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09.08.2023 08:00
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Southwest Gas Holdings, Inc. Reports Second Quarter 2023 Financial Results
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PR Newswire
LAS VEGAS, Aug. 9, 2023
Delivering Strong Second Quarter for Utility Net Income and Centuri Revenue
Reaffirming 2023 Utility Earnings Guidance and 2023 Centuri Revenue and EBITDA Margin Guidance
LAS VEGAS, Aug. 9, 2023 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or "Company") today reported second quarter 2023 financial results.
"I am pleased with our strong financial results across the utility and Centuri, and the progress we made on our strategic priorities," said Karen S. Haller, President and Chief Executive Officer of Southwest Gas. "During the quarter, we executed on our business plan and made progress on our transformational strategy towards becoming a pure-play natural gas leader. We also achieved significant regulatory milestones, including receiving Arizona Corporation Commission approval for the Centuri separation and implementing an increase in the Gas Cost Balancing Account rate to facilitate timely recovery of purchased gas costs. At the federal level, we confidentially submitted a draft Registration Statement on Form 10 with the U.S. Securities and Exchange Commission and we anticipate a decision from the Internal Revenue Service on the tax-free nature of the separation in the fourth quarter. We're proud of these advancements, as well as delivering the highest second quarter utility net income and Centuri revenue on record."
Ms. Haller continued, "Our commitment to executing our strategic plan is as strong as ever. We continue to be there for our customers, delivering safe, reliable, and affordable energy, and investing in our communities and employees. As always, we are focused on maximizing value for our stockholders, which is reflected by our year to date performance."
Southwest Gas Holdings Financial Highlights
- Southwest Gas Corporation ("Utility") earnings up $21 million in the second quarter of 2023 over the second quarter of 2022 and Centuri Group, Inc. ("Centuri") results up approximately $14 million over the same period.
- Consolidated net earnings of $0.40 per diluted share (and adjusted consolidated net earnings of $0.47 per diluted share) for the second quarter of 2023, compared to consolidated net earnings of $(0.10) per diluted share (and adjusted consolidated earnings of $0.23 per diluted share) for the second quarter of 2022.
- Adjustments to second quarter 2023 earnings included ~$5 million of collective after-tax items, largely driven by costs incurred to facilitate the spin-off of Centuri as well as consulting fees related to Utility optimization.
- Advanced Centuri spin by confidentially submitting a draft Registration Statement on Form 10 with the U.S. Securities and Exchange Commission ("SEC") and receiving Arizona Corporation Commission ("ACC") approval of the Centuri separation.
| SOUTHWEST GAS HOLDINGS, INC. SUMMARY UNAUDITED OPERATING RESULTS (In thousands, except per share items) | |||||||||||
| | |||||||||||
| | Three Months Ended June 30, | | Six Months Ended June 30, | | Twelve Months Ended June 30, | ||||||
| | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
| Results of Consolidated Operations | | | | | | | | | | | |
| Contribution to net income (loss) - natural gas distribution | $ 19,120 | | $ (2,266) | | $ 153,816 | | $ 109,529 | | $ 198,667 | | $ 166,536 |
| Contribution to net income (loss)- utility infrastructure services | 18,818 | | 4,741 | | 6,946 | | (18,745) | | 27,756 | | 7,418 |
| Contribution to net income (loss) - pipeline and storage | — | | 15,076 | | (16,288) | | 32,006 | | (332,027) | | 32,006 |
| Contribution to net income (loss) - corporate and administrative | (9,060) | | (24,126) | | (69,685) | | (33,187) | | (112,500) | | (57,990) |
| Net income (loss) | $ 28,878 | | $ (6,575) | | $ 74,789 | | $ 89,603 | | $ (218,104) | | $ 147,970 |
| Non-GAAP adjustments – consolidated | 4,899 | | 22,308 | | 74,911 | | 32,303 | | 442,498 | | 67,766 |
| Adjusted net income | $ 33,777 | | $ 15,733 | | $ 149,700 | | $ 121,906 | | $ 224,394 | | $ 215,736 |
| Diluted earnings (loss) per share* | $ 0.40 | | $ (0.10) | | $ 1.07 | | $ 1.40 | | $ (3.18) | | $ 2.38 |
| Diluted adjusted earnings per share | $ 0.47 | | $ 0.23 | | $ 2.14 | | $ 1.90 | | $ 3.27 | | $ 3.47 |
| Weighted average diluted shares | 71,722 | | 67,045 | | 70,072 | | 64,041 | | 68,542 | | 62,157 |
| | |
| *In periods in which losses occur, diluted and basic loss per share are the same, and the same shares are used for Adjusted results. |
Business Segment Highlights
Natural Gas Distribution
The natural gas distribution segment recorded net income of $19.1 million in the second quarter of 2023, compared to a net loss of $2.3 million in the second quarter of 2022.
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