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