Q3 2024 Southwest Gas Holdings Inc Earnings Call Transcript
Key Points
- Southwest Gas Holdings Inc (SWX) expects full-year utility net income to finish within the top half of the guidance range of $233 million to $243 million.
- The company has made significant progress on its regulatory strategy, including a positive outcome in the Nevada rate case.
- Strong customer growth and demand are driving the need for continued investment in infrastructure, with about 41,000 new meter sets added in the last 12 months.
- The company has a strong balance sheet with more than $450 million of cash on hand, reducing the need for equity issuance in 2024.
- Southwest Gas Holdings Inc (SWX) is strategically deploying capital to meet the demand for safe, reliable, and affordable energy solutions, with a reaffirmed rate base compound annual growth rate of 6.5% to 7.5% from 2024 to 2026.
- The company's consolidated adjusted EPS decreased by 8 cents per share compared to the third quarter of 2023.
- Century's performance was lower due to unforeseen operational issues, including equipment breakages and higher rental and repair costs.
- Higher interest expenses impacted the holding company's financial performance, primarily due to variable interest rate impacts.
- The Arizona rate case settlement discussions faced timing conflicts, potentially delaying the resolution process.
- The company faces uncertainties regarding the timing and structure of the Century separation, which is contingent on favorable market conditions.
Welcome to Southwest Gas Holdings third quarter, 2024 earnings conference call. Today's call is being recorded and our webcast is live. A replay will be available later today and for the next 12 months on the Southwest Gas Holdings website. At this time, all participants are in a listen-only mode, a question-and-answer session will follow the prepared remarks. If you would like to ask a question at that time, please press star one on your phone. I will now turn the call over to Justin Frosberg, Vice President of Investor Relations, and Treasurer of Southwest Gas Holdings.
Thanks Deon and hello everyone. We appreciate your interest in Southwest Gas.
This morning, we issued and posted to the Southwest Gas Holdings website. Our third 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.
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