- 1Q 2024 operating earnings: $1.37 per share, missed estimates by 19.4%. - Operating revenues: $1.581 billion, exceeded estimates by 0.2%, down 1.4%. - Southwest Gas announced closing of Centuri IPO of 14,260,000 shares at $21 per share. Price Impact Rating: Bearish Impact Horizon Rating: Short-term Type: Earnings
- Southwest Gas Holdings plans to separate Centuri and pursue an IPO for the utility infrastructure business. - Centuri intends to offer 12.4 million common shares with expected pricing range of $18.00 - $21.00. - The IPO proceeds will be used to repay Centuri's outstanding debt post-separation. - Investment entities affiliated with Carl C. Icahn will purchase shares in a private placement concurrent with the IPO. - Valuation implies an upside of 2.3% for SWX and 38.5% for CTRI based on IPO pricing. Price Impact Rating: bearish Impact Horizon Rating: short-term Type: Corporate Developments