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Sep 30, 2024
Southwest Gas Q3 2024 Earnings Report
Reported third quarter earnings, with utility net income expected within the top half of guidance range.
Key Takeaways
Southwest Gas Holdings reported third quarter 2024 consolidated net income of $0.3 million, or less than one cent per diluted share, and adjusted consolidated net income of $6.8 million, or $0.09 per diluted share. The utility reported third quarter 2024 net income of $0.6 million.
Utility earnings were strong in 2024, with 9% year-to-date earnings growth year-over-year.
The company expects to finish within the top half of its full-year utility net income guidance range.
The company filed its rate case in California and is continuing to work to advance its Arizona general rate case.
Southwest Gas no longer expects to issue equity in 2024, and continues to expect limited capital markets needs through the end of 2025.
Revenue by Segment
Forward Guidance
The Company expects 2024 utility net income to finish within the top half of the current range and re-affirms its forward-looking guidance for Southwest.
Positive Outlook
- 2024 Southwest net income guidance between $233 million and $243 million.
- 2024 Capital expenditures in support of customer growth, system improvements, and pipe replacement programs ~$830 million
- 2024 - 2026 Southwest adjusted net income CAGR between 9.25% and 11.25%
- 2024 - 2026 Capital expenditures of $2,400 million
- 2024 - 2026 Southwest rate base CAGR between 6.5% and 7.5%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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