Welcome to our dedicated page for Southwest Gas Ho news (Ticker: SWX), a resource for investors and traders seeking the latest updates and insights on Southwest Gas Ho stock.
Southwest Gas Holdings, Inc. (NYSE: SWX) news covers developments at a regulated natural gas company whose primary business, through Southwest Gas Corporation, is purchasing, distributing, and transporting natural gas to more than 2 million customers in Arizona, Nevada, and California. Company announcements highlight how this utility manages growth in high-demand service territories, regulatory proceedings, and capital investment plans.
Investors and observers following SWX news will find updates on earnings results, customer growth, rate case activity, and regulatory outcomes that affect operating margin and returns. Recent releases have discussed improved net income from continuing operations, changes in credit ratings, and the impact of updated rates and capital investments across the company’s territories.
Corporate and governance news is also a recurring theme. Southwest Gas Holdings reports on board-level matters, cooperation agreements with the Icahn Group, registration rights arrangements, and senior leadership changes, including transitions in the Chief Financial Officer role. These items provide insight into the company’s strategic direction, shareholder relationships, and oversight structure.
Another important category of SWX news relates to the company’s separation from Centuri Holdings, Inc. and its transformation into a fully regulated natural gas business. Filings and press releases describe public offerings and private placements of Centuri common stock, the resulting deconsolidation of Centuri’s financial results, and the use of proceeds to repay holding company debt.
Operationally focused news includes updates from Great Basin Gas Transmission Company, a wholly owned subsidiary of Southwest Gas Corporation. Coverage has addressed open seasons and binding precedent agreements for a proposed 2028 expansion project intended to increase natural gas transportation capacity in Northern Nevada, subject to FERC approval. Bookmark this page to monitor ongoing financial, regulatory, infrastructure, and governance developments affecting Southwest Gas Holdings and its utility operations.
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.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.