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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 (SWX) reported Q1 2022 results, showing a net income of $96.2 million, down from $117.2 million year-over-year. Adjusted earnings per share decreased to $1.74 from $2.03. The company reaffirmed its 2022 guidance, projecting a net income of $200-$210 million and capital expenditures of $650-$700 million. Strategic alternatives are being reviewed to maximize shareholder value, including potential divestitures. The natural gas distribution segment faced inflationary pressures, while utility infrastructure services reported record revenues despite a net loss.
Southwest Gas Holdings (NYSE: SWX) has settled with Carl Icahn, allowing him to appoint four directors to its Board. This strategic move is intended to maximize stockholder value as the company reviews options including a potential sale or spin-off of its subsidiary, Centuri. Icahn will withdraw his proxy contest and vote in favor of the company's nominees. The Board will expand its Strategic Transactions Committee to include new directors. Current CEO John Hester has resigned, and Karen Haller has been appointed as his successor.
Southwest Gas Holdings has rescheduled its 2022 Annual Meeting of Stockholders to May 19, 2022, at 11:00 a.m. EDT, citing the need for stockholders to review a settlement agreement with Carl Icahn. The meeting will remain virtual, and the record date for eligible voters is March 21, 2022. Stockholders who voted on the GOLD proxy card are urged to vote again on the WHITE proxy card. Pre-registration is required by May 18, 2022, for those wishing to attend.
Southwest Gas Holdings, Inc. (NYSE: SWX) will release its first quarter 2022 financial results on Monday, May 9, 2022, after market close. An earnings conference call is scheduled for 6:00 PM ET to discuss the results, which can be accessed via the company's website. For those who miss the live call, a digital replay will be available until 6:00 PM ET on May 16, 2022. This event marks an important opportunity for investors to gauge the company's financial performance and outlook.
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Southwest Gas Holdings has declared a third-quarter cash dividend of $0.62 per share, payable on September 1, 2022, to shareholders of record by August 15, 2022. This dividend represents an annualized amount of $2.48 per share. The company has maintained a continuous dividend payout since its public listing in 1956. Southwest Gas operates in North America, delivering natural gas to over two million customers across Arizona, California, and Nevada, and provides utility infrastructure services through its subsidiaries.
On April 27, 2022, Southwest Gas Holdings, Inc. (NYSE: SWX) announced updates on its strategic alternatives process. The Board of Directors formed a Strategic Transactions Committee to explore options aimed at maximizing stockholder value, including potential sales or a spin-off of Centuri. The Committee has retained Moelis & Company as an advisor to assist in this process while Lazard continues to serve as financial advisor. The Board encourages stockholders to vote for its nominees on the WHITE proxy card ahead of the Annual Meeting scheduled for May 12, 2022.
Southwest Gas Holdings (NYSE: SWX) is urging stockholders to vote the WHITE proxy card to support its board in exploring strategic alternatives to maximize shareholder value. The board rejected Carl Icahn's $82.50 per share tender offer, stating it was inadequate. They are reviewing various options, including a potential sale of the company or its business units. Analysts are optimistic about the strategic review, with expectations of significant interest in the company. The Annual Meeting is set for May 12, 2022.
Southwest Gas Holdings, Inc. (NYSE: SWX) has acknowledged an open letter from shareholder Carl Icahn, urging his participation in exploring strategic alternatives to maximize shareholder value. The company received indications of interest exceeding Icahn's offer of $82.50 per share, prompting the Southwest Gas Board to review various strategic options. Lazard is engaged as a financial advisor, while Morrison & Foerster LLP and Cravath, Swaine & Moore LLP provide legal counsel. The Company emphasizes its commitment to maximizing stockholder value amidst ongoing discussions.
Southwest Gas Holdings, Inc. (NYSE: SWX) has addressed an open letter from Carl Icahn dated April 19, 2022. The company is focused on maximizing shareholder value through a strategic alternatives review, spurred by interest exceeding Icahn's offer of $82.50 per share. The board has authorized this review and welcomed Icahn's participation. Financial advisory is provided by Lazard, with legal counsel from Morrison & Foerster LLP and Cravath, Swaine & Moore LLP. The Annual Meeting is set for May 12, 2022, where more details will be shared with stockholders.