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Southwest Gas Holdings, Inc. reported first quarter 2024 consolidated net income of $87.7 million, or $1.22 per diluted share, compared to $45.9 million, or $0.67 per diluted share, in the first quarter of 2023. The Centuri IPO was successful, generating net proceeds of $329.3 million used to reduce Centuri debt. Southwest Gas expects to benefit from the Nevada rate case outcome and aims for 2024 utility net income towards the upper half of the range.
Centuri Holdings, Inc. (NYSE: CTRI) reported first-quarter results for 2024, marking a major milestone as a public company post-IPO. The company completed an IPO and private placement, raising $329.3 million, used to pay down debt. Revenue was $528.0 million, with a net loss of $(25.1) million, adjusted net loss of $(14.4) million, and adjusted EBITDA of $20.2 million. The results were impacted by lower revenue compared to the previous year, driven by weather conditions and project timing. The company remains confident in its growth prospects.
