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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.
The Board of Directors of Southwest Gas Holdings (SWX) has unanimously rejected Carl Icahn's revised tender offer of $82.50 per share, deeming it inadequate and undervaluing the company. The Board emphasized that the offer is coercive and not in the best interests of stockholders. They argue that Icahn's claim of SWX potentially being worth between $110 and $150 per share highlights the inadequacy of his proposal. The Board also encourages stockholders to vote in favor of their director nominees using the WHITE proxy card.
Southwest Gas Holdings (NYSE: SWX) announced the issuance of $600 million in 4.05% Senior Notes due 2032, with net proceeds of approximately $592.7 million. This fund will be utilized to fully redeem the 3.875% Senior Notes due 2022, repay amounts under its credit facility, and for general corporate purposes. Additionally, the company extended its Term Loan Agreement and replaced LIBOR benchmarks with SOFR. Important filings have been made with the SEC to support these transactions.
Southwest Gas Holdings, Inc. (NYSE: SWX) announced that Icahn Enterprises LP has revised its unsolicited tender offer to acquire all outstanding shares for $82.50 each in cash. Previously, the Board rejected an offer of $75.00 per share, citing inadequacy and undervaluation. The Board will review the new offer with its financial advisors before advising stockholders. Investors are advised to take no action until a decision is reached. The company remains focused on its business of distributing natural gas and providing utility services across North America.
Southwest Gas Holdings, Inc. (NYSE: SWX) announced its plan to separate Centuri within 9 to 12 months, enhancing the potential for premium valuation due to its strong utility customer base and EBITDA growth. The company emphasized its solid regulatory relationships and near-record growth in revenues. The acquisition of MountainWest is expected to provide high-return assets, contributing to substantial cash flows. As a result, Southwest Gas aims to lower future borrowing costs and secure attractive financing as a pure-play regulated natural gas entity.
Southwest Gas Holdings, Inc. (NYSE: SWX) will host a conference call on March 2, 2022, at 1:00 PM ET to discuss its 2021 fourth quarter and full-year results. This follows the release of the earnings results on March 1, 2022. Investors can access the call through a live webcast on the company’s website or dial in using the provided telephone numbers. A replay will be available post-call. The conference ID for the call is 7668616.
Southwest Gas Holdings (SWX) announced its 2021 financial results, reporting consolidated earnings of $3.39 per diluted share and adjusted earnings of $4.17 per diluted share, compared to $4.14 in 2020. The company achieved a consolidated net income of $200.8 million, with the natural gas distribution segment contributing significantly to earnings. The utility infrastructure segment reported net income of $40.4 million. The company plans to separate its utility infrastructure segment, Centuri, to maximize stockholder value. For 2022, net income guidance has been set between $200 million and $210 million.
Southwest Gas Holdings (NYSE: SWX) announced a unanimous decision by its Board of Directors to separate its subsidiary, Centuri Group, into a standalone company within 9 to 12 months. This move aims to enhance shareholder value by enabling more direct comparability with industry peers and improving capital allocation efficiency. Centuri, projecting revenues of $2.65 to $2.80 billion for 2022, is well-positioned in the growing infrastructure modernization market. Southwest Gas will focus on regulated natural gas distribution across Arizona, Nevada, and California, while maintaining its existing dividend program.
Southwest Gas Holdings (SWX) confirmed that an affiliate of Carl Icahn extended its tender offer to acquire outstanding common shares at $75.00 per share. However, the Board rejected this unsolicited offer, deeming it inadequate and coercive. The Board continues to recommend stockholders not to tender shares, stating that the offer undervalues the company and lacks certainty of completion. Southwest Gas emphasized its commitment to delivering stable earnings and attractive returns to shareholders through a detailed strategy.
Southwest Gas Holdings, Inc. (SWX) will host a conference call to discuss its 2021 fourth quarter and annual results on March 2, 2022, at 1:00 P.M. (ET). This follows the earnings report scheduled for March 1, 2022. Investors can join the call via telephone at (877) 419-3678 or (614) 610-1910 internationally; the conference ID is 7668616. If missed, a digital replay will be available from 4:30 P.M. (ET) on March 2 until 4:30 P.M. (ET) on March 9. The call can also be accessed on their website.
Southwest Gas Holdings (NYSE: SWX) confirms that Carl Icahn's affiliate extended its tender offer to acquire shares at $75.00 each. The Board of Directors has rejected the unsolicited offer, deeming it inadequate and contingent on ambiguous conditions. Southwest Gas believes the offer undervalues the company and lacks certainty of completion. Moreover, Icahn's revised offer requires control of the Board, raising concerns about his true intentions. The Board emphasizes its commitment to enhancing shareholder value and is advised by Lazard and Moelis & Company.