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cision40d ago

MBK Rental Living Sells LA County Luxury Apartment Community

The 344-unit, Class A property offers the newest luxury apartment in the Upper San Gabriel Valley IRVINE, Calif., Feb. 25, 2026 /PRNewswire/ -- MBK Rental Living, a preeminent lifestyle developer of apartment communities, announced today that it has successfully executed the sale of its...

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Southwest Gas Holdings, Inc. Reports Fourth Quarter and Full-Year 2025 Financial Results
benzinga40d ago

Southwest Gas Holdings, Inc. Reports Fourth Quarter and Full-Year 2025 Financial Results

$300M Utility Net Income and $284M Adjusted Net Income Exceeded Top End of 2025 Net Income Guidance RangeDelivered 8.3% Adjusted Utility ROE and Adjusted Utility Earnings Growth of ~8.7% Year-over-YearUtility 2025 FFO/Debt of 18.6% - SWX and SWG S&P Credit Ratings Each Upgraded to BBB+4% Increase in Common Stock Dividend Approved by Board of DirectorsInitiated 2026 and Forward-Looking EPS and Rate Base Guidance MetricsLAS VEGAS, Feb. 25, 2026 /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE:SWX) ("Southwest Gas Holdings" or "Company") today reported results for its fourth quarter and year ended December 31, 2025. In addition, the Company announced that its board of directors approved an increase in the Company's regular quarterly common stock dividend to $0.645 per share, representing a 4 percent increase over the 2025 dividend rate, beginning with the second quarter of 2026. This increase brings the annual dividend to $2.58 per share. This press release should be read in conjunction with the Form 10-K and earnings slides, which are concurrently being posted at www.swgasholdings.com. "We are extremely proud to have successfully executed our 2025 financial and strategic priorities, which have positioned Southwest Gas Holdings as a pure‐play, fully regulated natural gas business," said Karen Haller, President and Chief Executive Officer of Southwest Gas Holdings. "Our disciplined regulatory strategy, effective cost management, completion of the full separation from Centuri, and continued customer growth across our service territories have created a solid foundation and a strong credit profile for 2026 and beyond," Haller added."While we have made significant progress in delivering strong and predictable returns for our stockholders, we remain focused every day on being a premier natural gas business in every aspect of our operations. To that end, we continue to invest in our infrastructure to ensure safe, reliable services for our customers while also taking steps to improve recovery. We plan to file a rate case this week to refresh customer rates in Arizona and to request formula ratemaking to enhance regulatory and customer predictability in the state. We also plan to file a rate case in Nevada next month with similar requests. Taken together, we believe these filings will contribute to further improvements in our achieved returns for stockholders," Haller continued."The dividend increase further reflects the Company's successful transition to a fully regulated natural gas business. Our strengthened position supports returning more value to stockholders while preserving balance sheet flexibility to fund ongoing and future capital expansion needs. Going forward, management expects to continue recommending annual dividend increases to the board, with the potential for larger increases in the longer term, following the expected completion of key regulatory initiatives and the projected 2028 Great Basin Gas Transmission Company expansion project," added Haller."Finally, as reflected in our initiated earnings‐per‐share and rate base guidance, we anticipate significant growth driven by the potential 2028 Great Basin expansion in northern Nevada. We received pre‐filing approval from the Federal Energy Regulatory Commission in January, and we expect to deploy meaningful capital toward the project beginning in 2026," Haller concluded.All dividend decisions remain at the discretion of the board of directors. Future dividend actions will consider multiple factors including capital requirements, liquidity and overall financial condition, the dividend yield competitiveness, economic conditions, potential equity dilution, credit implications, and other relevant considerations.Consistent with industry practice, the Company expects to announce its second quarter 2026 dividend declaration, including ex-dividend, record, and payable dates during the second quarter of 2026.The Company has paid quarterly dividends continuously since going public in 1956.Additional dividend information, including the tax status of Southwest Gas Holdings, Inc.'s dividend distributions, can be obtained through the Investor Relations section of its website, www.swgasholdings.com.SOUTHWEST GAS HOLDINGS, INC. SUMMARY OPERATING RESULTSSummary Financial ResultsThree Months Ended December 31,Twelve Months Ended December 31,(In thousands, except per share items)2025202420252024Results of Consolidated OperationsContribution to net income - natural gas distribution$ 105,724$ 97,185$ 300,308$ 261,176Contribution to net income - corporate and administrative(778)(10,348)(65,472)(40,197)Income (loss) from continuing operations, net of taxes104,94686,837234,836220,979Income (loss) from discontinued operations, net of taxes(1)$ (1,470)$ 5,619$ 204,990$ (22,164)Net income attributable to Southwest Gas Holdings$ 103,476$ 92,456$ 439,826$ 198,815Non-GAAP adjustments to net income - natural gas distribution(2)$ (5,513)$ —$ (16,362)$ —Adjusted net income - natural gas distribution(2)$ 100,211$ 97,185$ 283,946$ 261,176Non-GAAP adjustments - continuing operations(2)$ (6,182)$ —$ 28,931$ —Adjusted net income - continuing operations(2)$ 98,764$ 86,837$ 263,767$ 220,979Consolidated earnings per diluted share$ 1.43$ 1.28$ 6.08$ 2.76Consolidated earnings per diluted share from continuing ops.1.451.203.253.07Non-GAAP adjustments - continuing operations(2)(0.09)—0.40—Adjusted consolidated earnings per diluted share from continuing operations(2)$ 1.36$ 1.20$ 3.65$ 3.07Weighted average diluted shares72,55072,14172,33772,032(1) Including the impacts of noncontrolling interests. All items related to the disposition of Centuri are included in discontinued operations.(2) For a reconciliation of non-GAAP financial measures, see the table later in this press release.Recent Operational and Financial HighlightsSouthwest Gas Holdings completed its full separation, including the deconsolidation, of Centuri Holdings, Inc. ("Centuri"), its former subsidiary. The separation generated approximately $1.35 billion of net proceeds (net of transaction costs) with a portion of net proceeds used to repay $550 million previously outstanding on the Term Loan and the remaining balance that had been outstanding on the revolving credit facility at Southwest Gas Holdings;Southwest Gas Corporation ("Southwest Gas", "Utility", or "Natural Gas Distribution" segment) delivered Utility return on period-end equity ("ROE") of 8.8% and adjusted ROE of 8.3% over the 12 months ended December 31, 2025, and year-over-year earnings growth of 15.0% and adjusted earnings growth of 8.7% over 2024;In March 2025, the Arizona Corporation Commission ("ACC") approved an annual revenue increase of approximately $80.2 million, supporting timely recovery of investments made to maintain safe, reliable service and serve growing customer demand, including a 9.84% allowed return on equity on a 48.5% equity layer. In July 2025, the ACC also approved a System Integrity Mechanism, with a $50 million cap on qualifying capital, to help fund critical infrastructure investments;In June 2025, Nevada Governor Lombardo signed Senate Bill 417, new legislation allowing Southwest Gas to apply to the Public Utilities Commission of Nevada for alternative ratemaking plans; in July 2025, Southwest Gas received approval to reduce customer rates in order to accelerate the return to Nevada customers of the amount of purchased gas costs over-collected under its purchased gas cost recovery mechanism; and in September 2025, Southwest Gas filed a Nevada Gas Resource Plan as required by Senate Bill 281;In December 2025, Great Basin Gas Transmission Company ("Great Basin") announced the execution of binding precedent agreements for its potential 2028 expansion project with an estimated $1.7 billion of potential incremental capital investment;Southwest Gas invested $855 million in capital expenditures1 (on an accrual basis) during 2025 to strengthen and modernize infrastructure to support new and existing customer demand;Southwest Gas achieved gross margin of $237.5 million and $785.6 million and operating margin of $412.5 million and $1.4 billion for the respective three and twelve months ended December 31, 2025;Southwest Gas added approximately 37,000 new meter sets during the twelve months ended December 31, 2025, a 1.6% customer growth rate over the same period;As of December 31, 2025, the Company had $577 million of cash and cash equivalents on hand, and nearly $1.3 billion in available liquidity; andBest in Customer Satisfaction with Residential Natural Gas Service in the West among Large Utilities 6 years in a row at Southwest Gas.21 Includes approximately $15 million that would be recorded in Deferred charges and other assets.2 Southwest Gas received the highest score in the West Large segment (serving 400,000 or more residential customers) of the J.D. Power 2020 - 2025 U.S. Gas Utility Residential Customer Satisfaction Study of customers' satisfaction nationally among gas residential customers. Visit jdpower.com/awards for more details.Earnings Reconciliation TableThe table below provides a reconciliation of net income attributable to Southwest Gas Holdings for the three and twelve months ended December 31, 2025, from the same periods in 2024 (items are in millions and are before related income tax impact unless otherwise noted):Three Months Twelve MonthsNet income attributable to Southwest Gas Holdings – December 31, 2024$ 92.5$ 198.8Increase (decrease) in Southwest Gas net income:Operating Margin(1)25.2119.6Operations and maintenance expenses(7.2)(16.8)Depreciation and amortization(6.6)(27.6)Other income and deductions, net6.7(1.9)Interest expense, net(2.5)(19.4)Other (includes taxes other than income taxes)(1.1)(5.1)Income tax expense(6.0)(9.6)Total increase in Southwest Gas net income8.539.2Increase (decrease) in corporate and administrative net loss9.6(25.3)Increase in income from continuing operations18.113.9Increase (decrease) in discontinued operations(2)(7.1)227.2Net income attributable to Southwest Gas Holdings – December 31, 2025$ 103.5$ 439.9Net income attributable to Southwest Gas Holdings from continuing operations – December 31, 2025$ 104.9$ 234.8Non-GAAP adjustments - continuing operations(1)(6.2)$ 28.9Adjusted Net income attributable to Southwest Gas Holdings from continuing operations - December 31, 2025$ 98.7$ 263.7(1) For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see the tables later in this press release.(2) Including the impacts of noncontrolling interests. All items related to the disposition of Centuri are included in discontinued operations.Southwest Gas Holdings' net income from continuing operations was $104.9 million for the three months ended December 31, 2025, and adjusted net income from continuing operations was $98.7 million for the three months ended December 31, 2025, representing an $18.1 million increase in net income from continuing operations when compared to the fourth quarter of 2024 and an $11.9 million increase in adjusted net income from continuing operations when compared to the fourth quarter of 2024.Southwest Gas Holdings' net income from continuing operations was $234.8 million for the twelve months ended December 31, 2025, and adjusted net income from continuing operations was $263.7 million for the twelve months ended December 31, 2025, representing a $13.9 million improvement in net income from continuing operations when compared to twelve months ended December 31, 2024 and a $42.8 million increase in adjusted net income from continuing operations when compared to twelve months ended December 31, 2024.Southwest Gas / Natural Gas Distribution - Fourth Quarter 2025In the three months ended December 31, 2025 compared to the same period in 2024, the increase in Southwest Gas' net income of $8.5 million and increase in adjusted net income of $3.0 million was primarily due to:$25.2 million higher Operating margin primarily driven by updated rates in Arizona and all other territories adding approximately $21.8 million of incremental margin and $2.3 million attributable to customer growth. Customer growth is reflective of approximately 37,000 first-time meter sets added in 2025.$6.7 million higher Other income (which is net of other deductions) primarily driven by $3.2 million increase in values associated with company owned life insurance ("COLI") policies, along with timing differences in contributions to the Southwest Gas Foundation in 2025 compared to the fourth quarter of 2024. Offsetting the increase was a $2.3 million decrease in interest income earned in money market accounts.Partially offset by:$7.2 million higher Operations and maintenance expense primarily attributable to higher outside services costs of $5.0 million and higher employee-related labor costs of $2.6 million. These increases were partially ...Full story available on Benzinga.com

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Trump’s 126% tariff will have limited or no impact, say solar power goods companies
news9live40d ago

Trump’s 126% tariff will have limited or no impact, say solar power goods companies

Despite US president Donald Trump imposing a 126% tariff on solar goods imports from India, domestic solar equipment companies asserted that it will have a limited to zero impact on their operations. Trump justified the tariffs saying that it was to neutralize the advantage that Indian manufacturer-exporters get with subsidy from the Indian government.

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Somaliland pins hopes on critical mineral gold rush
enca40d ago

Somaliland pins hopes on critical mineral gold rush

Somaliland pins hopes on critical mineral gold rushEstelle.BronkhorstWed, 02/25/2026 - 15:00 GAEED-DEEBLE - Officials in the breakaway territory of northern Somalia say there is an abundance of critical minerals in its ground, and potentially billions of barrels of oil, and they hope that Israel's move to recognise Somaliland's independence in December could unlock an influx of investment. For now, mining is largely done in ways reminiscent of the United States' gold rush in the 19th century, when so many ended up exhausted in a futile hunt for treasure. An unwavering hope remains, but the abundant lithium ore in the surrounding rocks is not selling as it did a few years ago, despite demand for mobile phones and electric car batteries. Oversupply has seen global prices fall. Ibrahim and his colleagues were selling the ore for $500 a tonne, but the Chinese traders who bought their past production have not returned since last August, and no one at the mine has been paid for six months. In December, Israel became the first to recognise Somaliland's independence since it seceded from Somalia in 1991, drawing angry condemnation from the federal government in Mogadishu, even though it has been self-governing for 35 years. The recognition could help more companies come to work in the region. "Previously we had (international) jurisdiction issues. Some companies were restricted by this jurisdiction," Ahmed Jama Barre, Somaliland's minister of energy and minerals, told AFP. Israel's recognition should "unlock international investors," he said. In addition to lithium, Somaliland is rich in tantalum and niobium -- critical minerals for electronics -- as well as gold, copper, and emeralds, according to the ministry, though quantities have yet to be verified. Somaliland's President Abdirahman Mohamed Abdullahi, known as "Irro", has openly considered granting Israel privileged access to its minerals in recent weeks. Minister to the presidency Khadar Hussein Abdi told AFP on Saturday that Somaliland, seeking further international recognition, was prepared to grant exclusive mining rights to the United States. Livestock farming currently makes up 60 percent of Somaliland's economy, so minerals are expected to be "a game-changer and become the main pillar of our economy," said Barre, the energy minister.

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Koryx hits success at Haib site
namibian40d ago

Koryx hits success at Haib site

CANADIAN company Koryx Copper, which is developing the Haib Copper Project in southern Namibia, has reported positive drill results at the site. According to a statement issued by Koryx president and chief executive Heye Daun, test results from 13 drill holes (at 4 960m) has been received as part of the phase 2 and 3 [...]The post Koryx hits success at Haib site appeared first on The Namibian.

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