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Dec 31, 2023
Black Hills Q4 2023 Earnings Report
Black Hills Corp. reported fourth-quarter and full-year results, exceeding EPS guidance and increasing the five-year capital forecast.
Key Takeaways
Black Hills Corp. reported a net income available for common stock of $79.6 million, or $1.17 per share, for the fourth quarter of 2023. The company also initiated 2024 EPS guidance in the range of $3.80 to $4.00 and increased its five-year capital plan to $4.3 billion.
Delivered EPS of $3.91, above earnings guidance range of $3.65 to $3.85.
Improved year-over-year total net debt to capitalization ratio to 57.3% from 60.8%.
Increased quarterly dividend, extending annual dividend increase track record to 54 consecutive years.
Initiating 2024 EPS guidance range at $3.80 to $4.00.
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 Corp. initiates 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
- 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