https://assets.capyfin.com/instruments/678fdc13234e27009c5d5ee1.png avatar
Black Hills
🇺🇸 NYSE:BKH
View Company
OverviewEarningsDividends
•
Jun 30, 2024

Black Hills Q2 2024 Earnings Report

Black Hills' financial performance was driven by new rates and rider recovery and lower operating expenses, offsetting the unfavorable impacts of mild weather and a prior year income tax benefit.

Key Takeaways

Black Hills Corp. reported second quarter earnings of $0.33 per share, compared to $0.35 per share in the second quarter of 2023. Year-to-date earnings were up 6% compared to last year and the company reaffirmed its earnings guidance for the year.

Second quarter earnings were $0.33 per share compared to $0.35 per share in the second quarter of 2023.

Financial results were driven by new rates and rider recovery and lower operating expenses.

The company reaffirmed its earnings guidance for the year.

Black Hills continues to deliver progress on its customer-focused strategy and are excited about powering Meta’s newest AI data center in Cheyenne, which we expect to begin serving in 2026.

Total Revenue
$403M
Previous year: $411M
-2.1%
EPS
$0.33
Previous year: $0.35
-5.7%
Gross Profit
$87.9M
Previous year: $128M
-31.5%
Cash and Equivalents
$625M
Previous year: $153M
+309.5%
Free Cash Flow
$64.4M
Previous year: $134M
-51.8%
Total Assets
$10.2B
Previous year: $9.41B
+8.3%

Black Hills

Black Hills

Black Hills Revenue by Segment

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 based on several assumptions.

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
  • Our ability to complete our capital program in a cost-effective and timely manner
  • Our ability to successfully execute our financing plans
  • The effects of changing interest rates

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Black Hills