tiprankstipranks
Southwest Gas Reports Strong Utility Growth in Q3 2024
Company Announcements

Southwest Gas Reports Strong Utility Growth in Q3 2024

Southwest Gas ( (SWX) ) has released its Q3 earnings. Here is a breakdown of the information Southwest Gas presented to its investors.

Don't Miss our Black Friday Offers:

Southwest Gas Holdings, Inc. is a company primarily engaged in the purchase, distribution, and transportation of natural gas, and also holds a significant stake in Centuri Holdings, which provides utility infrastructure services across North America.

For the third quarter of 2024, Southwest Gas reported consolidated net income of $0.3 million, with adjusted net income of $6.8 million, highlighting a significant boost in utility earnings and a 9% year-to-date earnings growth. The company also made progress in regulatory filings with successful California and Arizona rate cases and benefitted from margin improvements stemming from Nevada’s rate case outcomes.

Key financial highlights include a record utility operating margin of $1.3 billion and the addition of approximately 41,000 new meter sets. The company ended the quarter with over $450 million in cash and no expected equity issuance for the year. The Centuri segment, however, faced challenges with reduced work volume under MSAs and a decrease in offshore wind projects, leading to a decline in net income compared to the previous year.

Looking ahead, Southwest Gas remains optimistic about finishing the year within the top half of its net income guidance range. The company continues to see opportunities for profitable growth through investments in delivering reliable and sustainable energy solutions while maintaining a strong balance sheet and limited equity needs through 2025.

Related Articles
TheFlyTrump Media, broader market surge after Trump wins election: Morning Buzz
TheFlySouthwest Gas reports Q3 adjusted EPS 9c, consensus 15c
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App