Southwest Gas reports Q1 adjusted EPS $1.37 vs. $1.77 last year

Reports Q1 revenue $528M vs. $653.3M last year. “The successful close of the Centuri IPO marked a significant milestone in Southwest Gas’ journey to becoming a pure play natural gas utility,” said CEO Karen Haller. “The outstanding outcome we achieved from the IPO pricing is a direct result of the investment over the years, growing Centuri into an industry leader in the utility infrastructure services space. We remain committed to completing the separation in a timely and optimal manner. By delivering on our strategic priorities, we made a strong start to our fiscal year in our utility operations. In April, we received a positive outcome in our Nevada rate case. We expect to begin benefiting from refreshed customer rates in Q2, as we start to collect on the substantial investments we have made for the benefit of our Nevada customers. Additionally, we advanced our disciplined business management approach across the utility, which is demonstrated by relatively flat O&M over the prior year’s first quarter. As such, we are expecting 2024 utility net income toward the upper half of our range.”