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.
Southwest Gas Holdings (NYSE: SWX) will report its third quarter 2022 financial results on November 9, 2022, before market opening. An earnings conference call is scheduled for the same day at 1:00 PM ET, which will be available via live webcast on the company's website. Participants can also review a digital replay of the call starting an hour after it concludes, accessible until November 17, 2022. For more information, the contact details for investors and media are provided.
Southwest Gas Holdings has declared a fourth-quarter cash dividend of $0.62 per share, payable on December 1, 2022, with a record date of November 15, 2022. This dividend translates to an annualized amount of $2.48 per share. The company has maintained consistent quarterly dividends since going public in 1956. Southwest Gas Holdings provides natural gas distribution services across North America, serving over two million customers in Arizona, California, and Nevada.
Southwest Gas Corporation has proposed a hydrogen-blending demonstration project in Truckee, California, to support sustainable energy goals and carbon reduction targets. Filed with the California Public Utilities Commission on September 8, 2022, the project aims to test blending hydrogen with natural gas in extreme weather conditions. Over 18 months, blends of 5% to 20% hydrogen will be analyzed. This initiative seeks to close knowledge gaps in hydrogen use, meet local greenhouse gas reduction goals, and contribute to the development of a national hydrogen-injection standard.
Southwest Gas Holdings (SWX) reported a second quarter 2022 net loss of $6.6 million, translating to a diluted loss of $0.10 per share, contrasted with a profit of $25.1 million and $0.43 per share in Q2 2021. Adjusted net income was $15.7 million ($0.23 per share). The company noted record revenues in its natural gas distribution and utility infrastructure segments, despite macroeconomic pressures increasing operating expenses. Guidance for 2022 net income was revised down to $185-$195 million. The Board continues reviewing strategic alternatives for subsidiaries MountainWest and Centuri.
Southwest Gas Holdings will report its second quarter 2022 financial results on August 9, 2022, after market close. An earnings conference call is scheduled for August 10, 2022, at 1:00 PM ET, where the results will be discussed. The call can be accessed live on the company's website or via telephone at (800) 343-4849 for U.S. callers and (203) 518-9814 internationally. A digital replay will be available after the call until August 18, 2022.
On August 3, 2022, Southwest Gas Holdings (NYSE: SWX) announced its strategic directions following a review initiated on April 18, 2022. The Board aims to maximize shareholder value by focusing on executing its strategic plan and concluding the review for Southwest Gas and its subsidiary. Additionally, it will explore strategic options for Centuri Group and MountainWest Pipelines. The company highlighted strong growth potential for Southwest Gas Corporation due to favorable demographics and regulatory relationships. Financial advisors Moelis & Company, Lazard, and UBS Investment Bank are supporting the strategic process.
Southwest Gas Holdings, Inc. (NYSE: SWX) announced the retirement of CFO Gregory J. Peterson, effective by October 2022. Peterson has served the company for over 26 years and will assist in the search for his successor. CEO Karen Haller praised Peterson for his integrity and contributions to the company, which serves over two million customers in Arizona, California, and Nevada. The company focuses on natural gas distribution and utility infrastructure services across North America.
Southwest Gas Holdings (SWX) reported Q1 2022 results, showing a net income of $96.2 million, down from $117.2 million year-over-year. Adjusted earnings per share decreased to $1.74 from $2.03. The company reaffirmed its 2022 guidance, projecting a net income of $200-$210 million and capital expenditures of $650-$700 million. Strategic alternatives are being reviewed to maximize shareholder value, including potential divestitures. The natural gas distribution segment faced inflationary pressures, while utility infrastructure services reported record revenues despite a net loss.
Southwest Gas Holdings (NYSE: SWX) has settled with Carl Icahn, allowing him to appoint four directors to its Board. This strategic move is intended to maximize stockholder value as the company reviews options including a potential sale or spin-off of its subsidiary, Centuri. Icahn will withdraw his proxy contest and vote in favor of the company's nominees. The Board will expand its Strategic Transactions Committee to include new directors. Current CEO John Hester has resigned, and Karen Haller has been appointed as his successor.
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