Successful Disposition of Centuri
Completed the full deconsolidation and separation of Centuri, generating nearly $1.4 billion of net sale proceeds. This allowed for full repayment of debt at the holding company and left Southwest Gas with a strong balance sheet.
Improvement in Return on Equity
Southwest Gas' trailing 12-month return on equity improved to 8.3%, demonstrating consistent improvement over the last several years.
Credit Rating Upgrade
S&P upgraded Southwest Gas Holdings issuer and Southwest Gas Corporation's senior unsecured long-term debt credit ratings each to BBB+ with stable outlooks.
Utility Net Income Growth
Net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area, enhanced by cost optimization efforts.
Cash and Liquidity Position
As of the third quarter, the cash balance increased to nearly $780 million with more than $1.5 billion of liquidity across the business.