Southwest Gas reports Q4 adjusted EPS $1.13, consensus $1.12

Reports Q4 revenue $1.37B, consensus $1.29B. “I am pleased with the progress our team made throughout the past year to implement our strategic priorities and advance our transformation into a pure-play natural gas leader,” said Karen Haller, CEO at Southwest Gas Holdings. “Continued strong customer growth, successful execution of our regulatory strategy, returns associated with elevated regulatory account balances, and higher COLI, all combined to improve results at Southwest Gas Corporation in 2023. We saw a 220 basis point step-up in utility ROE from 2022 levels and our adjusted net income results were $24 million above the $225 million high end of our expected range. The planned completion of our Nevada general rate case this Spring and our recent general rate case filing in Arizona provide the opportunity to start recovering the significant investments we have made to serve our customers. “Centuri Group saw strong adjusted EBITDA, a 24% increase over 2022. With the successful onboarding of Bill Fehrman as President and CEO, progress toward the previously announced plan to separate Centuri into an independent utility infrastructure services company remains on track as we seek to unlock value for Southwest Gas shareholders,” Haller added.