Southwest Gas (US:SWX)2025-05-12 12:09Financial Performance - Operating revenue for the quarter reached $500 million, reflecting a 10% increase compared to the previous year[10] - Total operating revenues for Q1 2025 were $1,296,497, a decrease of 18% from $1,580,956 in Q1 2024[17] - Net income for the three months ended March 31, 2025, was $142,942,000, compared to $135,825,000 for the same period in 2024, representing an increase of 5.6%[28] - Net income attributable to Southwest Gas Holdings, Inc. increased to $113,870 in Q1 2025, up 30% from $87,737 in Q1 2024[17] - Earnings per share attributable to Southwest Gas Holdings, Inc. were $1.58 for Q1 2025, compared to $1.22 for Q1 2024, reflecting a 29.5% increase[17] - Total operating expenses for Q1 2025 were $531,437,000, down from $868,589,000 in Q1 2024, reflecting a decrease of 38.8%[28] - Operating income for Q1 2025 was $200,422, an increase of 27% from $158,125 in Q1 2024[17] - Comprehensive income attributable to Southwest Gas Holdings, Inc. increased to $114,222,000 in Q1 2025 from $85,302,000 in Q1 2024, reflecting a growth of 33.9%[19] Cash Flow and Liquidity - Net cash provided by operating activities was $291,268 in Q1 2025, down from $543,709 in Q1 2024[21] - Cash and cash equivalents at the end of Q1 2025 were $406,295,000, down from $457,952,000 at the end of Q1 2024, a decrease of 11.2%[21] - The company reported a net cash provided by operating activities of $285,832,000 for Q1 2025, down from $577,562,000 in Q1 2024, a decrease of 50.5%[33] - Cash and cash equivalents increased to $386,409,000 as of March 31, 2025, up from $311,073,000 at the beginning of the period, a rise of 24.2%[33] Assets and Liabilities - Total assets as of March 31, 2025, were $12,075,804, a slight increase from $12,023,836 at the end of 2024[15] - Long-term debt, less current maturities, was $4,327,895 as of March 31, 2025, a decrease from $4,348,340 at the end of 2024[15] - Total current liabilities decreased to $1,806,505 in Q1 2025 from $1,832,097 in Q4 2024[15] - Total equity attributable to Southwest Gas Holdings, Inc. stockholders increased to $3,578,886 in Q1 2025 from $3,504,187 in Q4 2024[15] Capital Expenditures and Investments - Future capital expenditures are projected to be around $300 million, focusing on infrastructure upgrades and expansions[11] - Capital expenditures for the three months ended March 31, 2025, totaled $187,496, down from $221,198 in Q1 2024, indicating a decrease of approximately 15%[16] - The company has initiated a new product line aimed at improving energy efficiency, expected to launch in Q3 2025[10] Regulatory and Strategic Initiatives - The planned separation from Centuri following the IPO is expected to enhance operational efficiency and shareholder value[9] - The company is pursuing new regulatory mechanisms to recover costs, which could result in an additional $20 million in revenue[10] - The company is actively exploring acquisition opportunities to expand its market presence, with a focus on strategic partnerships[10] Tax and Dividend Information - The impact of recent tax reforms is anticipated to provide a $5 million benefit in the next fiscal year[11] - The company declared dividends of $0.62 per share, totaling $44,600,000 for Q1 2025, compared to $39,700,000 in Q1 2024[33] - The effective tax rate for the Company was 20.2% for the three months ended March 31, 2025, compared to 16.3% for the same period in 2024[52] Segment Performance - Regulated operations revenues decreased to $746,416,000 in Q1 2025 from $1,052,933,000 in Q1 2024, a decline of 29.0%[28] - Utility infrastructure services revenues for Centuri increased to $550.1 million in Q1 2025, up from $528.0 million in Q1 2024, indicating growth in this segment[63] - Revenues from the natural gas distribution segment amounted to $746,416 thousand, while the utility infrastructure services segment generated $550,081 thousand in revenue[87]