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Southwest Gas Holdings, Inc. reports developments for a fully regulated natural gas business conducted through its primary operating subsidiary, Southwest Gas Corporation. The company purchases, distributes, and transports natural gas for customers across Arizona, Nevada, and California, with news focused on utility operating results, rate-base growth, regulatory proceedings, and capital planning.
Recurring updates also cover common stock dividends, earnings guidance, credit and financing metrics, Great Basin Gas Transmission Company expansion planning, and board or executive succession matters. Company news reflects Southwest Gas Holdings’ transition to a pure-play regulated natural gas utility following the completed separation from Centuri.
Southwest Gas Holdings (NYSE: SWX) reported a consolidated net loss of $12.3 million for Q3 2022, compared to a loss of $11.6 million in Q3 2021. Adjusted net loss was $3.3 million, down from an adjusted income of $3.1 million a year prior. The natural gas distribution segment saw an improvement with a narrower loss of $22.2 million, alongside strong revenues of $1.1 billion. Despite inflation and supply chain challenges impacting margins, the company is focusing on growth initiatives and a strategic review for MountainWest and Centuri. Full-year 2022 guidance for net income stands at $185-195 million.
Southwest Gas Holdings has appointed Robert J. Stefani as the new Chief Financial Officer, effective November 30, 2022. Stefani, previously CFO at PECO Energy, succeeds Gregory J. Peterson, who is retiring on the same date. In his new role, Stefani will oversee financial functions including planning, reporting, and investor relations. He brings extensive experience in corporate development and treasury to enhance growth and stockholder value. Karen Haller, President & CEO, expressed confidence in Stefani's leadership to guide the company toward its financial goals.
Southwest Gas Holdings (NYSE: SWX) will report its third quarter 2022 financial results on November 9, 2022, before market opening. An earnings conference call is scheduled for the same day at 1:00 PM ET, which will be available via live webcast on the company's website. Participants can also review a digital replay of the call starting an hour after it concludes, accessible until November 17, 2022. For more information, the contact details for investors and media are provided.
Southwest Gas Holdings has declared a fourth-quarter cash dividend of $0.62 per share, payable on December 1, 2022, with a record date of November 15, 2022. This dividend translates to an annualized amount of $2.48 per share. The company has maintained consistent quarterly dividends since going public in 1956. Southwest Gas Holdings provides natural gas distribution services across North America, serving over two million customers in Arizona, California, and Nevada.
Southwest Gas Corporation has proposed a hydrogen-blending demonstration project in Truckee, California, to support sustainable energy goals and carbon reduction targets. Filed with the California Public Utilities Commission on September 8, 2022, the project aims to test blending hydrogen with natural gas in extreme weather conditions. Over 18 months, blends of 5% to 20% hydrogen will be analyzed. This initiative seeks to close knowledge gaps in hydrogen use, meet local greenhouse gas reduction goals, and contribute to the development of a national hydrogen-injection standard.
Southwest Gas Holdings (SWX) reported a second quarter 2022 net loss of $6.6 million, translating to a diluted loss of $0.10 per share, contrasted with a profit of $25.1 million and $0.43 per share in Q2 2021. Adjusted net income was $15.7 million ($0.23 per share). The company noted record revenues in its natural gas distribution and utility infrastructure segments, despite macroeconomic pressures increasing operating expenses. Guidance for 2022 net income was revised down to $185-$195 million. The Board continues reviewing strategic alternatives for subsidiaries MountainWest and Centuri.
Southwest Gas Holdings will report its second quarter 2022 financial results on August 9, 2022, after market close. An earnings conference call is scheduled for August 10, 2022, at 1:00 PM ET, where the results will be discussed. The call can be accessed live on the company's website or via telephone at (800) 343-4849 for U.S. callers and (203) 518-9814 internationally. A digital replay will be available after the call until August 18, 2022.
On August 3, 2022, Southwest Gas Holdings (NYSE: SWX) announced its strategic directions following a review initiated on April 18, 2022. The Board aims to maximize shareholder value by focusing on executing its strategic plan and concluding the review for Southwest Gas and its subsidiary. Additionally, it will explore strategic options for Centuri Group and MountainWest Pipelines. The company highlighted strong growth potential for Southwest Gas Corporation due to favorable demographics and regulatory relationships. Financial advisors Moelis & Company, Lazard, and UBS Investment Bank are supporting the strategic process.
Southwest Gas Holdings, Inc. (NYSE: SWX) announced the retirement of CFO Gregory J. Peterson, effective by October 2022. Peterson has served the company for over 26 years and will assist in the search for his successor. CEO Karen Haller praised Peterson for his integrity and contributions to the company, which serves over two million customers in Arizona, California, and Nevada. The company focuses on natural gas distribution and utility infrastructure services across North America.
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