Q3 2025 Southwest Gas Holdings Inc Earnings Call Transcript

Nov 5, 2025 / 04:00 PM GMT

Release Date Price: $78.99 (-4.07%)

Transcript 10-Q8-K

Key Points

Positve

Southwest Gas Holdings Inc (SWX) successfully completed the disposition of Century, allowing for full debt repayment at the holding company and strengthening the balance sheet.
The company's trailing 12-month return on equity improved to 8.3%, reflecting consistent ROE improvement.
S&P upgraded Southwest Gas Holdings' issuer and Southwest Gas Corporation's senior unsecured long-term debt credit ratings to BBB with stable outlooks.
The company reported higher utility operating margins driven by rate relief and customer growth.
Southwest Gas Holdings Inc (SWX) reaffirmed its full-year net income guidance towards the top end of the $265 to $275 million range.

Negative

The Great Basin expansion project has faced delays in finalizing precedent agreements with shippers.
Higher operating and maintenance expenses were reported, partly due to increased incentive compensation accruals.
Interest expense rose due to interest incurred on over-collected PGA balances.
The company is undergoing a CFO transition, with Rob Stefani leaving, creating potential uncertainty in leadership.
The regulatory process for alternative rate making in Nevada and Arizona is still in early stages, leading to uncertainty in implementation timelines.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SWX.N - Southwest Gas Holdings Inc
Q3 2025 Southwest Gas Holdings Inc Earnings Call
Nov 05, 2025 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to Southwest Gas Holdings' 3rd quarter 2025 earnings conference call. Today's call is being recorded and our webcast is live. A replay will be available later today and for the next 12 months on the Southwest Gas Holdings website. All participants are currently in a listen-only mode. A question-and-answer session will follow the prepared remarks.

If you would like to ask a question at that time, please press, then the number 1 on your telephone keypad. If you would like to withdraw your question, press 2.

I will now turn the call over to Justin Forsberg, Vice President of Investor relations and treasurer of Southwest Gas Holdings. Please go ahead.

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