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Mar 31, 2024
Black Hills Q1 2024 Earnings Report
Black Hills Corp. reported a strong start to the year, driven by new rates and rider recovery, and lower operating expenses.
Key Takeaways
Black Hills Corp. reported first-quarter earnings of $1.87 per share, an increase of 8% compared to the first quarter of 2023. Financial results were driven by new rates and rider recovery and lower operating expenses, offsetting the impact from lower heating degree days, a prior year gain on sale of non-core wind assets and new common shares issued. The company reaffirms its 2024 earnings guidance.
First quarter earnings were $1.87 per share, an 8% increase year-over-year.
New rates and rider recovery, along with lower operating expenses, drove financial results.
The company is progressing with its accelerated regulatory schedule, reducing the timing lag between recovery and actual costs.
Black Hills is advancing its electric resource plans, recommending 400 megawatts of clean energy resources in Colorado.
Revenue by Segment
Revenue by Geographic Location
Forward 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.
Positive Outlook
- 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
- Production tax credits of approximately $18 million associated with wind generation assets
Challenges Ahead
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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