Southwest Gas Holdings Earnings Call Transcripts
Fiscal Year 2026
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Adjusted EPS rose to $0.45, driven by regulatory progress, lower interest expense, and strong margin growth. Great Basin's 2028 expansion advanced with increased contracted demand and CapEx, while the balance sheet remains robust and guidance is reaffirmed.
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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.