Welcome to our dedicated page for Southwest Gas Holdings news (Ticker: SWX), a resource for investors and traders seeking the latest updates and insights on Southwest Gas Holdings stock.
Southwest Gas Holdings, Inc. (NYSE: SWX) is a prominent utility company headquartered in Las Vegas, Nevada. Established in 1931, the company, through its subsidiaries, is engaged in the purchasing, distributing, and transporting of natural gas across Arizona, Nevada, and California. Serving over 2 million residential, commercial, and industrial customers, Southwest Gas Holdings ensures the safe and reliable provision of natural gas.
The company operates through two main segments: Natural Gas Operations and Utility Infrastructure Services. The Natural Gas Operations segment encompasses the core business of distributing natural gas, generating half of the company’s revenue primarily from residential and small commercial customers. The Utility Infrastructure Services segment, managed by the subsidiary Centuri Group Inc., contributes the other half of the revenue by providing underground piping contractor services and industrial construction solutions across North America.
As of December 31, 2019, Southwest Gas Holdings managed 2,081,000 natural gas customers. The company is committed to sustainability and innovation, continuously updating its infrastructure to meet the growing demands for energy in its service areas.
Recent developments highlight the company’s dynamic growth and strategic decisions. In 2024, Centuri Group Inc., a wholly-owned subsidiary, announced the retirement of its CEO Paul M. Daily, and the commencement of a search for a new CEO. The company plans to separate Centuri as an independent entity through an IPO, expected to enhance shareholder value.
Southwest Gas Holdings maintains a robust financial condition, reflected in its consistent payment of quarterly dividends since going public in 1956. In recent earnings reports, the company showcased a strong operational and financial performance, with notable increases in net income and adjusted net income for the fiscal year 2023.
The company's commitment to excellence and strategic growth ensures it remains a significant player in the energy sector, continually adapting to meet the needs of its diverse customer base while delivering shareholder value.
On March 7, 2023, Southwest Gas Holdings, Inc. (NYSE: SWX) announced a public offering of $215 million in common stock, with an option for underwriters to purchase an additional $32.25 million within 30 days. The funds will be utilized to repay borrowings from its credit facility and a 364-day term loan from November 2021 related to the acquisition of MountainWest Pipelines. The company aims to support working capital and general corporate purposes. J.P. Morgan and BofA Securities are joint book-running managers for the offering, which is registered under a shelf registration statement filed with the SEC.
Southwest Gas Holdings (NYSE: SWX) reported its 2022 financial results, revealing a consolidated net loss of $281 million, or $(4.18) per diluted share, compared to a net income of $69.9 million in Q4 2021. The company completed the sale of MountainWest for $1.5 billion, enhancing its balance sheet flexibility. Despite a record operating margin of $1.15 billion, the natural gas distribution segment saw a decline in net income to $154.4 million. The company initiated 2023 net income guidance of $205 - $215 million and plans to spin off Centuri, expected to unlock stockholder value. The firm aims for $665 - $685 million in capital expenditures in 2023.
The Board of Directors for Southwest Gas Holdings (NYSE: SWX) has declared a second quarter cash dividend of $0.62 per share, payable on June 1, 2023, with a record date of May 15, 2023. This dividend translates to an annualized amount of $2.48 per share and highlights the company’s long-standing commitment to returning value to shareholders, as it has paid quarterly dividends since going public in 1956.
Southwest Gas Holdings operates across North America, providing natural gas distribution and utility services to over 2 million customers in Arizona, Nevada, and California.
Southwest Gas Holdings (NYSE: SWX) will announce its 2022 fourth quarter and full-year financial results on February 28, 2023, after market close. An earnings conference call is scheduled for March 1, 2023, at 1:00 PM ET, to discuss these results alongside additional business and financial insights. Investors can participate by dialing (844) 695-5521 for domestic or (412) 317-5438 for international calls, using the conference ID 10174510. The call will also be accessible via webcast and archived on the company’s website.
Southwest Gas Holdings has completed the sale of MountainWest Pipelines to Williams for $1.5 billion. This all-cash transaction is pivotal for simplifying Southwest Gas's corporate structure and refocusing on its core regulated utility business. The net proceeds will be used to repay $1.075 billion of debt, reducing the outstanding loan to approximately $73 million. Additionally, the company plans to spin off Centuri, expected by Q4 2023 or Q1 2024, aiming to enhance stability and investor alignment while emphasizing regulated cash flows, efficient capital deployment, and a commitment to safety.
Southwest Gas Holdings (SWX) announced a strategic plan to simplify its business structure. The company will sell MountainWest Pipelines to Williams (WMB) for $1.5 billion, using proceeds to pay down a $1.1 billion term loan. Additionally, Southwest Gas plans to spin off its subsidiary, Centuri, into an independent entity focused on utility infrastructure services. This restructure aims to optimize operations, enhance shareholder value, and maintain a stable dividend policy. The anticipated loss from the sale is between $350 million and $425 million, net of tax. The transactions are expected to close in 2023.
Southwest Gas Holdings has declared a first-quarter cash dividend of $0.62 per share, payable on March 1, 2023, to shareholders on record as of February 15, 2023. This equates to an annualized dividend of $2.48 per share. The company has a long-standing history of paying quarterly dividends since its public debut in 1956. Southwest Gas Holdings provides natural gas distribution and comprehensive utility infrastructure services across North America, serving over two million customers in Arizona, California, and Nevada.
Southwest Gas Holdings (NYSE: SWX) reported a consolidated net loss of $12.3 million for Q3 2022, compared to a loss of $11.6 million in Q3 2021. Adjusted net loss was $3.3 million, down from an adjusted income of $3.1 million a year prior. The natural gas distribution segment saw an improvement with a narrower loss of $22.2 million, alongside strong revenues of $1.1 billion. Despite inflation and supply chain challenges impacting margins, the company is focusing on growth initiatives and a strategic review for MountainWest and Centuri. Full-year 2022 guidance for net income stands at $185-195 million.
Southwest Gas Holdings has appointed Robert J. Stefani as the new Chief Financial Officer, effective November 30, 2022. Stefani, previously CFO at PECO Energy, succeeds Gregory J. Peterson, who is retiring on the same date. In his new role, Stefani will oversee financial functions including planning, reporting, and investor relations. He brings extensive experience in corporate development and treasury to enhance growth and stockholder value. Karen Haller, President & CEO, expressed confidence in Stefani's leadership to guide the company toward its financial goals.
FAQ
What is the current stock price of Southwest Gas Holdings (SWX)?
What is the market cap of Southwest Gas Holdings (SWX)?
What does Southwest Gas Holdings, Inc. do?
How many customers does Southwest Gas Holdings serve?
Where is Southwest Gas Holdings headquartered?
What recent changes have been announced for Centuri Group Inc.?
How does Southwest Gas Holdings generate its revenue?
When did Southwest Gas Holdings start paying dividends?
What is the focus of Southwest Gas Holdings' utility infrastructure services?
What are the company’s recent financial highlights?
What is the significance of Centuri's IPO for Southwest Gas Holdings?
How does Southwest Gas Holdings ensure the reliability of its services?
