Southwest Gas Holdings, Inc.
79.95-0.62 (-0.77%)
Oct 29, 4:00:02 PM EDT · NYSE · SWX · USD
Key Stats
Market Cap
5.75BP/E (TTM)
29.72Basic EPS (TTM)
2.69Dividend Yield
0.03%Recent Filings
8-K
Amends Icahn cooperation pact
Southwest Gas Holdings amended its cooperation agreement with the Icahn Group on October 14, 2025, committing to nominate four Icahn designees—Andrew W. Evans, Henry P. Linginfelter, Ruby Sharma, and Andrew J. Teno—for election at the 2026 annual meeting, with the record date set within 30 days of March 3, 2026. The deal extends standstill restrictions on the Icahn Group until after the 2026 meeting or Teno's departure, while empowering a Strategic Transactions Committee with Icahn input to oversee potential spinoffs like Centuri, acquisitions over $500 million, and issuances exceeding $50 million. Board influence locks in. Yet risks loom if ownership dips below thresholds.
8-K
Sells Centuri stake for $524.8M
Southwest Gas Holdings sold its entire 27,362,210-share stake in Centuri Holdings for $19.60 per share, closing the deal on September 5, 2025, and netting $524.8 million after fees. This fully divests the Company from Centuri, stripping away governance rights like director nominations and consent over key actions under their April 2024 separation agreement. Cash influx bolsters liquidity. No more ties.
8-K
Centuri stake sale deconsolidates
Southwest Gas Holdings sold 17.25 million shares of Centuri common stock in an underwritten offering at $19.50 per share, closing August 11, 2025, and concurrently offloaded 1.57 million shares to Icahn investors in a private placement, netting $356 million total. This divestiture drops its Centuri stake to 30.9%, triggering deconsolidation and a shift to equity-method accounting, with past results reclassified as discontinued operations. Proceeds target debt repayment and general uses. Lock-ups bind parties for 30 days.
8-K
Q2 adjusted earnings up 71%
Southwest Gas Holdings reported Q2 2025 results on August 6, with GAAP net loss of $12.9 million due to tax hits from Centuri stock sales, yet adjusted net income surged 71% to $38.6 million, driven by utility margin gains from rate relief and 40,000 new meters. Debt dropped over $470 million via Centuri offerings, trimming ownership to 52% while bolstering the balance sheet. Nevada's new law enables alternative ratemaking for stability. Great Basin expansion demand hit 1.76 Bcf/day. Separation of Centuri continues amid tax complexities.
10-Q
Q2 FY2025 results
Southwest Gas Holdings posted a Q2 net loss of $12.9 million, or $(0.18) per diluted share, versus $18.3 million net income, or $0.25 per diluted share, a year earlier, driven by a $45.4 million tax charge from Centuri stock sales that triggered deconsolidation. Regulated operations revenue fell 22% year-over-year to $396.3 million amid lower gas costs, yet operating margin climbed 10% to $294.2 million (derived) thanks to rate relief and 1.8% customer growth from 40,000 new meter sets. Utility infrastructure services revenue rose 8% to $724.1 million on higher electric volumes, though expenses grew 9% to $657.7 million, squeezing margins. Operating cash flow hit $417.6 million year-to-date, funding $407.6 million in capex; free cash flow stood negative at $(10.0) million (derived). Centuri sales in May and June netted $448.7 million, trimming ownership to 53.3% and repaying debt, leaving $355.6 million cash and $4.4 billion long-term debt. Liquidity remains solid with $300 million revolver availability. Regulatory hurdles persist in rate approvals.
IPO
Employees
Sector
Industry
ATO
Atmos Energy Corporation
171.66-2.83
BKH
Black Hills Corporation
63.77-1.58
CTRI
Centuri Holdings, Inc.
20.25-0.05
NJR
NewJersey Resources Corporation
44.29-1.12
NWE
NorthWestern Energy Group, Inc.
59.83-1.53
NWN
Northwest Natural Holding Compa
46.00-1.13
OGS
ONE Gas, Inc.
80.55-2.11
PNW
Pinnacle West Capital Corporati
89.12-1.56
SO
Southern Company (The)
93.51-0.40
XEL
Xcel Energy Inc.
79.69-0.13