Southwest Gas Holdings, Inc. (NYSE:SWX) Q2 2020 Earnings Conference Call - Final Transcript
Aug 07, 2020 • 01:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the Southwest Gas Holdings' 2020 Second Quarter Earnings Conference Call. [Operator Instructions] [Operator Instructions]
And now I'd like to introduce your host for today's program, Mr. Ken Kenny, Vice President of Finance and Treasurer. Please go ahead.
Thank you, Jonathan. Welcome to Southwest Gas Holdings, Inc. 2020 Second Quarter Earnings Conference Call. As Jonathan stated, my name is Ken Kenny, and I am the Vice President of Finance, Treasurer. Our conference call is being broadcast live over the Internet. For those of you who would like to access the webcast, please visit our website at www.swgasholdings.com and click on the conference call link. We have slides on the Internet, which can be accessed to follow the presentation. Today, we have Mr. John P. Hester, Southwest's President and Chief Executive Officer; Mr. Gregory J. Peterson, Senior Vice President, Chief Financial Officer; and Mr. Justin L. Brown, Senior Vice President, General Counsel; and other members of senior management to provide a brief overview of the company's operations and earnings ended June 30, 2020, and reaffirm earnings per share guidance for 2020.
Also, the company will address those factors that may impact this coming year's earnings. Further, our lawyers have asked me to remind you that some of the information that will be discussed contains forward-looking statements. These statements are made are based on management's assumptions which may or may not come true, and you should refer to the language in the press release, slide three of our presentation and also our SEC filings for a description of the factors that may cause actual results to differ from our forward-looking statements. All forward-looking statements are made as of today, and we assume no obligation to update any such statement.
With all that said, I would like now to turn the time over to John.
Thanks, Ken. Turning to slide four, taking a look at our 2020 highlights. For the second quarter of this year, Southwest Gas Holdings realized earnings per share of $0.68. Approximately $0.22 of the quarterly earnings per share result accrues from gains on company-owned life insurance totaling $12 million. For our regulated utility operations, we saw 36,000 first-time meter sets added over the past year, a $5.7 million decrease in operations and maintenance expense. We issued $450 million of new debt at a very attractive 2.2% interest rate, and we filed a settlement in our ongoing California general rate case filing.
At our unregulated infrastructure services group, we realized record second quarter net income of over $26 million, a 55% increase in electric service revenues, a total revenue increase of $41 million, and our operating income increased by 30%. Moving to slide five. We present an outline for today's call. Greg Peterson will present details of our financial results for the period ending June 30, including segment breakout for our regulated and unregulated operations. Justin Brown will overview activity in our many regulatory proceedings, and I will close with updates