Financial Data and Key Metrics Changes - Net income for the third quarter was $538,000 or $0.05 per share, compared to $157,000 or $0.02 per share in the same quarter last year, reflecting a significant increase [10] - Year-to-date net income increased to $13,500,000 or $1.31 per share, up 16% from $1.15 per share in the same period last year [11] Business Line Data and Key Metrics Changes - Total delivered gas volumes increased by 6% in the quarter compared to the previous year, driven by one industrial customer with high natural gas consumption [6] - Year-to-date delivered gas volumes increased by 15% due to a colder winter, with heating degree days up 18% [7] Market Data and Key Metrics Changes - The company experienced robust residential growth, installing 3.9 new main miles, which is 50% higher than the total installed in all of fiscal 2024 [5] - The company connected 541 new services through June 30, indicating strong demand [5] Company Strategy and Development Direction - The company is focused on investing in system safety and reliability, with a high priority on the SAFE program [5] - Economic development efforts are ongoing, with significant investments in the region, including a major deal with Google [17][24] Management's Comments on Operating Environment and Future Outlook - Management anticipates a modest net loss in the fourth quarter due to weather-sensitive volumes, while monitoring inflation and interest rates [22] - The company expects customer growth and system expansion to remain strong, particularly in light of the Google investment and ongoing housing developments [30][32] Other Important Information - Total capital expenditures year-to-date were $15.7 million, down approximately 5% from the same period last year [9] - The company has successfully refinanced its midstream debt, classifying most of it as long-term, which positions it well for future cash flow enhancements [14][15] Q&A Session Summary Question: Expectations for MVP growth in 2026 and customer growth related to Google - Management expects MVP growth to be significantly higher in 2026, with plans pushed from 2025 into 2026 [29][30] Question: Customer penetration along existing mains and impact of higher electricity rates - Management noted that there is strong potential for customer growth along existing mains, driven by higher electricity rates leading to conversions from non-natural gas sources [36][38]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $2.28 per share for the first six months of 2025, compared to $1.6 per share for the same period last year [7] - Adjusted net income for Q2 2025 was $315,000 or $0.01 per share, an improvement from a loss of $2.8 million or $0.07 per share in Q2 2024 [17] - Year-to-date adjusted net income was $92.1 million or $2.28 per share for 2025, up from $61 million or $1.6 per share for the same period in 2024 [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas segment saw net income increase by $4.5 million or $0.12 per share, with margin increasing by $16.9 million due to new rates in Oregon [18] - Sea Energy provided net income of $1 million or $0.03 per share, with strong margin and net income trends aligning with expectations [18] - The Water segment's net income increased by $1.8 million or $0.04 per share, driven by new rates at the largest water utility in Arizona and additional revenues from acquired utilities [19] Market Data and Key Metrics Changes - The combined utility customer growth rate was 10.6% for the twelve months ended June 30, 2025, primarily driven by gas utilities in Texas [8] - Northwest Natural Water's customer base grew by 5.8% over the last twelve months, including three acquisitions [13] Company Strategy and Development Direction - The company reaffirmed its annual 2025 adjusted earnings guidance, expecting a range of $2.75 to $2.95 per share [22] - The capital expenditure plan for 2025 is projected to be between $450 million and $500 million, focusing on modernizing infrastructure and system upgrades [23] - The company aims for a long-term earnings per share growth rate of 4% to 6% compounded annually from 2025 adjusted EPS [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets for the full year, citing strong performance across all business segments [24] - The company noted that while there are signs of housing market slowdown in Texas, overall growth remains strong with significant meter additions [29] Other Important Information - The company filed a general rate case in Oregon to recover investments in gas infrastructure, expecting a modest 2.5% rate increase effective October 31 [11] - The liquidity position at June 30, 2025, was approximately $550 million, with no material debt maturities expected in 2025 [24] Q&A Session Summary Question: Update on Sea Energy's growth and backlog - Management indicated that Sea Energy is performing as expected, with strong growth and a significant backlog exceeding annual goals by midyear [28][29] Question: Scale of upcoming water rate cases - Management noted that individual water rate cases are generally small, often less than $1 million in revenue requirement, leading to multiple rate cases executed annually [30]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $12.5 million, an increase of $800,000 or 7.3% compared to Q1 2024, primarily due to a 4.3% increase in active service connections and increased consumption [15] - Operating expenses for Q1 2025 were $11.2 million, up from $10.3 million in Q1 2024, representing an increase of approximately $900,000 or 8.3% [16] - Net income for Q1 2025 was $600,000 or $0.02 per diluted share, compared to $700,000 or $0.03 per diluted share in Q1 2024 [17] - Adjusted EBITDA for Q1 2025 was $5.6 million, an increase of approximately $200,000 or 4.4% compared to Q1 2024 [18] - The company raised $32 million in equity capital in March 2025 and extended its line of credit to May 2027, increasing it from $15 million to $20 million, resulting in over $50 million of liquidity [19] Business Line Data and Key Metrics Changes - Total active service connections increased by 4.3% to 65,163 as of March 31, 2025, compared to the previous year [5] - The company invested $15.2 million year-to-date into infrastructure improvements and existing utilities [6] Market Data and Key Metrics Changes - The single-family dwelling unit market in the Phoenix area saw a 15% decrease in building permits in Q1 2025 compared to Q1 2024, with 6,406 permits issued [7] - The City of Maricopa experienced a 41.5% decrease in single-family building permits in Q1 2025 compared to Q1 2024, with 190 permits issued [7] - Despite the pullback in permit data, the company believes this is temporary due to ongoing housing shortages and strong population growth in Arizona [8] Company Strategy and Development Direction - The company remains bullish on future growth potential in the Inland Port Arizona service area, with significant industrial investments expected [12] - The company plans to leverage organic connections, new greenfield utilities, acquisitions, and rate cases to drive growth [14] - The company aims to expand its total water management platform and apply its expertise across regional service areas [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged mixed economic conditions but expressed confidence in the company's ability to improve utility metrics despite these challenges [24] - The company expects continued strong growth in customer connections, revenue, and earnings driven by strategic investments and rate increases [24] Other Important Information - The Arizona Corporation Commission approved new rates for the Farmers Water Utility, effective May 1, 2025, which will positively impact future quarters [20] - The company filed a rate case for Santa Cruz and Palo Verde, requesting a net revenue increase of $6.5 million, with hearings scheduled for December 2025 [21] Q&A Session Summary Question: What is the outlook for the housing market in Arizona? - Management noted that while there has been a decrease in single-family permits, the overall demand for housing remains strong due to population growth and job opportunities [8] Question: How does the company plan to address inflation and cost increases? - Management indicated that new rates from recent rate cases will help address cost increases and support earnings growth [14]