Southwest Gas reports Q2 adjusted EPS 53c, consensus 46c

Reports Q2 revenue $1.12B, consensus $1.17B. “This quarter we continued to improve operational and financial performance at Southwest Gas (SWX), and we saw constructive regulatory developments in both Arizona and Nevada. The Arizona Corporation Commission approved a capital tracker program; and, in Nevada, Governor Lombardo signed Senate Bill 417 allowing for alternative ratemaking, which we anticipate will have positive impacts on price stability, regulatory cost reduction, and consumer protection enhancements,” said Karen Haller, President and CEO at Southwest Gas Holdings. “Additionally, with the successful closing of two follow-on offerings and associated private placement sales of Centuri Holdings, (CTRI) common stock, Southwest Gas Holdings reduced its ownership of Centuri to approximately 52%, continuing our transformation into a premier, pure-play, fully regulated natural gas business. We used proceeds from these transactions to reduce debt by over $470M, further strengthening our balance sheet. We remain committed to fully separating Centuri and are evaluating the timing of further separation transactions with the objectives of optimizing value and limiting execution risk,” added Haller.