We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Southwest Gas Q3 Earnings Surpass Estimates, Revenues Fall Y/Y
Read MoreHide Full Article
Southwest Gas Holdings Inc. (SWX - Free Report) recorded third-quarter 2024 operating earnings of 9 cents per share, which beat the Zacks Consensus Estimate of 7 cents by 28.6%. However, the bottom line decreased 47.1% from the year-ago quarter’s 17 cents.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
SWX’s Total Revenues
Operating revenues totaled $1.08 billion, which missed the Zacks Consensus Estimate of $1.13 billion by 4.8%. The top line also decreased 7.7% from $1.17 billion reported in the prior-year quarter.
Southwest Gas Corporation Price, Consensus and EPS Surprise
Utility infrastructure service expenses totaled $644.9 million, down 5.9% from the year-ago quarter’s level of $685.7 million.
The total operating income amounted to $41.9 million compared with $52.9 million in the year-ago quarter.
Total system throughput in the first nine months of 2024 was 166.63 million dekatherms, down 5.1% from 175.59 million dekatherms in the first nine months of 2023.
Southwest Gas’ Financial Highlights
Cash and cash equivalents, as of Sept. 30, 2024, were $456.6 million compared with $106.5 million as of Dec. 31, 2023.
The long-term debt, less current maturities, amounted to $4.38 billion as of Sept. 30, compared with $4.61 billion as of Dec. 31, 2023.
Southwest Gas’ net cash provided by operating activities in the first nine months of 2024 was $1.15 billion compared with $0.2 billion in the year-ago period.
SWX’s 2024 Guidance
Southwest Gas anticipates the Natural Gas Distribution segment’s net income in 2024 to be in the range of $233-$243 million. The capital expenditure is expected to be $830 million for supporting customer growth, system improvements and pipe replacement programs.
Capital expenditure is expected to be $2.4 billion for 2024-2026. The utility rate base is projected to witness a CAGR of 6.5-7.5%.
ONE Gas, Inc. (OGS - Free Report) reported third-quarter 2024 operating earnings per share of 34 cents, which lagged the Zacks Consensus Estimate of 41 cents by 17.1%. The figure was 24.4% lower than the year-ago quarter’s earnings of 45 cents per share.
ONE Gas recorded revenues of $340.4 million, which missed the Zacks Consensus Estimate of $363 million by 6.3%. However, the top line increased 1.4% from $335.8 million in the prior-year quarter.
Upcoming Releases
Chesapeake Utilities (CPK - Free Report) is scheduled to report third-quarter results on Nov. 7, after market close. The Zacks Consensus Estimate for earnings is pegged at 69 cents per share.
CPK delivered an average earnings surprise of 4.51% in the last four quarters. The Zacks Consensus Estimate for sales is pegged at $164.8 million, which indicates a year-over-year improvement of 25.3%.
NewJersey Resources (NJR - Free Report) is scheduled to report fiscal fourth-quarter results on Nov. 25, after market close. The Zacks Consensus Estimate for earnings is pegged at 89 cents per share, which indicates a year-over-year improvement of 196.7%.
The Zacks Consensus Estimate for sales is pegged at $407 million, which indicates a year-over-year improvement of 22.8%.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Image: Bigstock
Southwest Gas Q3 Earnings Surpass Estimates, Revenues Fall Y/Y
Southwest Gas Holdings Inc. (SWX - Free Report) recorded third-quarter 2024 operating earnings of 9 cents per share, which beat the Zacks Consensus Estimate of 7 cents by 28.6%. However, the bottom line decreased 47.1% from the year-ago quarter’s 17 cents.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
SWX’s Total Revenues
Operating revenues totaled $1.08 billion, which missed the Zacks Consensus Estimate of $1.13 billion by 4.8%. The top line also decreased 7.7% from $1.17 billion reported in the prior-year quarter.
Southwest Gas Corporation Price, Consensus and EPS Surprise
Southwest Gas Corporation price-consensus-eps-surprise-chart | Southwest Gas Corporation Quote
Highlights of the Release
Utility infrastructure service expenses totaled $644.9 million, down 5.9% from the year-ago quarter’s level of $685.7 million.
The total operating income amounted to $41.9 million compared with $52.9 million in the year-ago quarter.
Total system throughput in the first nine months of 2024 was 166.63 million dekatherms, down 5.1% from 175.59 million dekatherms in the first nine months of 2023.
Southwest Gas’ Financial Highlights
Cash and cash equivalents, as of Sept. 30, 2024, were $456.6 million compared with $106.5 million as of Dec. 31, 2023.
The long-term debt, less current maturities, amounted to $4.38 billion as of Sept. 30, compared with $4.61 billion as of Dec. 31, 2023.
Southwest Gas’ net cash provided by operating activities in the first nine months of 2024 was $1.15 billion compared with $0.2 billion in the year-ago period.
SWX’s 2024 Guidance
Southwest Gas anticipates the Natural Gas Distribution segment’s net income in 2024 to be in the range of $233-$243 million. The capital expenditure is expected to be $830 million for supporting customer growth, system improvements and pipe replacement programs.
Capital expenditure is expected to be $2.4 billion for 2024-2026. The utility rate base is projected to witness a CAGR of 6.5-7.5%.
SWX’s Zacks Rank
Southwest Gas currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Release
ONE Gas, Inc. (OGS - Free Report) reported third-quarter 2024 operating earnings per share of 34 cents, which lagged the Zacks Consensus Estimate of 41 cents by 17.1%. The figure was 24.4% lower than the year-ago quarter’s earnings of 45 cents per share.
ONE Gas recorded revenues of $340.4 million, which missed the Zacks Consensus Estimate of $363 million by 6.3%. However, the top line increased 1.4% from $335.8 million in the prior-year quarter.
Upcoming Releases
Chesapeake Utilities (CPK - Free Report) is scheduled to report third-quarter results on Nov. 7, after market close. The Zacks Consensus Estimate for earnings is pegged at 69 cents per share.
CPK delivered an average earnings surprise of 4.51% in the last four quarters. The Zacks Consensus Estimate for sales is pegged at $164.8 million, which indicates a year-over-year improvement of 25.3%.
NewJersey Resources (NJR - Free Report) is scheduled to report fiscal fourth-quarter results on Nov. 25, after market close. The Zacks Consensus Estimate for earnings is pegged at 89 cents per share, which indicates a year-over-year improvement of 196.7%.
The Zacks Consensus Estimate for sales is pegged at $407 million, which indicates a year-over-year improvement of 22.8%.