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Sep 30, 2024
Black Hills Q3 2024 Earnings Report
Black Hills Corp. reported earnings for Q3 2024, which benefited from new rates, rider recovery and customer growth, partially offset by higher operating expenses, unplanned generation outages, and increased interest expense.
Key Takeaways
Black Hills Corp. announced its Q3 2024 financial results, with earnings of $0.35 per share. The company reaffirmed its 2024 earnings guidance range of $3.80 to $4.00 per share. New customer rates were approved and implemented at the Arkansas natural gas utility, and a settlement agreement was filed for new customer rates at the Iowa natural gas utility. Key financing activities for 2024 were completed, achieving the long-term capitalization target.
Reaffirmed 2024 earnings guidance range of $3.80 to $4.00 per share.
Received approval of and implemented new customer rates at Arkansas natural gas utility.
Filed settlement agreement for new customer rates at Iowa natural gas utility.
Completed key financing activities for 2024 and achieved long-term capitalization target.
Black Hills
Black Hills
Black Hills Revenue by Segment
Black Hills Revenue by Geographic Location
Revenue by Segment
Electric Utilities Revenue
CapyFin.comGas Utilities Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.comRevenue by Geographic Location
Colorado Electric Revenue
CapyFin.comSouth Dakota Electric Revenue
CapyFin.comWyoming Electric Revenue
CapyFin.comIntegrated Generation Revenue
CapyFin.comArkansas Gas Revenue
CapyFin.comColorado Gas Revenue
CapyFin.comIowa Gas Revenue
CapyFin.comKansas Gas Revenue
CapyFin.comNebraska Gas Revenue
CapyFin.comWyoming Gas Revenue
CapyFin.com Forward Guidance
Black Hills reaffirms its guidance issued on Feb. 7, 2024, 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
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income