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Mar 31, 2022
Southwest Gas Q1 2022 Earnings Report
Southwest Gas's financial performance was impacted by global inflationary headwinds, seasonality, and business volatility in the first quarter of 2022.
Key Takeaways
Southwest Gas Holdings reported a net income of $96.2 million, or $1.58 per diluted share, for the first quarter of 2022. Adjusted net income was $106.2 million, or $1.74 per diluted share. The company reaffirmed its full-year 2022 guidance.
Adjusted consolidated earnings of $1.74 per diluted share, compared to consolidated earnings of $2.03 per diluted share for the first quarter of 2021.
Adjusted consolidated net income of $106.2 million, compared to consolidated net income of $117.2 million for the first quarter of 2021.
The company reaffirmed its full-year 2022 guidance.
Strategic Alternatives Process to review all strategic alternatives available to maximize value for Southwest Gas stockholders.
Revenue by Segment
Forward Guidance
Southwest Gas reaffirmed its financial guidance as recently updated.
Positive Outlook
- ROE in 2023 and beyond of 8%+
- Five-year utility rate base compound annual growth rate of 5% – 7% (2022 – 2026).
- 5-Year O&M/per customer CAGR of less than 1%.
- 2022 net income of $200 million to $210 million, which includes COLI earnings of $3 million to $5 million.
- 2022 capital expenditures of $650 million to $700 million, in support of customer growth, system improvements, and pipe replacement programs.
Challenges Ahead
- Global inflationary headwinds
- Seasonality
- Business volatility at infrastructure services business
- Higher fuel, equipment rental, and subcontractor costs impacted Centuri's performance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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