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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) has announced it will release its third quarter 2024 financial results before market open on November 6, 2024. The company will host an earnings conference call and webcast at 11:00 AM ET on the same day. The conference call will be accessible via telephone at (800) 836-8184 for domestic callers and (646) 357-8785 for international participants. A digital replay will be available until November 13, 2024, by dialing (888) 660-6345 or (646) 517-4150 internationally, using replay code 98157#.
Southwest Gas Holdings, Inc. (NYSE: SWX) has been named one of the World's Most Trustworthy Companies 2024 by Newsweek for the second consecutive year. The company ranked in the top 2% among publicly listed companies worldwide. The list, compiled by Newsweek and Statista Inc., recognizes the top 1,000 most trustworthy companies across 23 industries and 20 countries.
The ranking is based on an independent survey of over 70,000 participants and 230,000 evaluations from customers, investors, and employees. It acknowledges companies that have earned trust by providing quality services, fair employee wages, and effective leadership. Karen Haller, President and CEO of Southwest Gas Holdings, attributed this recognition to the company's commitment to safely providing reliable and affordable energy services, and to their employees' dedication to customer excellence and community improvement.
Southwest Gas Holdings (NYSE: SWX) has declared a fourth quarter cash dividend of $0.62 per share, payable on December 2, 2024, to shareholders of record as of November 15, 2024. This dividend equates to $2.48 per share on an annualized basis. The company has consistently paid quarterly dividends since going public in 1956. Southwest Gas Holdings, based in Las Vegas, Nevada, operates primarily through its subsidiary Southwest Gas , which is involved in purchasing, distributing, and transporting natural gas. The company serves over 2 million customers across portions of Arizona, Nevada, and California.
Southwest Gas Holdings (NYSE: SWX) has been named one of America's Best Mid-Size Companies 2024 by TIME magazine. The inaugural list, compiled in collaboration with Statista Inc., evaluated companies based on employee satisfaction, revenue growth, and sustainability transparency. Eligible companies had annual revenues between $100 million and $10 billion in 2022 or 2023.
Karen Haller, President and CEO of Southwest Gas Holdings, emphasized the company's commitment to providing reliable and affordable energy services while fostering community relationships. This recognition underscores Southwest Gas's dedication to making a positive impact on employees, customers, and communities.
Southwest Gas Holdings (NYSE: SWX) reported Q2 2024 consolidated net income of $18.3 million ($0.25 per diluted share) and adjusted net income of $22.5 million ($0.31 per share). This reflects a decrease from Q2 2023's net income of $28.9 million ($0.40 per share) and adjusted net income of $38.8 million ($0.54 per share). The company's utility segment saw a 44.5% increase in net income to $27.6 million for the quarter.
Southwest Gas raised its full-year 2024 utility net income guidance by $5 million, now ranging between $233 million and $243 million. The company completed an IPO of Centuri Holdings, generating net proceeds of $328 million, primarily used to reduce Centuri's debt. Southwest Gas ended Q2 with nearly $600 million in cash and expects minimal capital market needs through 2026.
Key drivers included a $10.8 million increase in operating margin due to rate relief in Nevada and California, a 2% increase in O&M expenses, and a $13.2 million decrease in depreciation and amortization expenses.
Southwest Gas Holdings (NYSE: SWX) will announce its second-quarter 2024 financial results on August 6, 2024, before the market opens. The company will also host a live webcast earnings conference call on the same day at 11:00 AM ET to discuss the results. The call will be available on the company's website, with a digital replay accessible until August 13, 2024.
The earnings release will likely cover key financial metrics, including revenue and earnings per share (EPS). Investors can dial in using provided telephone numbers for both domestic and international participants. Additionally, a replay of the call will be available shortly after the live event.
Southwest Gas proudly marked a significant milestone by connecting its 1,000th customer in Mesquite, Nevada—the Chicago Greek restaurant. The restaurant transitioned from propane to natural gas, a move that increases cooking flexibility and reduces costs by half. This event highlights Mesquite's rapid growth since the 2015 Senate Bill 151 (SB151) allowed expansion of natural gas services to unserved areas. Since 2019, Mesquite's access to natural gas has attracted diverse industries, fueled economic growth, and improved the quality of life for residents. Crown Holdings, a major employer, began using natural gas in August 2023. Mesquite's rapid expansion makes it the fastest-growing city in Nevada, with Southwest Gas playing a pivotal role in this development.
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.
Southwest Gas Holdings, Inc. declares a third-quarter cash dividend of $0.62 per share, payable on September 3, 2024. The Company has a long history of paying quarterly dividends since 1956. Southwest Gas Holdings, Inc. is a dynamic energy company providing natural gas services to over 2 million customers in Arizona, Nevada, and California.
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