Southwest Gas Holdings Inc

Latest Results (20.11.2025):

Southwest Gas Holdings, Inc. — fourth quarter 2024: The company reported Q4 2024 consolidated net income of $92.5 million ($1.28 diluted EPS) and adjusted consolidated net income of $100.1 million ($1.39 diluted EPS). For full-year 2024, consolidated net income was $198.8 million ($2.76) and adjusted consolidated net income was $227.9 million ($3.16). The utility (Southwest Gas) delivered fourth quarter 2024 net income of $97.2 million and full-year 2024 net income of $261.2 million, with the utility achieving an 8.1% return on year-end equity and nearly 8% utility net income growth year‑over‑year.

Earnings and EPS

Q4 2024 consolidated net income: $92.5M ($1.28 diluted EPS); Q4 2024 adjusted consolidated net income: $100.1M ($1.39). Q4 2023 comparatives were $72.9M/$86.2M. Full‑year 2024 consolidated net income was $198.8M ($2.76) versus $150.9M ($2.13) in 2023; full‑year adjusted consolidated net income was $227.9M ($3.16) versus $258.5M ($3.64) in 2023.

Utility Performance

Southwest Gas (natural gas distribution) posted Q4 2024 net income of $97.2M (Q4 2023: $91.7M) and full‑year 2024 net income of $261.2M (2023: $242.2M). The utility achieved an 8.1% year‑end ROE and nearly 8% net income growth for the year, driven by regulatory outcomes, cost management and customer growth.

O&M and Customer Metrics

O&M expense per customer was flat year‑over‑year for 2024, reflecting cost discipline. The company added ~41,000 new meter sets in 2024 (about 1.8% customer growth).

Capital Spending and Liquidity

Southwest Gas invested $859 million (accrual basis) in 2024 (~15% higher than 2023). Southwest Gas Holdings finished 2024 with more than $360 million in cash and stated ample liquidity for 2025 plans; Southwest Gas finished the year with $311 million in cash. The company extended a $400M revolver to August 2029 and has a $550M term loan maturing July 31, 2025.

Guidance and Forward Outlook

Southwest Gas Holdings initiated 2025 utility net income and capital expenditures guidance and provided forward‑looking utility net income CAGR and rate base CAGR guidance (the press release announces initiation of guidance but does not specify numeric guidance values in the excerpt provided).

Regulatory Activity and Rate Cases

Key rate actions: Nevada revenue increase approved in April 2024 (~$59M, ROE 9.5%, 50% equity cap structure); filed a $126M Arizona general rate case (filed Feb 2024, decision expected March 2025), a ~ $13M Great Basin case (filed March 2024, in effect Sept 2024 subject to refund, decision expected April 2025), and a ~$50M California case (filed Sept 2024, decision expected end of 2025; rates in effect 2026).

Centuri IPO and Non‑GAAP Adjustments

In April 2024 Southwest Gas Holdings completed the Centuri Holdings, Inc. IPO and is progressing separation. Non‑GAAP adjustments to Q4 and full‑year 2024 earnings primarily relate to Centuri intangible amortization and separation costs; full‑year corporate and administrative expense included $44.3M of term loan/revolver interest and $8.2M of Centuri separation costs.

Q4 Utility Drivers

Q4 2024 utility margin increased by ~$30M vs Q4 2023 (including ~$22M from new Nevada rates). O&M decreased ~$2.9M vs prior‑year quarter; depreciation and amortization rose ~$5.7M (7.6% higher average gas plant), other income declined ~$13.6M, and interest expense increased ~$5.3M versus Q4 2023.