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Jun 30, 2023
Black Hills Q2 2023 Earnings Report
Black Hills Corp. reported second-quarter results, driven by new rates, rider recovery, and a state income tax true-up, while being impacted by inflation and higher interest expense.
Key Takeaways
Black Hills Corp. reported a net income of $23.1 million, or $0.35 per share, for the second quarter of 2023. The results were driven by new rates, rider recovery, and a state income tax true-up, but were offset by the impact of inflation on operating expenses and higher interest expense. The company reaffirmed its 2023 earnings guidance.
Earnings per share for the second quarter was $0.35.
New rates, rider recovery and a state income tax true-up drove the earnings.
Inflation on higher year-over-year operating expenses and higher interest expense impacted financial results.
The company reaffirms its guidance for 2023 earnings per share to be in the range of $3.65 to $3.85.
Revenue by Segment
Forward Guidance
Black Hills reaffirms its guidance for 2023 earnings per share available for common stock to be in the range of $3.65 to $3.85.
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 any of our generating facilities
- Production tax credits of approximately $20 million associated with wind generation assets
Challenges Ahead
- Capital investment of approximately $615 million
- Equity issuance of $140 million to $160 million through the at-the-market equity offering program
- Interest expense of $180 million to $185 million, including debt refinancing activity
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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