Black Hills ( (BKH) ) has released its Q3 earnings. Here is a breakdown of the information Black Hills presented to its investors.
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Black Hills Corp., based in Rapid City, South Dakota, is a utility company providing natural gas and electric services to 1.34 million customers across eight states, with a focus on growth and customer satisfaction.
In its latest earnings report, Black Hills Corp. reaffirmed its 2024 earnings guidance range of $3.80 to $4.00 per share, highlighting new customer rates in Arkansas and Iowa, and the completion of key financing activities. The company also reported third-quarter earnings per share of $0.35, reflecting both customer growth and increased operating expenses.
The third-quarter financial performance was marked by a decrease in operating income to $75.8 million from $97.8 million in the previous year, attributed to higher operating expenses and impacts from unplanned generation outages. However, new rates and customer growth helped mitigate some of these challenges. Year-to-date earnings per share stood at $2.52, slightly down from $2.74 last year, with the company benefiting from new rates and rider recovery.
Strategic initiatives include the ongoing Ready Wyoming transmission project and efforts to expand renewable resources in Colorado. The company also plans to support Meta’s AI data center in Wyoming by 2026, signifying its commitment to innovation and sustainable growth.
Looking ahead, Black Hills Corp. remains focused on executing its strategy amidst cost pressures and weather challenges, with management confident in achieving its 2024 earnings guidance. The company continues to work on regulatory initiatives and strategic projects to enhance its energy delivery capabilities.
