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Southwest Gas HOLDINGS Southwest Gas Holdings , Inc. Announces Second Quarter 2021 Earnings August 5 , 2021 LAS VEGAS , Aug. 5 , 2021 / PRNewswire / -- Southwest Gas Holdings , Inc. ( NYSE : SWX ) announced consolidated earnings of $ 0.43 per diluted share for the second quarter of 2021 , a $ 0.25 decrease from consolidated earnings of $ 0.68 per diluted share for the second quarter of 2020. Consolidated current - quarter results include $ 3.1 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 $ 12 million of COLI - related income , or $ 0.22 per share . Consolidated net income was $ 25.1 million for the second quarter of 2021 , compared to consolidated net income of $ 38 million for the second quarter of 2020. The natural gas segment had net income of $ 11.4 million for the second quarter of 2021 compared to net income of $ 11.9 million for the second quarter of 2020 , while the utility infrastructure services segment had net income of $ 15.1 million in the second quarter of 2021 compared to net income of $ 26.3 million in the second 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 . Commenting on the performance and outlook of Southwest Gas Holdings , John P. Hester , President and Chief Executive Officer , said : " We are pleased that many communities we serve have continued to experience solid growth throughout these turbulent economic times . As new companies move in and industries expand , good incremental jobs are being added to our local economies . This further encourages migration from other parts of the country , increasing demand for energy and creating growth opportunities for our Company . We added 37,000 new utility customers over the past twelve months and continue to connect new customers to our expanded service territories in Mesquite and Spring Creek , Nevada . " We are excited about the growth we also see in our infrastructure services business . Over the past twelve months , Centuri reached a new level of revenues - $ 2 billion . In June , we signed an agreement to purchase Riggs Distler & Company , Inc. , which will expand our infrastructure services footprint in the Northeast and Mid - Atlantic regions of the country . This transformational acquisition brings exciting growth opportunities in 5G telecom and renewable power services ; and expands our service offerings to current combination utility customers . " For the twelve months ended June 30 , 2021 , consolidated net income was $ 264.2 million , or $ 4.60 per diluted share , compared to $ 207.6 million , or $ 3.76 per diluted share , for the twelve - month period ended June 30 , 2020. The current twelve - month period includes an $ 18.5 million , or $ 0.32 per share , increase in the cash surrender values of COLI policies , while the prior - year period included COLI - related income of $ 2.9 million , or $ 0.05 per share . Natural gas segment net income was $ 193.7 million in the current twelve - month period compared to $ 152 million in the prior - year period . Utility infrastructure services segment net income was $ 73.1 million in the current twelve - month period and $ 57.6 million in the prior - year period . Natural Gas Operations Segment Results Second Quarter Operating margin increased $ 21 million between quarters . Approximately $ 2 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 $ 15 million of margin . Also contributing to the increase were late fees that were $ 1.8 million greater in the current quarter . A moratorium on such fees commenced in all of our territories in March 2020 ; however , resumption of the assessments in Arizona and Nevada occurred in April 2021. Amounts collected from and returned to customers associated with regulatory account balances , as well as differences in miscellaneous revenue and margin from customers outside the decoupling mechanisms , also impacted the variance between quarters . Operations and maintenance expense increased $ 3.8 million , or 4 % , between quarters primarily due to higher customer service - related costs , increased expenditures for pipeline damage prevention programs , and an increase in the service - related component of employee pension cost and other benefits . Depreciation and amortization increased $ 4.4 million , or 8 % , between quarters due to a $ 549 million , or 7 % , increase in average gas plant in service . Amortization related to regulatory account recoveries increased approximately $ 1.1 million between quarters . The increase in gas plant was attributable to pipeline capacity reinforcement work , franchise requirements , scheduled pipe replacement activities , and new infrastructure , as well as expenditures toward our new customer service system , which was placed in production in May 2021. Taxes other than income taxes increased $ 4 million between quarters due to an increase in Arizona property taxes . Other income decreased $ 9 million between quarters primarily due to a decline in income associated with COLI policies . The current quarter reflects a $ 3.1 million increase in COLI policy cash surrender values and recognized death benefits , while the prior - year quarter reflected a $ 12 million increase . Amounts associated with the allowance for funds used during construction ( " AFUDC " ) are also lower in the current quarter . Offsetting these combined impacts is a decrease in the non - service - related components of employee pension and other postretirement benefit costs between quarters . Income tax expense in both quarters includes the amortization of excess accumulated deferred income tax ( " EADIT " ) balances and the impacts of COLI cash surrender value increases , which are recognized without tax consequences . Twelve Months to Date Operating margin increased $ 54 million between the comparative twelve - month periods ended June 30 , 2021 and 2020. Customer growth provided approximately $ 14 million , and combined rate relief provided $ 39 million of incremental operating margin . Offsetting these impacts was a reduction in late fees ( $ 3.8 million ) due to the pandemic - period moratorium on these fees from March 2020 through April 2021. Regulatory account balance surcharges impacted both periods , in addition to margin from customers outside the decoupling mechanisms .