Northwest Natural Holdings reported a consolidated net loss of $27.2 million, or $0.71 per share, for the third quarter of 2024, compared to a net loss of $23.7 million, or $0.65 per share, for the same period in 2023. For the first nine months of 2024, consolidated net income was $33.9 million, or $0.88 per share, a decrease from $49.2 million, or $1.37 per share, in the prior year.
The Natural Gas Distribution segment's net income decreased by $6.2 million, or $0.13 per share, in Q3, primarily reflecting regulatory lag from higher depreciation and lower other income. Conversely, the 'Other' business activities segment saw its net income increase by $2.8 million, or $0.07 per share, driven by $1.5 million higher revenues from gas storage operations and a $0.5 million improvement in water results from the Puttman/ICH acquisition.
The company reaffirmed its 2024 GAAP EPS guidance in the range of $1.94 to $2.14, and non-GAAP Adjusted EPS guidance of $2.20 to $2.40. It also reaffirmed its long-term EPS growth rate target of 4% to 6% compounded annually from 2022 through 2027, signaling confidence in its strategic direction despite the quarterly loss.
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