Northwest Natural Holdings Reports Q3 2024 Results

Northwest Natural Gas ( (NWN) ) has released its Q3 earnings. Here is a breakdown of the information Northwest Natural Gas presented to its investors.

Northwest Natural Holding Company, headquartered in Portland, Oregon, is a prominent player in the utility sector, primarily focusing on natural gas distribution across Oregon and Southwest Washington, while also expanding into water services and renewable energy solutions.

The company’s third-quarter 2024 earnings report highlighted several key financial metrics and strategic initiatives. Despite reporting a net loss of $27.2 million for the quarter, NW Natural Holdings reaffirmed its earnings per share guidance for 2024 and maintained its long-term EPS growth target. Notably, the company managed to add nearly 17,000 utility connections over the past year, showcasing growth in its gas and water sectors.

Key financial metrics revealed a year-to-date net income of $33.9 million, a decrease from the previous year, primarily influenced by regulatory delays and increased depreciation costs. The company invested $294 million in infrastructure to enhance reliability and support growth. Additionally, NW Natural Holdings increased its dividend for the 69th consecutive year, reflecting confidence in its financial stability.

Strategically, NW Natural Holdings made significant strides with the acquisition of Puttman/ICH Water and the completion of renewable natural gas facilities. These moves are part of its broader strategy to diversify and strengthen its utility offerings, including its first ventures into the recycled water market and entry into California.

Looking ahead, the company remains focused on executing its capital plan and regulatory obligations while enhancing system reliability and customer affordability. Management expressed optimism about the potential for long-term growth and stakeholder value creation, supported by ongoing customer and utility growth initiatives.