Southwest Gas suitor misses earnings estimates
Tuesday, July 6, 1999 | 10:58 a.m.
ONEOK Inc., the company attempting to acquire Southwest Gas Corp., reported net income of $21.2 million for the quarter ending May 31, down 21 percent from the same quarter one year ago. ONEOK earned 38 cents per share, down 27 percent from the 1998 quarter.
Analysts had projected third-quarter net income of 70 cents per share.
ONEOK blamed lower earnings on warmer weather in both Kansas and Oklahoma, which it said reduced demand for natural gas in its territory.
ONEOK, based in Tulsa, Okla., is attempting to acquire Southwest in a deal valued at $1.8 billion. The company still needs approval from utility regulators in Arizona and California; hearings are scheduled in both states later this month.
Southwest shareholders are set to vote on the merger Aug. 10.
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