- Centuri's quarterly earnings improved due to reduced interest expense, and Southwest Gas Holdings used over $470 million in net proceeds from Centuri share sales to repay debt.
- Deferred tax liabilities and assets related to Centuri deconsolidation resulted in a net $45 million impact excluded from adjusted net income.
- Depreciation and amortization increased by $9.3 million reflecting a 7% increase in average gas plant in service.
- Interest expense rose by $4.9 million primarily due to interest on the over-collected PGA balance, which flipped from an $82 million asset to a $349 million liability.
- O&M expenses increased by $7 million year-over-year, mainly due to higher labor and benefit costs and contractor services, but year-to-date O&M expense growth remains below inflation at just over 2%.
- Other income increased by $3.6 million, including a $4.5 million gain from COLI policy value increases and a $1.6 million one-time nonoperating gain from an asset sale.
- Southwest Gas Holdings reported record net income for the first half of 2025 with modest increases in O&M expenses compared to the prior year.
- Utility operating margin increased by $26.6 million in Q2 2025, driven by $24 million of combined rate relief and $2 million from customer growth.
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