西南天然氣控股（NYSE：SWX）股票下跌6.75％至$ 70.57

西南天然氣控股公司（NYSE：SWX）股票在周一下午的貿易中下降了6.75％至70.57美元，此前該公司報告了2025年第一季度的結果混合的結果。

Southwest Gas Holdings (SWX) stock slid 6.75% to $70.57 in afternoon trading on Monday after the company reported mixed first-quarter 2025 results.

西南天然氣控股公司（SWX）股票在周一下午的交易中下午6.75％至$ 70.57，此前該公司報告了2025年第一季度結果。

The Las Vegas-based natural gas provider beat earnings but missed revenue expectations. It also reaffirmed its full-year guidance, signaling confidence in its operational progress.

總部位於拉斯維加斯的天然氣提供商擊敗了收入，但缺少收入預期。它還重申了其全年指導，表明對其運營進度的信心。

Earnings Beat, Revenue Miss

收入節拍，收入錯過

The company posted Q1 adjusted earnings of $1.65 per share, topping the Zacks Consensus Estimate of $1.61 and increasing 20.4% from $1.37 a year earlier. This strong earnings result was driven by increased operating margins and cost controls.

該公司發布了第1季度調整後的收入為每股1.65美元，比去年同期1.37美元的Zacks共識估計高於1.61美元，增長20.4％。這種強大的收入結果是由工作利潤率提高和成本控制所驅動的。

However, total revenue of $1.3 billion came in well below Wall Street’s forecast of $1.7 billion and decreased 18% from the $1.58 billion recorded in the year-ago quarter.

但是，總收入為13億美元，遠低於華爾街的預測17億美元，比去年同期的15.8億美元下降了18％。

Despite missing revenue estimates, operating income rose sharply to $200.4 million, a 26.7% year-over-year increase. Expenses for utility infrastructure services also grew modestly by 2.5% to $528.6 million.

儘管估計缺乏收入，但營業收入急劇上升到2億美元，同比增長26.7％。公用事業基礎設施服務的費用也適度增長了2.5％，達到5.286億美元。

Utility Growth and Financial Position

公用事業增長和財務狀況

Southwest Gas’ utility business added approximately 40,000 new meter sets over the past year, indicating a 1.8% customer growth rate. Total system throughput decreased by 4.8% to 73.12 million dekatherms, reflecting lower volume despite the customer gains.

在過去的一年中，西南天然氣的公用事業業務增加了大約40,000台新儀表，表明客戶增長率為1.8％。總系統吞吐量降低了4.8％，達到7312萬個脫卡瑟姆，儘管客戶收益增長，但數量較低。

Financially, Southwest Gas ended the quarter with $406.3 million in cash, an increase from the $363.8 million reported at the end of 2024. Long-term debt stood at $4.33 billion, a slight decrease from the $4.35 billion reported three months earlier. However, net cash from operations was $291.3 million, down from $543.7 million in the same period last year.

從財務上講，西南天然氣以4.063億美元的現金結束，比2024年底報導的3.638億美元增加。長期債務為43.3億美元，比據報導的43.5億美元在三個月前的43.5億美元減少。但是，運營的淨現金為2.913億美元，低於去年同期的5.437億美元。

2025 Outlook Reaffirmed

2025 Outlook重申了

The company also reiterated its 2025 guidance, projecting net income for its Natural Gas Distribution segment to range between $265 million and $275 million. Capital expenditures are expected to reach $880 million this year, supporting customer growth and system upgrades.

該公司還重申了其2025年的指導，預計其天然氣分銷領域的淨收入範圍在2.65億至2.75億美元之間。預計今年的資本支出將達到8.8億美元，以支持客戶的增長和系統升級。

Over the 2025-2029 period, SWX plans $4.3 billion in capital spending, with a projected utility rate base CAGR of 6-8%.

在2025 - 2029年期間，SWX計劃43億美元的資本支出，預計公用事業利率基本複合年增長率為6-8％。

CEO Karen Haller emphasized the ongoing progress with regulatory strategies and highlighted an unopposed settlement agreement in Arizona that is expected to be concluded by Q3. She also reaffirmed the company’s commitment to separating its Centuri infrastructure unit to optimize value.

首席執行官卡倫·哈勒（Karen Haller）強調了通過監管策略的持續進展，並強調了在亞利桑那州的一項無反對的和解協議，該協議預計將由第三季度結束。她還重申了公司對將其Centuri基礎設施單位分開以優化價值的承諾。

Operational Highlights and Drivers

操作亮點和驅動程序

Q1 margin gains were supported by rate relief in Nevada, California, and Arizona, contributing $27 million, along with $5 million from customer growth. Operating expenses decreased slightly, while depreciation and interest costs increased. Other income decreased by $8.8 million due to lower returns on company-owned life insurance and reduced interest income.

內華達州，加利福尼亞州和亞利桑那州的利率減免為第1季度的利潤增長提供了支持，貢獻了2700萬美元，並獲得了500萬美元的客戶增長。運營費用略有下降，同時折舊和利息成本增加。由於公司擁有的人壽保險的收益降低並減少了利息收入，其他收入減少了880萬美元。

While the company faces near-term revenue pressure, its reaffirmed guidance and infrastructure investments suggest a steady path for long-term growth.

儘管該公司面臨近期收入壓力，但其重申指導和基礎設施投資表明了長期增長的穩定途徑。