Southwest Gas posts loss in Q3

Thu. November 06, 2008; Posted: 07:53 AM

Nov 06, 2008 (Datamonitor via COMTEX) -- SWX | Quote | Chart | News | PowerRating -- Southwest Gas has reported a net loss of $16.7 million, or $0.38 per share, for the third quarter of 2008, compared to $9.3 million, or $0.22 per share, for the same period of 2007.

Consolidated operating revenues were $374.42 million in the third quarter of 2008, compared to $371.52 million for the same period of 2007.

Year-to-date net income was $29.7 million, or $0.68 per diluted share, compared to $40.11 million, or $0.94 per diluted share, for the same period of 2007. Consolidated operating revenues were $1.63 billion in the first nine months of 2008, compared to $371.52 million for the same period of 2007.

Jeffrey Shaw, CEO of Southwest Gas, said: "A significant component of the downturn in quarterly results was the negative return on long-term investments, a stock market-related, but non-operating, phenomenon.

"The current quarter reflects a $3.7 million decline in investment values while the prior-year quarter included a $355,000 increase in the value of investments underlying the cash surrender value of company-owned life insurance policies."

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For full details on Southwest Gas Corp (SWX) click here. Southwest Gas Corp (SWX) has Short Term PowerRatings of 4. Details on Southwest Gas Corp (SWX) Short Term PowerRatings is available at This Link.

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