Southwest Gas Q3 Earnings Surpass Estimates, Revenues Fall Y/Y

Southwest Gas Holdings Inc. SWX 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 QuoteHighlights 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 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 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 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 Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Southwest Gas Corporation (SWX): Free Stock Analysis Report Chesapeake Utilities Corporation (CPK): Free Stock Analysis Report NewJersey Resources Corporation (NJR): Free Stock Analysis Report ONE Gas, Inc. (OGS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks