LAS VEGAS, Feb. 25, 2019 /PRNewswire/ -- The Board of
Directors for Southwest Gas Holdings, Inc. (NYSE: SWX) has
increased the quarterly common stock dividend from
$0.52 per share to $0.545 per share and has declared the
following second quarter cash dividend:
Common
Stock
|
|
Payable
|
June 3,
2019
|
Of Record
|
May 15,
2019
|
Dividend
|
$0.545 per
share
|
The dividend equates to $2.18 per share, a 10
cent or 4.8 percent increase, on an annualized basis.
Southwest has paid quarterly dividends continuously since going
public in 1956, and has raised its dividend each year since
2007. President and Chief Executive Officer John Hester noted, "We are pleased that
Southwest's strong, sustainable operating performance and financial
condition have positioned us to again increase the dividend.
Dividend increases are necessary to facilitate competitive and
reasonable returns for our shareholders. When setting the
dividend rate, the Board's policy is to target a dividend payout
ratio that is competitive in the industry (55‑65%) while
maintaining strong credit ratings and the ability to fund future
capital expenditures."
Southwest Gas Holdings has two business segments:
Southwest Gas Corporation provides safe and reliable
natural gas service to over two million customers in Arizona, Nevada, and California.
Centuri Construction Group, Inc. is a comprehensive utility
infrastructure services enterprise dedicated to delivering a
diverse array of solutions to North
America's gas and electric providers. Centuri derives
revenue from installation, replacement, repair, and maintenance of
energy distribution systems, and developing industrial construction
solutions.
Forward-Looking Statements: This press
release may contain statements which constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 (Reform Act). All such forward-looking
statements are intended to be subject to the safe harbor protection
provided by the Reform Act. A number of important factors
affecting the business and financial results of the Company could
cause actual results to differ materially from those stated in the
forward-looking statements. These factors include, but are
not limited to, future operating results, the effects of
regulation/deregulation, the timing and amount of rate relief, and
changes in rate design.
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SOURCE Southwest Gas Holdings, Inc.