西南天然气控股（NYSE：SWX）股票下跌6.75％至$ 70.57

西南天然气控股公司（NYSE：SWX）股票在周一下午的贸易中下降了6.75％至70.57美元，此前该公司报告了2025年第一季度的结果混合的结果。

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.

西南天然气控股公司（SWX）股票在周一下午的交易中下午6.75％至$ 70.57，此前该公司报告了2025年第一季度结果。

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.

总部位于拉斯维加斯的天然气提供商击败了收入，但缺少收入预期。它还重申了其全年指导，表明对其运营进度的信心。

Earnings Beat, Revenue Miss

收入节拍，收入错过

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.

该公司发布了第1季度调整后的收入为每股1.65美元，比去年同期1.37美元的Zacks共识估计高于1.61美元，增长20.4％。这种强大的收入结果是由工作利润率提高和成本控制所驱动的。

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，总收入为13亿美元，远低于华尔街的预测17亿美元，比去年同期的15.8亿美元下降了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.

尽管估计缺乏收入，但营业收入急剧上升到2亿美元，同比增长26.7％。公用事业基础设施服务的费用也适度增长了2.5％，达到5.286亿美元。

Utility Growth and Financial Position

公用事业增长和财务状况

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.

在过去的一年中，西南天然气的公用事业业务增加了大约40,000台新仪表，表明客户增长率为1.8％。总系统吞吐量降低了4.8％，达到7312万个脱卡瑟姆，尽管客户收益增长，但数量较低。

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.

从财务上讲，西南天然气以4.063亿美元的现金结束，比2024年底报道的3.638亿美元增加。长期债务为43.3亿美元，比据报道的43.5亿美元在三个月前的43.5亿美元减少。但是，运营的净现金为2.913亿美元，低于去年同期的5.437亿美元。

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.

该公司还重申了其2025年的指导，预计其天然气分销领域的净收入范围在2.65亿至2.75亿美元之间。预计今年的资本支出将达到8.8亿美元，以支持客户的增长和系统升级。

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年期间，SWX计划43亿美元的资本支出，预计公用事业利率基本复合年增长率为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.

首席执行官卡伦·哈勒（Karen Haller）强调了通过监管策略的持续进展，并强调了在亚利桑那州的一项无反对的和解协议，该协议预计将由第三季度结束。她还重申了公司对将其Centuri基础设施单位分开以优化价值的承诺。

Operational Highlights and Drivers

操作亮点和驱动程序

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.

内华达州，加利福尼亚州和亚利桑那州的利率减免为第1季度的利润增长提供了支持，贡献了2700万美元，并获得了500万美元的客户增长。运营费用略有下降，同时折旧和利息成本增加。由于公司拥有的人寿保险的收益降低并减少了利息收入，其他收入减少了880万美元。

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

尽管该公司面临近期收入压力，但其重申指导和基础设施投资表明了长期增长的稳定途径。