Southwest Gas (SWX) - 2024 Q4 - Annual Results

Financial Performance - Consolidated net income for Q4 2024 was $92.5 million, or$1.28 per diluted share, compared to $72.9 million, or$1.01 per diluted share in Q4 2023, reflecting a year-over-year growth of 27%[1] - Full-year 2024 consolidated net income reached $198.8 million, or$2.76 per diluted share, up from $150.9 million, or$2.13 per diluted share in 2023, marking a 32% increase[1] - Adjusted net income for the twelve months ended December 31, 2024, was $198.8 million, up from$150.9 million in 2023, indicating a year-over-year increase of approximately 31.7%[39] - Basic earnings per share for Q4 2024 were $1.29, compared to$1.02 in Q4 2023, reflecting a year-over-year increase of 26.5%[39] - The diluted earnings per share for Q4 2024 was $1.28, up from$1.01 in Q4 2023, reflecting a 27% increase[42] Utility Segment Performance - The utility segment reported net income of $97.2 million in Q4 2024, an increase from$91.7 million in Q4 2023, driven by improved operating margin and lower O&M expenses[2] - Full-year 2024 utility net income was $261.2 million, compared to$242.2 million in 2023, representing an 8% growth[2] - Operating margin for the utility segment increased by $30 million in Q4 2024, primarily due to new general rates in Nevada and customer growth[16] - The utility achieved a return on equity (ROE) of 8.1$261,176 for the twelve months ended December 31, 2024, compared to $242,226 in 2023, reflecting an increase of 8$262 million, or 9%, year-over-year, primarily due to a $114 million reduction in offshore wind revenues, partially offset by a$50 million increase in emergency restoration services revenue[25] - Operating margin for the full year 2024 was $1,325.2 million, compared to$1,252.7 million in 2023, representing a year-over-year increase of 5.8%[39] - The company recorded a $202 million, or 8$265 million and $275 million, with capital expenditures projected at approximately$880 million[20] - The utility segment filed three rate cases in 2024, including a $126 million general rate case in Arizona, with final decisions expected in 2025[15] - The company plans to update investors on its 81$13.1 million in 2024, compared to a net income of $19.7 million in 2023, reflecting a significant decline in performance[25] - The company reported a net loss of$12,863 for corporate and administrative expenses in Q4 2024, a slight improvement from a loss of $13,542 in Q4 2023[42] Market Metrics - Market value to book value per share at quarter end is 145%[46] - Twelve months to date return on equity for the total company is 5.8%[46] - Gas segment return on equity is 8.1%[46] - Common stock dividend yield at quarter end is 3.5%[46]