1. SWX reported Q4 2024 net income of $92.5M, up 27% YoY. 2. Utility ROE improved to 8.1%, signaling strong performance. 3. 2025 net income guidance set between $265M and $275M. 4. Centuri Holdings' IPO supports strategic transitions for SWX. 5. Pending rate cases expected to enhance future financial results.
Strong earnings growth and positive net income guidance indicate financial stability. Historically, significant earnings forecasts positively influence stock prices.
The article details earnings performance and strategic outlook, crucial for investor sentiment. Positive net income growth and guidance typically drive investor confidence.
The guidance and strategic transitions position SWX for sustained growth, typically affecting long-term valuations like sustained earnings growth trends.
LAS VEGAS, Feb. 26, 2025 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas Holdings" or "Company") today reported fourth quarter 2024 consolidated net income of $92.5 million, or $1.28 per diluted share, and adjusted consolidated net income of $100.1 million, or $1.39 per diluted share. For the full-year ended December 31, 2024, consolidated net income was $198.8 million, or $2.76 per diluted share, and adjusted consolidated net income was $227.9 million, or $3.16 per diluted share. These results compared to consolidated net income of $72.9 million, or $1.01 per diluted share, and adjusted consolidated net income of $86.2 million, or $1.20 per diluted share for the fourth quarter of 2023, and consolidated net income of $150.9 million, or $2.13 per diluted share, and adjusted consolidated net income of $258.5 million, or $3.64 per diluted share, for the full year ended December 31, 2023.
The utility, Southwest Gas Corporation ("Southwest Gas"), reported fourth quarter 2024 net income of $97.2 million, and full-year 2024 net income of $261.2 million, compared to net income of $91.7 million and $242.2 million, respectively, for the same periods in 2023. Adjusted Southwest Gas net income was $95.2 million and $248.6 million for the fourth quarter and full-year 2023, respectively.
"In 2024, we made excellent progress advancing our strategic priorities, delivering improved outcomes for our stakeholders and continuing our transformation into a premier, pure-play natural gas utility," said Karen Haller, President and Chief Executive Officer at Southwest Gas Holdings. "With the successful IPO of Centuri Holdings, Inc. and onboarding of Chris Brown as Centuri's President and CEO, we remain focused on completing a full separation efficiently," continued Haller.
"At the utility, we delivered net income growth of nearly 8% through the execution of our regulatory strategy, effective cost management, and strong customer growth in our service territories. Our full-year 2024 utility net income results were $18 million above the high end of our expected range. This net income growth resulted in continued ROE improvement, with the utility now having delivered above 8% ROE for the second straight year," added Haller.
"We expect outcomes of our currently pending rate cases to provide further incremental improvement to financial results going forward, reflecting the value of the investments we have made to serve our customers and support economic activity," Haller continued.
"I am proud of our entire team's hard work to ensure a safe and reliable natural gas system, execute our regulatory strategy, and move our transformation forward over the past year. I am optimistic that these efforts will enable us to deliver on our commitments to all of our stakeholders, while contributing to our strong communities for years to come," Haller concluded.
(In thousands, except per share items)
Three Months Ended December 31,
Twelve Months Ended December 31,
| 2024 | 2023 |
|---|---|
| Results of Consolidated Operations | Contribution to net income - natural gas distribution: $97,185 |
| Net income applicable to Southwest Gas Holdings: $92,456 | Net income: $72,869 |
| Diluted earnings (loss) per share: $1.28 | Diluted earnings (loss) per share: $1.01 |
Other relevant data continues in a similar format as above...
Market value to book value per share at quarter end: 145%
Twelve months to date return on equity: 5.8%
Customer to employee ratio at quarter end (gas segment): 927 to 1
This press release contains forward-looking statements...
SOURCE Southwest Gas Holdings, Inc.