Northwest Natural Holdings reported a significant increase in net income for the first quarter of 2025, rising by $24.1 million to $87.9 million, or $2.18 per share, compared to $63.8 million, or $1.69 per share, in Q1 2024. Adjusted net income for the quarter was $91.8 million, or $2.28 per share, excluding transaction costs.
These strong results were driven by new rates for the Oregon gas utility, contributions from the recently acquired SiEnergy, and higher net income from the NWN Water utility due to new rates in Arizona and the Puttman acquisition. Additionally, NWN Renewables contributed a full quarter of revenues, though these gains were partially offset by increased depreciation and interest expense.
The company updated its 2025 GAAP EPS guidance to $2.65 to $2.85, a slight adjustment from the previous range due to expected transaction costs from the Hughes acquisition. However, it reaffirmed its adjusted EPS guidance of $2.75 to $2.95 and its long-term EPS growth rate target of 4% to 6% compounded annually.
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