Black Hills Corp. (NYSE: BKH) today announced financial results for
the first quarter of 2024. Net income available for common stock
and earnings per share for the three months ended March 31, 2024,
compared to the three months ended March 31, 2023, were:
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
(in millions, except per share amounts) |
Net income available for common stock |
$ |
127.9 |
|
$ |
114.1 |
Earnings per share,
Diluted |
$ |
1.87 |
|
$ |
1.73 |
|
|
|
|
|
|
First quarter earnings were $1.87 per share
compared to $1.73 per share in the first quarter of 2023, an
increase of 8%. Financial results were driven by new rates and
rider recovery and lower operating expenses. These benefits more
than offset the impact from 10% lower heating degree days, a prior
year gain on sale of non-core wind assets and new common shares
issued.
“Our team delivered a strong start to the year and
we are on track to meet our operational and financial objectives
for the year,” said Linn Evans, president and CEO of Black Hills
Corp. “Constructive regulatory results and expense management
efforts more than offset headwinds from weather and ongoing
inflationary pressures. Strong operating cashflows, equity
issuances and timing of capital investment further improved our
credit metrics, including our debt to total capitalization
ratio.
“We continue to see progress in our accelerated
regulatory schedule, which is reducing the timing lag between
recovery and the actual costs of operations and capital invested to
serve customers. In Arkansas, our natural gas rate review is
progressing as planned with new rates expected in the fourth
quarter. In Iowa, we filed a rate review request on May 1, and will
implement interim rates mid-May. In Colorado, we are preparing to
file an electric rate review in June.
“Our electric resource plans continue to advance.
In Colorado, we are recommending 400 megawatts of clean energy
resources to achieve our Clean Energy Plan. The plan outlines our
preferred portfolio of wind, solar and battery resources, which
includes 250 megawatts of utility-owned resources, to be in service
by 2027. In South Dakota, we continued to pursue 100 megawatts of
utility-owned renewable generation while evaluating generation
alternatives to reliably serve the growing needs of our
customers.
“Looking forward, we are encouraged by the
increasing load from our data center and blockchain customers and
the strategic opportunities in our $4.3 billion five-year capital
plan, including the need to meet growing customer load, improve
resiliency, and upgrade and build new transmission and generation,”
concluded Evans.
FIRST-QUARTER 2024 HIGHLIGHTS AND
UPDATES
Electric Utilities
- On April 17, Colorado Electric filed its 120-Day report
recommending 400 megawatts of renewable energy resources to advance
its Clean Energy Plan. Black Hills is proposing a preferred
portfolio of resources that will add a 200-megawatt utility-scale
solar build-transfer project, 150 megawatts of wind energy through
a power purchase agreement, and a 50-megawatt battery storage
build-transfer project. The energy resources are expected to be in
service between 2026 and 2027 and achieve greenhouse gas emission
reductions of an estimated 89% by 2030 off a 2005 base. The final
composition of resources and timing is subject to review and
approval by the Colorado Public Utilities Commission, which is
expected in the third quarter.
- On Jan. 11, Wyoming Electric set a new winter and all-time peak
load of 314 megawatts, surpassing the previous winter peak of 301
megawatts in December 2023 and all-time peak of 312 megawatts in
July 2023.
- During the first quarter, South Dakota Electric continued its
resource planning process to add 100 megawatts of utility-owned
resources by mid-year 2026. The company continued to pursue 100
megawatts of utility-owned renewable generation while evaluating
cost-effective and reliable generation alternatives to best serve
its customers and long-term growth needs. South Dakota Electric
expects to file a certificate of public convenience and necessity
with the Wyoming Public Service Commission in the second half of
2024.
- During the first quarter, Wyoming Electric continued
construction on Ready Wyoming, a 260-mile electric transmission
project. Construction is expected to be completed in multiple
phases in 2024 and 2025.
Gas Utilities
- On May 1, Iowa Gas filed a rate review request with the Iowa
Utilities Board seeking approval to recover approximately $100
million of system investments and inflationary impacts on expenses
to serve customers. The rate review requests $20.7 million of new
annual revenue based on a capital structure of 51% equity and 49%
debt and a return on equity of 10.5%. Interim rates will be
effective within 10 days of the filing, with final rates requested
in the first quarter of 2025.
- During the first quarter, Arkansas Gas advanced its rate review
request to recover $130 million of system investments and the
inflationary impacts on expenses to serve customers. Filed on Dec.
4, 2023, the rate review requested $44.1 million of new annual
revenue based on a capital structure of 48% equity and 52% debt and
a return on equity of 10.5%. The company is requesting new rates in
the fourth quarter of 2024.
- On Feb. 13, new rates were effective for Colorado Gas resulting
from an approved settlement agreement for its rate review request
filed in May 2023. The settlement provides for $20.2 million in new
annual revenue based on a capital structure of 51% equity and 49%
debt and a return on equity of 9.3%.
- On Feb. 1, new rates were effective for Wyoming Gas resulting
from an approved settlement agreement for its rate review request
filed in May 2023. The settlement provides for $13.9 million in new
annual revenue based on a capital structure of 51% equity and 49%
debt and a return on equity of 9.9%. The agreement also provides
for a four-year renewal of the company's integrity investment
rider.
- On Jan. 31, Black Hills Energy Renewable Resources, a
non-regulated subsidiary of Black Hills Corp., acquired a renewable
natural gas production facility at a landfill in Dubuque, Iowa. The
purchase includes producing biogas wells and rights to production,
including the ability to drill additional wells. The acquisition
represents the company’s first entry into the production of
RNG.
Corporate and Other
- On April 22, Black Hills’ board of directors approved a
quarterly dividend of $0.65 per share payable on June 1, 2024, to
common shareholders of record at the close of business on May 17,
2024. The dividend, on an annualized rate, represents 54
consecutive years of dividend increases, the second longest track
record in the electric and natural gas industry.
- During the first quarter, the company issued a total of 0.6
million shares of new common stock for net proceeds of $33.8
million under its at-the-market equity offering program.
- On Jan. 29, Fitch Ratings affirmed Black Hills’ issuer default
rating at BBB+ with a negative outlook.
2024 EARNINGS GUIDANCE
Black Hills affirms its guidance for 2024 earnings
per share available for common stock to be in the range of $3.80 to
$4.00 based on the follow assumptions:
- Normal weather conditions within our utility service
territories including temperatures, precipitation levels and wind
conditions;
- Normal operations and weather conditions for planned
construction, maintenance and/or capital investment projects;
- Constructive and timely outcomes of utility regulatory
dockets;
- No significant unplanned outages at our generating
facilities;
- Equity issuance of $170 million to $190 million through the
at-the-market equity offering program; and
- Production tax credits of approximately $18 million associated
with wind generation assets.
CONFERENCE CALL AND WEBCAST
Black Hills will host a live conference call and
webcast at 11 a.m. EDT on Thursday, May 9, 2024, to discuss its
financial and operating performance.
To access the live webcast and download a copy of
the investor presentation, go to the “Investor Relations” section
of the Black Hills website at www.blackhillscorp.com and click on
“News and Events” and then “Events & Presentation.” The
presentation will be posted on the website before the webcast.
Listeners should allow at least five minutes for registering and
accessing the presentation. For those unable to listen to the live
broadcast, a replay will be available on the company’s website.
To ask a question during the live broadcast, users
can access dial-in information and a personal identification number
by registering for the event at
https://register.vevent.com/register/BIdd2f1751ccf54c5f84025ad42ee78a30.
A listen-only webcast player and presentation
slides can be accessed live at
https://edge.media-server.com/mmc/p/btcepz2h with a replay of the
event available for up to one year.
AGA FINANCIAL FORUM ATTENDANCE
Members of Black Hills' senior leadership team are
scheduled to meet with investors during the 2024 AGA Financial
Forum on May 19-21. Leadership will be available to discuss Black
Hills’ guidance, long-term growth target, regulatory updates and
other factors relating to its business.
Materials for the conference will be available
prior to the meetings on the “Investor Relations” section of Black
Hills Corp. website at www.blackhillscorp.com. Select “News and
Events” and then “Events & Presentations,” and click on “2024
AGA Financial Forum.”
|
|
|
BLACK HILLS CORPORATIONCONSOLIDATED
FINANCIAL RESULTS(Minor differences may result due to
rounding) |
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
(in millions) |
|
Operating income: |
|
|
|
|
|
Electric Utilities |
$ |
64.6 |
|
|
$ |
61.1 |
|
Gas Utilities |
|
130.8 |
|
|
|
114.6 |
|
Corporate and Other |
|
(2.1 |
) |
|
|
(0.8 |
) |
Operating income |
|
193.3 |
|
|
|
174.9 |
|
|
|
|
|
|
|
Interest expense, net |
|
(44.0 |
) |
|
|
(43.5 |
) |
Other income (expense),
net |
|
(0.8 |
) |
|
|
0.7 |
|
Income tax benefit
(expense) |
|
(16.9 |
) |
|
|
(14.7 |
) |
Net income |
|
131.6 |
|
|
|
117.4 |
|
Net income attributable to
non-controlling interest |
|
(3.7 |
) |
|
|
(3.3 |
) |
Net income available for
common stock |
$ |
127.9 |
|
|
$ |
114.1 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
Weighted average
common shares outstanding (in millions): |
|
|
|
Basic |
|
68.2 |
|
|
66.0 |
Diluted |
|
68.3 |
|
|
66.1 |
|
|
|
|
Earnings per
share: |
|
|
|
Earnings Per Share, Basic |
$ |
1.88 |
|
$ |
1.73 |
Earnings Per Share, Diluted |
$ |
1.87 |
|
$ |
1.73 |
|
|
|
|
|
|
|
|
|
|
|
|
USE OF NON-GAAP FINANCIAL
MEASURES
Gas and Electric Utility Margin
Gas and Electric Utility margin (revenue less cost
of sales) is considered a non-GAAP financial measure due to the
exclusion of operation and maintenance expenses, depreciation and
amortization expenses, and property and production taxes from the
measure. The presentation of Gas and Electric Utility margin is
intended to supplement investors’ understanding of operating
performance.
Electric Utility margin is calculated as operating
revenue less cost of fuel and purchased power. Gas Utility margin
is calculated as operating revenue less cost of gas sold. Our Gas
and Electric Utility margin is impacted by the fluctuations in
power purchases and natural gas and other fuel supply costs.
However, while these fluctuating costs impact Gas and Electric
Utility margin as a percentage of revenue, they only impact total
Gas and Electric Utility margin if the costs cannot be passed
through to customers.
Our Gas and Electric Utility margin measure may not
be comparable to other companies’ Gas and Electric Utility margin
measures. Furthermore, this measure is not intended to replace
operating income as determined in accordance with GAAP as an
indicator of operating performance.
SEGMENT PERFORMANCE SUMMARY
Operating results from our business segments for
the three months ended March 31, 2024, compared to the three
months ended March 31, 2023, are discussed below.
Certain lines of business in which we operate are
highly seasonal, and revenue from, and certain expenses for, such
operations may fluctuate significantly between quarterly periods.
Demand for electricity and natural gas is sensitive to seasonal
cooling, heating and industrial load requirements. In particular,
the normal peak usage season for our electric utilities is June
through August while the normal peak usage season for our gas
utilities is November through March. Significant earnings variances
can be expected between the Gas Utilities segment’s peak and
off-peak seasons. Due to this seasonal nature, our results of
operations for the three months ended March 31, 2024 and 2023
are not necessarily indicative of the results of operations to be
expected for any other period or for the entire year.
All amounts are presented on a pre-tax basis unless
otherwise indicated. Minor differences in amounts may result due to
rounding.
Electric Utilities
|
Three Months Ended March 31, |
|
Variance |
|
|
2024 |
|
2023 |
|
2024 vs. 2023 |
|
|
(in millions) |
|
Revenue |
$ |
222.2 |
|
$ |
218.7 |
|
$ |
3.5 |
|
Cost of fuel and purchased
power |
|
54.8 |
|
|
55.4 |
|
|
(0.6 |
) |
Electric Utility margin
(non-GAAP) |
|
167.4 |
|
|
163.3 |
|
|
4.1 |
|
|
|
|
|
|
|
|
Operations and
maintenance |
|
57.5 |
|
|
57.4 |
|
|
0.1 |
|
Depreciation and
amortization |
|
35.3 |
|
|
35.1 |
|
|
0.2 |
|
Taxes - property and
production |
|
10.0 |
|
|
9.7 |
|
|
0.3 |
|
Operating income |
$ |
64.6 |
|
$ |
61.1 |
|
$ |
3.5 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024,
Compared with Three Months Ended March 31, 2023
Electric Utility margin increased as a result
of:
|
(in millions) |
|
New rates and rider recovery |
$ |
8.8 |
|
Off-system excess energy
sales |
|
(2.3 |
) |
Weather |
|
(1.2 |
) |
Other |
|
(1.2 |
) |
|
$ |
4.1 |
|
|
|
|
|
Operations and maintenance expense was comparable
to the same period in the prior year primarily due to $4.5 million
of lower outside services expenses, $2.0 million of lower
employee-related expenses and $1.3 million of lower generation
expenses driven by the timing of planned outages offset by a prior
year one-time $7.7 million gain on the sale of Northern Iowa
Windpower assets.
Depreciation and amortization was comparable to the
same period in the prior year.
Taxes - property and production was comparable
to the same period in the prior year.
|
Three Months Ended
March 31, |
|
Operating Statistics |
2024 |
|
|
2023 |
|
Quantities Sold (GWh): |
|
|
|
|
|
Retail Sales |
1,488.4 |
|
|
1,396.4 |
|
Contract/Off-system/Power Marketing Wholesale |
263.6 |
|
|
401.6 |
|
Total Regulated |
1,752.0 |
|
|
1,798.0 |
|
Non-regulated |
28.0 |
|
|
54.4 |
|
Total quantities sold |
1,780.0 |
|
|
1,852.4 |
|
|
|
|
|
|
|
Contracted generated facilities availability by fuel type: |
|
|
|
|
|
Coal |
95.6 |
% |
|
92.7 |
% |
Natural gas and diesel oil |
96.7 |
% |
|
94.3 |
% |
Wind |
90.3 |
% |
|
92.5 |
% |
Total availability |
95.5 |
% |
|
93.6 |
% |
|
|
|
|
|
|
Wind capacity factor |
39.8 |
% |
|
48.1 |
% |
|
|
|
|
|
|
|
Three Months Ended
March 31, |
Degree Days |
2024 |
2023 |
|
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Heating Degree Days |
2,820 |
(7)% |
3,099 |
7% |
|
|
|
|
|
Gas Utilities
|
Three Months Ended March 31, |
|
Variance |
|
|
2024 |
|
2023 |
|
2024 vs. 2023 |
|
|
(in millions) |
|
Revenue |
$ |
508.7 |
|
$ |
706.9 |
|
$ |
(198.2 |
) |
Cost of natural gas sold |
|
261.9 |
|
|
471.0 |
|
|
(209.1 |
) |
Gas Utility margin
(non-GAAP) |
|
246.8 |
|
|
235.9 |
|
|
10.9 |
|
|
|
|
|
|
|
|
Operations and
maintenance |
|
78.6 |
|
|
87.1 |
|
|
(8.5 |
) |
Depreciation and
amortization |
|
30.4 |
|
|
26.5 |
|
|
3.9 |
|
Taxes - property and
production |
|
7.0 |
|
|
7.7 |
|
|
(0.7 |
) |
Operating income |
$ |
130.8 |
|
$ |
114.6 |
|
$ |
16.2 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024,
Compared with Three Months Ended March 31, 2023
Gas Utility margin increased as a result of:
|
(in millions) |
|
New rates and rider recovery |
$ |
13.1 |
|
Mark-to-market on non-utility
natural gas commodity contracts |
|
3.7 |
|
Retail customer growth and
usage |
|
1.1 |
|
Weather |
|
(7.4 |
) |
Other |
|
0.4 |
|
|
$ |
10.9 |
|
|
|
|
|
Operations and maintenance expense decreased
primarily due to $5.3 million of lower employee-related expenses,
$1.6 million of lower bad debt expense attributable to lower
customer billings and $1.2 million of lower travel expenses.
Depreciation and amortization increased primarily
due to a higher asset base driven by prior year capital
expenditures.
Taxes - property and production was comparable to
the same period in the prior year.
|
Three Months Ended March 31, |
Operating Statistics |
2024 |
|
2023 |
Quantities Sold and
Transported (Dth in millions): |
|
|
|
Distribution |
41.7 |
|
45.0 |
Transport and
Transmission |
46.7 |
|
47.2 |
Total Quantities Sold |
88.4 |
|
92.2 |
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
2023 |
|
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Heating Degree Days |
2,865 |
(8)% |
3,196 |
4% |
|
|
|
|
|
Corporate and Other
Corporate and Other represents certain unallocated
expenses for administrative activities that support our reportable
operating segments. Corporate and Other also includes business
development activities that are not part of our operating segments
and inter-segment eliminations.
|
Three Months Ended March 31, |
|
|
Variance |
|
|
2024 |
|
|
2023 |
|
|
2024 vs. 2023 |
|
|
(in millions) |
|
Operating (loss) |
$ |
(2.1 |
) |
|
$ |
(0.8 |
) |
|
$ |
(1.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024,
Compared with Three Months Ended March 31, 2023
Operating (loss) was comparable to the same period
in the prior year.
Consolidated Interest Expense, Other Income
and Income Tax Expense
|
Three Months Ended March 31, |
|
|
Variance |
|
|
2024 |
|
|
2023 |
|
|
2024 vs. 2023 |
|
|
(in millions) |
|
Interest expense, net |
$ |
(44.0 |
) |
|
$ |
(43.5 |
) |
|
$ |
(0.5 |
) |
Other income (expense),
net |
$ |
(0.8 |
) |
|
$ |
0.7 |
|
|
$ |
(1.5 |
) |
Income tax (expense) |
$ |
(16.9 |
) |
|
$ |
(14.7 |
) |
|
$ |
(2.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2024, Compared
with Three Months Ended March 31, 2023
Interest expense, net was comparable to the same
period in the prior year.
Other (expense), net was comparable to the same
period in the prior year.
Income tax (expense) increased primarily due to
higher pre-tax income. The effective tax rate was comparable to the
same period in the prior year.
ABOUT BLACK HILLS CORP.
Black Hills Corp. (NYSE: BKH) is a
customer-focused, growth-oriented utility company with a tradition
of improving life with energy and a vision to be the energy partner
of choice. Based in Rapid City, South Dakota, the company serves
1.34 million natural gas and electric utility customers in eight
states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South
Dakota and Wyoming. More information is available at
www.blackhillscorp.com,
www.blackhillscorp.com/corporateresponsibility and
www.blackhillsenergy.com.
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This press release includes “forward-looking
statements” as defined by the Securities and Exchange Commission.
We make these forward-looking statements in reliance on the safe
harbor protections provided under the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that we expect, believe or
anticipate will or may occur in the future are forward-looking
statements. This includes, without limitations, our 2024 earnings
guidance and long-term growth target. These forward-looking
statements are based on assumptions which we believe are reasonable
based on current expectations and projections about future events
and industry conditions and trends affecting our business. However,
whether actual results and developments will conform to our
expectations and predictions is subject to a number of risks and
uncertainties that, among other things, could cause actual results
to differ materially from those contained in the forward-looking
statements, including without limitation, the risk factors
described in Item 1A of Part I of our 2023 Annual Report on Form
10-K and other reports that we file with the SEC from time to time,
and the following:
- The accuracy of our assumptions on which our earnings guidance
is based;
- Our ability to obtain adequate cost recovery for our utility
operations through regulatory proceedings and favorable rulings on
periodic applications to recover costs for capital additions, plant
retirements and decommissioning, fuel, transmission, purchased
power, and other operating costs and the timing in which new rates
would go into effect;
- Our ability to complete our capital program in a cost-effective
and timely manner;
- Our ability to execute on our strategy;
- Our ability to successfully execute our financing plans;
- The effects of changing interest rates;
- Our ability to achieve our greenhouse gas emissions intensity
reduction goals;
- Board of Directors’ approval of any future quarterly
dividends;
- The impact of future governmental regulation;
- Our ability to overcome the impacts of supply chain disruptions
on availability and cost of materials;
- The effects of inflation and volatile energy prices; and
- Other factors discussed from time to time in our filings with
the SEC.
New factors that could cause actual results to
differ materially from those described in forward-looking
statements emerge from time-to-time, and it is not possible for us
to predict all such factors, or the extent to which any such factor
or combination of factors may cause actual results to differ from
those contained in any forward-looking statement. We assume no
obligation to update publicly any such forward-looking statements,
whether as a result of new information, future events or
otherwise.
|
|
|
CONSOLIDATING INCOME STATEMENTS(Minor differences
may result due to rounding) |
|
|
|
|
Consolidating Income Statement |
|
Three Months Ended March 31, 2024 |
Electric Utilities |
|
Gas Utilities |
|
Corporate and Other |
|
|
Total |
|
|
(in millions) |
|
Revenue |
$ |
222.2 |
|
$ |
508.7 |
|
$ |
(4.5 |
) |
|
$ |
726.4 |
|
|
|
|
|
|
|
|
|
|
|
Fuel, purchased power and cost of natural gas sold |
|
54.8 |
|
|
261.9 |
|
|
(0.1 |
) |
|
|
316.6 |
|
Operations and maintenance |
|
57.5 |
|
|
78.6 |
|
|
(2.4 |
) |
|
|
133.6 |
|
Depreciation and amortization |
|
35.3 |
|
|
30.4 |
|
|
0.2 |
|
|
|
65.9 |
|
Taxes - property and production |
|
10.0 |
|
|
7.0 |
|
|
- |
|
|
|
17.0 |
|
Operating income (loss) |
|
64.6 |
|
|
130.8 |
|
|
(2.1 |
) |
|
|
193.3 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
(44.0 |
) |
Other income (expense), net |
|
|
|
|
|
|
|
|
(0.8 |
) |
Income tax (expense) |
|
|
|
|
|
|
|
|
(16.9 |
) |
Net income |
|
|
|
|
|
|
|
|
131.6 |
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
|
|
(3.7 |
) |
Net income available for common stock |
|
|
|
|
|
|
|
$ |
127.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidating Income Statement |
|
Three Months Ended March 31, 2023 |
Electric Utilities |
|
Gas Utilities |
|
Corporate and Other |
|
|
Total |
|
|
(in millions) |
|
Revenue |
$ |
218.7 |
|
$ |
706.9 |
|
$ |
(4.4 |
) |
|
$ |
921.2 |
|
|
|
|
|
|
|
|
|
|
|
Fuel, purchased power and cost of natural gas sold |
|
55.4 |
|
|
471.0 |
|
|
(0.1 |
) |
|
|
526.3 |
|
Operations and maintenance |
|
57.4 |
|
|
87.1 |
|
|
(3.6 |
) |
|
|
141.0 |
|
Depreciation and amortization |
|
35.1 |
|
|
26.5 |
|
|
(0.1 |
) |
|
|
61.6 |
|
Taxes - property and production |
|
9.7 |
|
|
7.7 |
|
|
- |
|
|
|
17.4 |
|
Operating income (loss) |
|
61.1 |
|
|
114.6 |
|
|
(0.8 |
) |
|
|
174.9 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
|
|
(43.5 |
) |
Other income (expense), net |
|
|
|
|
|
|
|
|
0.7 |
|
Income tax (expense) |
|
|
|
|
|
|
|
|
(14.7 |
) |
Net income |
|
|
|
|
|
|
|
|
117.4 |
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
|
|
(3.3 |
) |
Net income available for common stock |
|
|
|
|
|
|
|
$ |
114.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations: |
|
Jerome E. Nichols |
|
Phone |
605-721-1171 |
Email |
investorrelations@blackhillscorp.com |
|
|
Media
Contact: |
|
24-hour Media Assistance |
888-242-3969 |
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