Southwest Gas Ho Stock Price, News & Analysis

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.

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.