Southwest Gas Holdings reported strong financial performance for 2024, with consolidated net income of $198.8 million ($2.76 per share) and adjusted net income of $227.9 million ($3.16 per share). This represents an increase from 2023, where net income was $150.9 million ($2.13 per share).

The company's natural gas distribution segment delivered a return on equity (ROE) of 8.1%, with net income reaching $261.2 million for the year. Key drivers included rate increases in Nevada and California, cost management, and continued customer growth, with approximately 41,000 new meter sets added.

Southwest Gas completed the initial public offering (IPO) of Centuri Holdings in April 2024, using proceeds to reduce Centuri's debt. The company remains committed to a full separation from Centuri, with updates on the remaining 81% stake expected in the future.

Looking ahead, Southwest Gas has set 2025 net income guidance between $265 million and $275 million, with planned capital expenditures of approximately $880 million. Over the 2025-2029 period, the company targets a net income compound annual growth rate (CAGR) of 6-8% and a similar rate base CAGR.

The company will host a conference call on February 26, 2025, at 11:00 a.m. ET to discuss results. Further details are available on the company’s investor relations website.