Northwest Natural Holdings reported full year 2024 net income of $78.9 million, or $2.03 per share, and adjusted net income of $90.6 million, or $2.33 per share. This compares to $93.9 million, or $2.59 per share, for 2023. Fourth quarter 2024 net income was $45.0 million, or $1.12 per share, with adjusted consolidated net income of $56.8 million, or $1.41 per share.
Results for 2024 reflected higher pension expense, lower interest income, and increased depreciation expense, partially offset by new rates in Oregon effective November 1, 2024. A non-cash regulatory disallowance of $10.1 million after-tax related to line extension allowances impacted 2024 results. SiEnergy and NW Natural Water are each expected to contribute $0.25-$0.30 to annual adjusted 2025 EPS.
The company initiated 2025 GAAP EPS guidance of $2.66 to $2.86 and adjusted EPS guidance of $2.75 to $2.95, reaffirming its long-term EPS growth target of 4% to 6% compounded annually from the 2025 adjusted EPS baseline. Consolidated capital expenditures for 2025 are projected at $450 million to $500 million, with $2.5 billion to $2.7 billion planned for 2025-2030.
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