Southwest Gas Corporation (SWX) has reported an 8.14 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $69.31 million, or $1.45 a share in the quarter, compared with $75.45 million, or $1.58 a share for the same period last year.
Revenue during the quarter dropped 10.46 percent to $654.74 million from $731.25 million in the previous year period.
Commenting on Southwest Gas Holdings' performance and outlook, John P. Hester, president and chief executive officer, said: "Gas segment operating results were relatively flat between quarters and in line overall with internal expectations. Customer growth was a positive, with 30,000 net new customers over the past twelve months. Our construction services segment got off to a slow start to the year as a result of poor weather conditions in certain parts of the country, as well as a customer-initiated temporary work stoppage. We're hopeful we can make up most of the shortfall in our seasonally stronger warm-weather months.
For fiscal year 2017, the company expects operating income to grow in the range of 10 percent to 12 percent.
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