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Mar 31, 2025
Black Hills Q1 2025 Earnings Report
Reported financial results for the first quarter ending March 31, 2025, reaffirming 2025 earnings guidance.
Key Takeaways
Black Hills Corp. reported stable first-quarter 2025 earnings per share compared to the prior year, benefiting from new rates, rider recovery, and favorable weather, which offset higher operating and financing costs. The company reaffirmed its full-year earnings guidance and highlighted progress on regulatory and growth initiatives, including a significant electric transmission expansion in Wyoming and efforts to secure new revenues in Nebraska and Kansas.
Diluted EPS for Q1 2025 was $1.87, flat compared to Q1 2024.
Revenue for Q1 2025 was $805.2 million, an increase from $726.4 million in Q1 2024.
Operating income for Q1 2025 was $205.0 million, up from $193.3 million in Q1 2024.
Net income available for common stock was $134.3 million in Q1 2025, an increase from $127.9 million in Q1 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Black Hills reaffirms its 2025 earnings per share guidance range of $4.00 to $4.20, based on assumptions including normal weather, constructive regulatory outcomes, no unplanned outages, controlled O&M expense growth, and planned equity issuance.
Positive Outlook
- Reaffirms 2025 earnings guidance range of $4.00 to $4.20 per share.
- Strong confidence in 4-6% EPS growth rate outlook.
- Ready Wyoming transmission project on track for completion by year-end 2025.
- Plans to deliver new electric generation resources in South Dakota and Colorado.
- Expected doubling of earnings contribution from data center demand to more than 10% by 2028.
Challenges Ahead
- Guidance is based on assumptions that may not materialize.
- Subject to constructive and timely outcomes of utility regulatory dockets.
- Excludes potential impact of mark-to-market adjustments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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