Southwest Gas Holdings, Inc Reports Third Quarter 2022 Financial Results.

LAS VEGAS: Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or the "Company") today reported third quarter 2022 financial results.

"Our third quarter results were in line with expectations for our natural gas distribution and pipeline and storage segments, and we continue to focus on additional opportunities to deliver growth with both of those segments. Revenues in our utility infrastructure segment remained strong while margins were impacted by significant inflationary pressures and mix-of-work headwinds in addition to continued customer supply chain challenges," said Karen S. Haller, President and Chief Executive Officer. "As our Board continues the strategic alternatives review process for MountainWest and Centuri, we are executing on the utility's optimization plan and engaging on exciting projects in clean energy infrastructure. Moving forward, our priorities are focusing on safety and reliability while meeting the energy needs of our customers, investing in the communities we serve and maximizing value for our stockholders."

Southwest Gas Holdings Financial Highlights

Consolidated net loss of $0.18 per diluted share (and adjusted consolidated net loss of $0.05 per diluted share) for the third quarter of 2022, compared to consolidated net loss of $0.19 per diluted share (and adjusted consolidated earnings of $0.05 per diluted share) for the third quarter of 2021.

Consolidated net loss of $12.3 million (and adjusted consolidated net loss of $3.3 million) for the third quarter of 2022, compared to a consolidated net loss of $11.6 million (and adjusted consolidated net income of $3.1 million) for the third quarter of 2021.

Company-owned Life Insurance ("COLI") policy cash surrender value net decline of $1.5 million (or $0.02 per diluted share) for the quarter, compared to no change for the third quarter of 2021.

Adjustments to third quarter 2022 earnings include $11.9 million of collective nonrecurring strategic review expenses and certain MountainWest integration costs.

Strategic Alternatives Review Process Update

The Company's Board of Directors continues to review strategic alternatives for MountainWest and Centuri, including a sale or spin-off for Centuri. As previously announced, Southwest Gas and Carl C. Icahn entered into an Amended and Restated Cooperation Agreement on October 24, 2022.

SOUTHWEST GAS HOLDINGS, INC.

SUMMARY UNAUDITED OPERATING RESULTS

(In thousands, except per share items)

Three Months Ended

September 30,

Nine Months Ended

September 30,

Twelve Months Ended

September 30,

2022

2021

2022

2021

2022

2021

Results of Consolidated Operations

Contribution to net income (loss) - natural gas distribution

$ (22,199)

$ (27,544)

$ 87,330

$ 102,584

$ 171,881

$...