serve are also rebounding from the restrictions placed on them throughout the pandemic . It is exciting to see restaurants , resorts , events , businesses , and family life flourishing again throughout our service territory . " Our infrastructure services business also performed well , as we supported customers restoring their above - ground infrastructure and critical services following winter storms , particularly in Texas . Centuri stands poised and committed to help its regulated utility customers continue to build and modernize North America's energy infrastructure that is necessary to efficiently , safely , and reliably address energy demand , affordability , and sustainability . " For the twelve months ended March 31 , 2021 , consolidated net income was $ 277.1 million , or $ 4.89 per diluted share , compared to $ 191.7 million , or $ 3.50 per diluted share , for the twelve - month period ended March 31 , 2020. The current twelve - month period includes a $ 27.4 million , or $ 0.48 per share , increase in the cash surrender values of COLI policies , while the prior - year period included a COLI - related loss of $ 5.7 million , or $ ( 0.10 ) per share . Natural gas segment net income was $ 194.2 million in the current twelve - month period compared to $ 143.4 million in the prior - year period . Utility infrastructure services segment net income was $ 84.2 million in the current twelve - month period and $ 50.2 million in the prior - year period . Natural Gas Operations Segment Results First Quarter Operating margin increased $ 24 million between quarters . Approximately $ 6 million of incremental margin was attributable to customer growth from 37,000 first - time meter sets during the last twelve months , while rate relief added approximately $ 18 million of margin . Offsetting these increases were impacts from a temporary moratorium ( initiated by Southwest in March 2020 ) on late fees of $ 2.6 million , in addition to lower connection / re - connection charges as a result of the COVID - 19 pandemic . Amounts returned to and collected from customers associated with regulatory account balances , as well as differences in miscellaneous revenue and margin from customers outside the decoupling mechanisms also impacted operating margin . Operations and maintenance expense increased $ 3 million , or 3 % , between quarters primarily due to an increase in the service - related component of employee pension cost and other benefits , increased expenditures for pipeline damage prevention programs , and increased legal claim - related costs , offset by lower training and travel costs . Depreciation and amortization increased $ 4 million , or 6 % , between quarters due to a 7 % increase in average gas plant in service . Taxes other than income taxes increased $ 4.3 million between quarters due to higher Arizona property taxes . Other income improved $ 21.1 million between quarters primarily due to the increase in income from COLI policies . The current quarter reflects a $ 2.7 million increase in COLI policy cash surrender values , while the prior - year quarter reflected a $ 15.5 million decline in COLI policy cash surrender values . Additionally , the non - service - related components of employee pension and other postretirement benefits costs decreased $ 1.5 million between quarters . Net interest deductions decreased $ 2.9 million between quarters , primarily due to lower carrying costs on PGA balances and amortization of an interest - related regulatory balance in Arizona , as well as lower interest rates on variable - rate debt . Income tax expense in both periods reflects that COLI results are recognized without tax consequences , and also reflects the amortization of excess accumulated deferred income tax ( " EADIT " ) balances . Twelve Months to Date Operating margin increased $ 34 million between the comparative twelve - month periods ending March 31 , 2020 and 2021. Customer growth provided approximately $ 15 million , and combined rate relief provided approximately $ 24 million , of incremental operating margin . The pandemic - period moratorium on late fees ( $ 7.3 million ) and lower connection / re - connection charges offset the improvements . Regulatory account balance return and recoveries impacted both periods , in addition to margin from customers outside the decoupling mechanisms . Operations and maintenance expense decreased $ 10.3 million , or 2 % , between periods , primarily due to lower travel and in - person training costs in the current COVID - 19 environment , as well as other cost saving initiatives by management . Depreciation and amortization expense increased $ 16.5 million , or 7 % , between periods due to a $ 634 million , or 8 % , increase in average gas plant in service , offset by a modest decrease in regulatory