Southwest Gas Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 EPS rose to $1.91, driven by rate relief and customer growth, with strong demand for the Great Basin expansion. 2026 Adjusted EPS guidance of $4.17–$4.32 and a $6.3B five-year capital plan were affirmed, supported by a robust balance sheet.
Fiscal Year 2025
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Delivered strong 2025 results with 19% EPS growth, completed Centuri sale, and initiated 2026 EPS guidance of $4.17–$4.32. Five-year plan targets 12%-14% EPS CAGR, $6.3B in capex, and major earnings uplift from the Great Basin project.
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Completed Centuri sale, repaid all holding company debt, and improved ROE to 8.3%. EPS rose to $3.74 per share, with strong utility margin growth and S&P credit upgrade. 2025 net income guidance reaffirmed at the top end, with robust liquidity and constructive regulatory outlook.
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Record net income and robust customer growth marked the first half of 2025, supported by regulatory wins and operational improvements. Over $470 million was raised from Centuri share sales to reduce debt, and the Great Basin Expansion Project is set to drive future growth.
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Record Q1 net income was driven by rate relief, customer growth, and lower O&M, with guidance reaffirmed for 2025. Regulatory wins in Arizona and Nevada, robust capital plans, and strong liquidity support long-term growth, while Centuri separation remains a key focus.
Fiscal Year 2024
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Record utility operating margin and over 8% ROE were achieved in 2024, with strong customer and rate base growth expected to continue. 2025 net income is guided at $265–$275 million, supported by regulatory progress and robust economic activity.
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Record operating margin and strong customer growth drove robust Q3 results, with utility net income expected in the top half of guidance. Regulatory progress, disciplined cost management, and a strong balance sheet support a positive outlook, while Centuri separation remains a strategic focus.
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Centuri IPO completion and strong regulatory outcomes drove a raised 2024 utility net income guidance to $233–$243 million. Utility segment saw robust customer growth and margin improvement, while Centuri's results declined due to lower volumes. Nearly $600 million cash on hand and limited near-term financing needs.