Q2 2024 Southwest Gas Holdings Inc Earnings Call Transcript
Key Points
- Successful closing of the Centuri IPO, marking a significant milestone in the company's transformational strategy.
- Positive impact from the completion of the general rate case in Nevada, leading to enhanced safety and reliability.
- Record operating margin performance on a trailing 12-month basis.
- Strong customer growth, adding approximately 40,000 new meter sets over the past 12 months.
- Raised utility 2024 net income guidance by $5 million, reflecting strong performance and expectations.
- Consolidated adjusted EPS decreased by $0.23 per share compared to the second quarter of 2023.
- Higher interest expense at the HoldCo, impacting overall financial performance.
- Centuri's revenues and operating margins decreased due to lower volumes of work under MSAs and other factors.
- Operations and maintenance expenses increased by nearly 2% in the first six months of 2024 compared to the same period in 2023.
- Regulatory account amortization reduction led to a corresponding decrease in amortization expense, impacting financial results.
Welcome to Southwest Gas Holdings Second Quarter 2024 Earnings Conference Call. (Operator Instructions)
I will now turn the call over to Justin Forsberg, Vice President of Investor Relations and Treasurer of Southwest Gas Holdings.
Thanks, Joanna, and hello, everyone. Thanks for your interest in Southwest Gas. This morning, we issued and posted the Southwest Gas Holdings website our second quarter 2024 earnings release and the associated Form 10-Q. The slides accompanying today's call are also available on Southwest Gas Holdings' website. We'll refer to those slides by number throughout the call today.
Please note that on today's call, we will address certain factors that may impact this year's earnings and provide some longer-term guidance. Some of the information that will be discussed today contains forward-looking statements. These statements are based on management's assumptions on what the future holds but are subject to several risks and uncertainties,
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