Latest news with #LinnEvans
Yahoo
8 hours ago
- Business
- Yahoo
How To Put $100 In Your Retirement Fund Each Month With Black Hills Stock
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Black Hills Corp. (NYSE:BKH) is an electric and natural gas utility company in the U.S. The 52-week range of Black Hills stock price was $51.66 to $65.59. Black Hills' dividend yield is 4.71%. It paid $2.70 per share in dividends during the last 12 months. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest Where It Hurts — And Help Millions Heal: On May 7, the company announced its Q1 2025 earnings, posting EPS of $1.87, coming in below the consensus estimate of $1.93, while revenues of $805.20 million beat the consensus of $706.08 million, as reported by Benzinga. "Looking ahead, our core utility rate base growth and earnings from our growing data center demand provides strong confidence in our 4% to 6% long-term EPS growth target. By the end of our five-year plan, we expect to serve 500 megawatts of data center demand from existing customers through our innovative business model that requires minimal capital, doubling earnings contribution to more than 10% in 2028," said CEO Linn Evans. The company reaffirmed its guidance for full-year 2025, expecting EPS in the range of $4 to $4.20. Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." If you want to make $100 per month — $1,200 annually — from Black Hills dividends, your investment value needs to be approximately $25,478, which is around 443 shares at $57.45 each. Understanding the dividend yield calculations: When making an estimate, you need two key variables — the desired annual income ($1,200) and the dividend yield (4.71% in this case). So, $1,200 / 0.0471 = $25,478 to generate an income of $100 per month. You can calculate the dividend yield by dividing the annual dividend payments by the current price of the stock. The dividend yield can change over time. This is the outcome of fluctuating stock prices and dividend payments on a rolling instance, assume a stock that pays $2 as an annual dividend is priced at $50. Its dividend yield would be $2/$50 = 4%. If the stock price rises to $60, the dividend yield drops to 3.33% ($2/$60). A drop in stock price to $40 will have an inverse effect and increase the dividend yield to 5% ($2/$40). In summary, income-focused investors may find Black Hills stock an attractive option for making a steady income of $100 per month by owning 443 shares of stock. There may be more upside to come as investors benefit from the company's consistent dividend hikes. Black Hills has raised its dividend consecutively for the last 55 years. Check out this article by Benzinga for three stocks offering high dividend yields. Lower interest rates mean some investments won't yield what they did in months past, but you don't have to lose those gains. Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities. , which provides access to a pool of short-term loans backed by residential real estate. The best part? Unlike other private credit funds, Looking for fractional real estate investment opportunities? The features the latest offerings. Image: Shutterstock This article How To Put $100 In Your Retirement Fund Each Month With Black Hills Stock originally appeared on
Yahoo
07-05-2025
- Business
- Yahoo
Black Hills Corp. Reaffirms 2025 Earnings Guidance and Reports 2025 First-Quarter Results
'Looking ahead, our core utility rate base growth and earnings from our growing data center demand provides strong confidence in our 4% to 6% long-term EPS growth target. By the end of our five-year plan, we expect to serve 500 megawatts of data center demand from existing customers through our innovative business model that requires minimal capital, doubling earnings contribution to more than 10% in 2028. Additionally, upside potential from data centers and other organic growth in our service territories are expected to drive long-term transmission and generation investment opportunities,' concluded Evans. FIRST-QUARTER 2025 HIGHLIGHTS AND RECENT UPDATES 'We implemented new electric rates in Colorado, filed a new gas rate review in Nebraska, and advanced our gas rate review in Kansas. We made excellent progress on our 260-mile transmission expansion project, Ready Wyoming, with all regulatory approvals and necessary rights-of-way from landowners procured, and are on track to be fully in service by year-end. We also continued to advance our plans to deliver new electric generation resources in South Dakota and Colorado. 'We are reaffirming our full-year earnings guidance, which represents a 5% annual growth rate, as we continue to make progress on our regulatory and growth initiatives,' said Linn Evans, president and CEO of Black Hills Corp. 'We enjoy strong liquidity and credit ratings, and our team performed with excellence in delivering safe and reliable service to our customers and communities. Earnings of $1.87 per share compared to $1.87 per share for the first quarter of 2024 benefited from new rates, rider recovery, and favorable weather, which largely offset higher operating expenses and financing and depreciation costs. RAPID CITY, S.D., May 07, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced financial results for the first quarter ending March 31, 2025. Operating income, net income available for common stock and earnings per share for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, were: Wildfire legislation enacted in Wyoming protects utilities from liability for damages when following commission-approved wildfire mitigation plans Seeking $35 million of new annual revenues in Nebraska to continue providing reliable service for customers Served new all-time peak load at Wyoming Electric, reflecting an increase of nearly 10% over 2024, driven by data center and blockchain growth Obtained all rights-of-way for 260-mile electric transmission expansion in Wyoming that will provide long-term cost stability for customers and enable growth Reaffirms 2025 earnings guidance range of $4.00 to $4.20 per share with strong confidence in 4-6% EPS growth rate outlook Story Continues Electric Utilities On March 6, the state of Wyoming enacted comprehensive wildfire mitigation legislation (HB192), effective July 1, 2025. The legislation provides material liability protections for a utility that complies with its commission-approved wildfire mitigation plan. The legislation provides a utility a presumption of reasonableness and prudency for compliance with an approved wildfire mitigation plan. On March 22, new rates were effective for Colorado Electric resulting from its rate review request filed on June 14, 2024. The new rates provide $17 million of new annual revenue based on a weighted average cost of capital of 6.90% with a capital structure range of 47% to 49% equity and 51% to 53% debt, and a return on equity range of 9.3% to 9.5%. On April 7, the company filed a request for rehearing, reargument and reconsideration with the Colorado Public Utilities Commission. On May 6, the decision was received, increasing new annual revenue to $17.5 million. During the first quarter, Wyoming Electric set two new all-time and winter peak loads of 344 megawatts on Feb. 12, 2025, and 318 megawatts on Jan. 20, 2025, respectively. The new peaks represent 19 consecutive years of increasing electric demand in Wyoming and an increase of nearly 10% over the previous all-time peak of 314 megawatts in January 2024. During the first quarter, Wyoming Electric continued construction of its approximately 260-mile, $350-million Ready Wyoming electric transmission expansion project, which is expected to be completed and in service by year-end 2025. The project is expected to maintain long-term cost stability for customers, enhance system resiliency and access to power markets, support local economic growth and facilitate development of Wyoming's strong wind and solar natural resources. The company has received all required regulatory approvals, procured all land rights-of-way, and is constructing the project in multiple segments. The first 12-mile transmission line segment and two substations near Cheyenne, Wyoming, were completed and energized in 2024, adding approximately $40 million of rate base being recovered through the transmission rider. On March 28, South Dakota Electric filed a request with the Wyoming Public Service Commission for a certificate of public convenience and necessity (CPCN) for the 99-megawatt, $280 million Lange II gas-fired generation project. The new resource is planned to be constructed and in service by the second half of 2026. The fast-start, dispatchable generation will be comprised of six reciprocating internal combustion engines, with technology to support strong system resiliency, including crucial black start capability to respond quickly to electric load changes. The addition of these resources will replace aging gas-fired and diesel resources planned for retirement in 2027 and support updated planning reserve margin requirements. During the first quarter, Colorado Electric continued to pursue the addition of 350 megawatts of new renewable generation resources in support of its Clean Energy Plan. In 2024, the Colorado Public Utilities Commission approved the addition of a 100-megawatt utility-owned solar project, a 50-megawatt utility-owned battery storage project and a 200-megawatt solar power purchase agreement. The company plans to file a request for a CPCN for the battery storage project during the second quarter. Negotiations with counterparties for the other two projects are ongoing, which will drive the final cost and timing of projects. Gas Utilities On May 1, Nebraska Gas filed a rate review request with the Nebraska Public Service Commission seeking approval to recover approximately $453 million of system investments and inflationary impacts on expenses to serve customers. The rate review requested $34.9 million of new annual revenue based on a capital structure of approximately 50.5% equity and 49.5% debt and a return on equity of 10.5%. The company is seeking interim rates effective Aug. 1, 2025, and new final rates in the first quarter of 2026. On Feb. 3, Kansas Gas filed a rate review request with the Kansas Corporation Commission seeking approval to recover approximately $118 million of system investments and inflationary impacts on expenses to serve customers. The rate review requested $17 million of new annual revenue based on a capital structure of approximately 50% equity and 50% debt and a return on equity of 10.5%. New rates are requested in the second half of 2025. On Jan. 1, new final rates were effective for Iowa Gas resulting from an approved settlement agreement for its rate review request filed May 1, 2024. The approved black box settlement provides $15 million of new annual revenue based on a weighted average cost of capital of 7.2%. Corporate and Other On April 22, Black Hills' board of directors approved a quarterly dividend of $0.676 per share payable on June 1, 2025, to common shareholders of record at the close of business on May 16, 2025. On an annualized basis, the dividend represents 55 consecutive years of increases, the second-longest track record in the electric and natural gas industry. During the first quarter, the company issued a total of 0.8 million shares of new common stock for net proceeds of $46 million. On March 5, Moody's Investor Service affirmed Black Hills' long-term issuer rating at Baa2 with a stable outlook. 2025 EARNINGS GUIDANCE REAFFIRMED Black Hills reaffirms its guidance for 2025 earnings per share available for common stock to be in the range of $4.00 to $4.20, based on the following assumptions issued on Feb. 5, 2025: Normal weather conditions within our utility service territories Constructive and timely outcomes of utility regulatory dockets; Excludes mark-to-market adjustments; No unplanned outages at our generation facilities; Compounded annual growth rate of approximately 3.5% for operations and maintenance expense (excludes depreciation and amortization and taxes other than income taxes) off 2023 of $552 million Equity issuance between $215 million and $235 million; and An effective tax rate of approximately 13% for the full year. BLACK HILLS CORPORATION CONSOLIDATED FINANCIAL RESULTS (Minor differences may result due to rounding) Three Months Ended March 31, 2025 2024 (in millions, except per share amount) Revenue $ 805.2 $ 726.4 Operating expenses: Fuel, purchased power and cost of natural gas sold 359.7 316.6 Operations and maintenance 153.7 133.6 Depreciation and amortization 69.2 65.9 Taxes other than income taxes 17.6 17.0 Total operating expenses 600.2 533.1 Operating income 205.0 193.3 Interest expense, net (51.3 ) (44.0 ) Other income (expense), net 0.8 (0.8 ) Income tax benefit (expense) (18.1 ) (16.9 ) Net income 136.4 131.6 Net income attributable to non-controlling interest (2.1 ) (3.7 ) Net income available for common stock $ 134.3 $ 127.9 Weighted average common shares outstanding: Basic 71.6 68.2 Diluted 71.8 68.3 Earnings per share: Earnings Per Share, Basic $ 1.87 $ 1.88 Earnings Per Share, Diluted $ 1.87 $ 1.87 CONSOLIDATING INCOME STATEMENTS -- YEAR-TO-DATE (Minor differences may result due to rounding) Consolidating Income Statement Three Months Ended March 31, 2025 Electric Utilities Gas Utilities Corporate and Other Total (in millions) Revenue $ 236.7 $ 572.4 $ (3.9 ) $ 805.2 Fuel, purchased power and cost of natural gas sold 67.2 292.6 (0.1 ) 359.7 Operations and maintenance 68.8 87.9 (3.0 ) 153.7 Depreciation and amortization 37.1 32.1 - 69.2 Taxes other than income taxes 9.3 8.3 - 17.6 Operating income $ 54.3 $ 151.5 $ (0.8 ) $ 205.0 Interest expense, net (51.3 ) Other income (expense), net 0.8 Income tax benefit (expense) (18.1 ) Net income 136.4 Net income attributable to non-controlling interest (2.1 ) Net income available for common stock $ 134.3 Consolidating Income Statement Three Months Ended March 31, 2024 Electric Utilities Gas Utilities Corporate and Other Total (in millions) Revenue $ 222.2 $ 508.7 $ (4.5 ) $ 726.4 Fuel, purchased power and cost of natural gas sold 54.8 261.9 (0.1 ) 316.6 Operations and maintenance 57.5 78.6 (2.5 ) 133.6 Depreciation and amortization 35.3 30.4 0.2 65.9 Taxes other than income taxes 10.0 7.0 - 17.0 Operating income $ 64.6 $ 130.8 $ (2.1 ) $ 193.3 Interest expense, net (44.0 ) Other income (expense), net (0.8 ) Income tax benefit (expense) (16.9 ) Net income 131.6 Net income attributable to non-controlling interest (3.7 ) Net income available for common stock $ 127.9 Three Months Ended March 31, 2025, Compared to the Three Months Ended March 31, 2024 Electric Utilities' operating income decreased $10.3 million primarily due to higher operating expenses and current year unplanned generation outages; Gas Utilities' operating income increased $20.7 million primarily due to new rates and rider recovery driven by the Arkansas Gas and Colorado Gas rate reviews and favorable winter heating season weather partially offset by higher operating expenses; Interest expense, net increased $7.3 million primarily due to higher interest rates and lower interest income on lower cash and cash equivalents balances; and Net income attributable to non-controlling interest decreased $1.6 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages. OPERATING STATISTICS Electric Utilities Revenue Quantities Sold Three Months Ended March 31, Three Months Ended March 31, 2025 2024 2025 2024 (in millions) (in GWh) Retail Revenue - Residential $ 66.4 $ 62.5 406.4 388.8 Commercial 68.8 65.9 517.2 511.8 Industrial 48.2 43.5 609.8 553.6 Municipal 4.5 4.3 34.6 34.2 Other Retail 3.4 3.5 — — Subtotal Retail Revenue - Electric 191.3 179.7 1,568.0 1,488.4 Wholesale 7.1 8.5 147.8 176.0 Market - off-system sales 11.3 6.6 173.6 115.6 Transmission 12.1 12.6 — — Other (a) 14.9 14.8 — — Total Revenue and Quantities Sold $ 236.7 $ 222.2 1,889.4 1,780.0 Other Uses, Losses, or Generation, net (b) 94.1 101.8 Total Energy 1,983.5 1,881.8 (a) Primarily related to Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services. (b) Includes company uses and line losses. Revenue Quantities Sold Three Months Ended March 31, Three Months Ended March 31, 2025 2024 2025 2024 (in millions) (in GWh) Colorado Electric $ 72.4 $ 69.7 532.3 555.7 South Dakota Electric 86.9 80.6 682.0 621.1 Wyoming Electric 66.6 60.8 645.8 575.2 Integrated Generation 10.8 11.1 29.3 28.0 Total Revenue and Quantities Sold $ 236.7 $ 222.2 1,889.4 1,780.0 Three Months Ended March 31, 2025 2024 Heating Degree Days Actual Variance from Normal Actual Variance from Normal Colorado Electric 2,733 9% 2,507 (6)% South Dakota Electric 3,438 5% 3,134 (9)% Wyoming Electric 3,140 5% 2,986 (5)% Combined (a) 3,060 7% 2,820 (7)% (a) Degree days are calculated based on a weighted average of total customers by state. Three Months Ended March 31, Contracted generating facilities Availability(a) by fuel type 2025 2024 Coal (b) 86.3% 95.6% Natural gas and diesel oil (b) 91.6% 96.7% Wind (b) 86.3% 90.3% Total Availability 89.3% 95.5% Wind Capacity Factor (a) 40.0% 39.8% (a) Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet. (b) 2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5 and Busch Ranch I and II. OPERATING STATISTICS (continued) Gas Utilities Revenue Quantities Sold and Transported Three Months Ended March 31, Three Months Ended March 31, 2025 2024 2025 2024 (in millions) (Dth in millions) Retail Revenue - Residential $ 344.1 $ 297.8 30.7 27.8 Commercial 134.3 118.5 14.0 13.0 Industrial 6.6 5.1 1.0 0.9 Other Retail (a) 14.7 16.0 — — Subtotal Retail Revenue - Gas 499.7 437.4 45.7 41.7 Transportation 57.7 51.7 50.4 46.7 Other (b) 15.0 19.6 — — Total Revenue and Quantities Sold $ 572.4 $ 508.7 96.1 88.4 (a) Includes Black Hills Energy Services revenue under the Choice Gas Program. (b) Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe. Revenue Quantities Sold and Transported Three Months Ended March 31, Three Months Ended March 31, 2025 2024 2025 2024 (in millions) (Dth in millions) Arkansas Gas $ 124.8 $ 110.7 13.2 12.0 Colorado Gas 115.8 117.7 13.2 12.9 Iowa Gas 86.8 61.8 15.2 13.5 Kansas Gas 66.1 50.3 11.7 9.7 Nebraska Gas 130.2 114.3 29.6 27.1 Wyoming Gas 48.7 53.9 13.2 13.2 Total Revenue and Quantities Sold $ 572.4 $ 508.7 96.1 88.4 Three Months Ended March 31, 2025 2024 Heating Degree Days Actual Variance from Normal Actual Variance from Normal Arkansas Gas (a) 1,957 2% 1,772 (12)% Colorado Gas 2,837 2% 2,743 (3)% Iowa Gas 3,288 (1)% 2,898 (16)% Kansas Gas (a) 2,616 10% 2,291 (7)% Nebraska Gas 3,039 2% 2,802 (9)% Wyoming Gas 3,323 3% 3,156 (3)% Combined (b) 3,082 1% 2,865 (8)% (a) Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on revenue. (b) The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas due to its weather normalization mechanism. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April. CONFERENCE CALL AND WEBCAST Black Hills will host a live conference call and webcast at 11 a.m. EDT on Thursday, May 8, 2025, to discuss the company's financial results. To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Q&A . Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number. To access a listen-only webcast and view presentation slides, please register at Black Hills Corp. Webcast . At the conclusion of the call, a replay of the broadcast will be available at this link and at Black Hills' investor relations website for up to one year. AGA FINANCIAL FORUM PARTICIPATION Leadership from Black Hills Corp. is scheduled to meet with investors and analysts at the 2025 AGA Financial Forum taking place from May 18, 2025, through May 20, 2025. An investor presentation will be available prior to the conference on Black Hills' website at under 'Events and Presentations." ABOUT BLACK HILLS CORP. Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at , and CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release includes 'forward-looking statements' as defined by the Securities and Exchange Commission. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our 2025 earnings guidance and long-term growth target. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2024 Annual Report on Form 10-K and other reports that we file with the SEC from time to time, and the following: The accuracy of our assumptions on which our earnings guidance and long-term growth target 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; The effects of changing interest rates; Our ability to achieve our greenhouse gas emissions intensity reduction goals; The impact of future governmental regulation; Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials; The effects of inflation, tariffs and volatile energy prices; Our ability to obtain sufficient insurance coverage at reasonable costs and whether such coverage will protect us against significant losses; and Other factors discussed from time to time in our filings with the SEC. New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise. Investor Relations: Sal Diaz Phone 605-399-5079 Email investorrelations@ Media Contact: 24-hour Media Assistance 888-242-3969
Associated Press
05-02-2025
- Business
- Associated Press
Black Hills Corp. Reports 2024 Fourth-Quarter and Full-Year Results and Initiates 2025 Earnings Guidance
Delivered 2024 EPS of $3.91, or 4.3% growth from the midpoint of 2023 earnings guidance Increasing five-year capital forecast by 10% to $4.7 billion for 2025 through 2029, including $1.0 billion for 2025 Projecting total data center load exceeding one gigawatt from existing customers Increased quarterly dividend by 4%, extending track record of annual dividend increases to 55 consecutive years Initiating 2025 earnings guidance range at $4.00 to $4.20 per share RAPID CITY, S.D., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced financial results for the fourth quarter and full year ending Dec. 31, 2024. Operating income, net income available for common stock and earnings per share for the three and twelve months ended Dec. 31, 2024, compared to the three and twelve months ended Dec. 31, 2023, were: Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, 2024 2023 2024 2023 (in millions, except per share amounts) Operating Income $ 163.3 $ 136.5 $ 503.1 $ 472.7 Net income available for common stock $ 98.1 $ 79.6 $ 273.1 $ 262.2 Earnings per share, Diluted $ 1.37 $ 1.17 $ 3.91 $ 3.91 Earnings of $3.91 per share for 2024 benefited from $0.82 per share of new rates, rider recovery, and customer growth. Significant expense management measures offset the impacts of mild weather, unplanned generation outages and higher insurance expense. 'We advanced our regulatory and growth initiatives and delivered strong earnings,' said Linn Evans, president and CEO of Black Hills Corp. 'I'm proud of our team's execution and our relentless commitment to providing safe, reliable, and cost-effective service. We reached constructive settlements for our natural gas rate reviews in Arkansas and Iowa. We also maintained our solid financial position and credit ratings, achieving our long-term capitalization target during the year. On behalf of our customers, we invested approximately $800 million in our electric and gas infrastructure. This included energizing the first phase of our Ready Wyoming transmission expansion, the largest transmission project in our company's history. 'As we roll forward our five-year plan, I'm confident in our 4% to 6% long-term EPS growth target given our customer-focused capital outlook and growth opportunities. We increased our capital forecast by 10% through 2029 to $4.7 billion. We have a pipeline of data center demand exceeding one gigawatt from existing customers within the next 10 years. Approximately 500 megawatts of that demand is expected to be served by the end of 2029 through our innovative tariff that requires minimal capital. We expect this demand to more than double EPS contribution to greater than 10% by year-end 2029. Additionally, upside potential from data centers and other organic growth in our service territories is expected to drive future transmission and generation investment opportunities above and beyond our current five-year plan,' concluded Evans. FOURTH-QUARTER AND FULL-YEAR 2024 HIGHLIGHTS AND RECENT UPDATES Electric Utilities On Jan. 20, 2025, Wyoming Electric set a new all-time peak load of 318 megawatts for the nineteenth consecutive year, surpassing the previous winter and all-time peak on Jan. 11, 2024, of 314 megawatts. Prior to 2024, the previous winter peak was 301 megawatts in December 2023 and the all-time peak was 312 megawatts in July 2023. On Dec. 19, Wyoming Electric placed in service the initial phase of its approximately 260-mile, $350-million Ready Wyoming electric transmission expansion project. The first 12-mile transmission line segment and two substations near Cheyenne, Wyoming, were completed and energized, adding approximately $40 million of rate base being recovered through the transmission rider. Construction is on schedule for the two major lines heading northeast and northwest from Cheyenne, with both lines interconnecting with the South Dakota Electric system. The project is being constructed in multiple segments and is expected to be completed and in service by year-end 2025. During the fourth quarter, Colorado Electric received final approval of its Clean Energy Plan from the Colorado Public Utilities Commission for 350 megawatts of new renewable generation resources. The decision includes a 100-megawatt utility-owned solar project, 50-megawatt utility-owned battery storage project and a 200-megawatt solar power purchase agreement. During the fourth quarter, South Dakota Electric continued to pursue the addition of 99 megawatts of utility-owned, dispatchable natural gas resources by the second half of 2026. During the first quarter of 2025, the company expects to request a certificate of public convenience and necessity (CPCN) in Wyoming. On July 11, Wyoming Electric announced its partnership with Meta to provide power for its newest AI data center to be constructed in Cheyenne, Wyoming. The company will serve Meta under its Large Power Contract Service tariff and procure customized energy resources essential to Meta's operations and sustainability objectives. On June 14, Colorado Electric filed a rate review request with the Colorado Public Utilities Commission seeking the recovery of significant infrastructure investments in its 3,200-mile electric distribution and 600-mile electric transmission systems. The company expects a final decision on the request from the CPUC in the first quarter or early second quarter of 2025. Timing and implementation of new rates will be subject to a final decision. Gas Utilities On Feb. 3, 2025, Kansas Gas filed a rate review request with the Kansas Corporation Commission seeking approval to recover approximately $118 million of system investments and inflationary impacts on expenses to serve customers. The rate review requested $17 million of new annual revenue based on a capital structure of approximately 50% equity and 50% debt and a return on equity of 10.5%. New rates are requested in the second half of 2025. On Jan. 1, 2025, new final rates were effective for Iowa Gas resulting from an approved settlement agreement for its rate review request filed May 1, 2024. The approved black box settlement provides $15 million of new annual revenue based on a weighted average cost of capital of 7.21%. On Oct. 1, new rates were effective for Arkansas Gas resulting from an approved settlement agreement for its rate review request filed in December 2023. The settlement provides $25 million of new annual revenue based on a capital structure of 46% equity and 54% debt and a return on equity of 9.85%. On Feb. 13, new rates were effective for Colorado Gas resulting from an approved settlement agreement for its rate review request filed in May 2023. The settlement provides for $20 million in new annual revenue based on a capital structure of 51% equity and 49% debt and a return on equity of 9.3%. On Feb. 1, 2024, new rates were effective for Wyoming Gas resulting from an approved settlement agreement for its rate review request filed in May 2023. The settlement provides for $14 million in new annual revenue based on a capital structure of 51% equity and 49% debt and a return on equity of 9.9%. The agreement also provides for a four-year renewal of the company's integrity investment rider. On Jan. 31, 2024, Black Hills Energy Renewable Resources, a non-regulated subsidiary of Black Hills Corp., acquired a renewable natural gas (RNG) production facility at a landfill in Dubuque, Iowa. The purchase includes producing biogas wells and rights to production, including the ability to drill additional wells. The acquisition represents the company's first entry into the production of RNG. Corporate and Other On Jan. 24, 2025, Black Hills' board of directors approved a quarterly dividend of $0.676 per share payable on March 1, 2025, to common shareholders of record at the close of business on Feb. 18, 2025. The dividend represents an increase in the quarterly dividend of $0.026 per share, or 4.0%. On an annualized rate, the dividend represents 55 consecutive years of increases, the second-longest track record in the electric and natural gas industry. During 2024, the company issued a total of 3.3 million shares of new common stock for net proceeds of $182 million. On May 31, Black Hills amended and restated its revolving credit facility with similar terms as the former facility, maintaining total commitments of $750 million and extending the term through May 31, 2029. On May 16, Black Hills completed a public debt offering of $450 million, 6.00% senior unsecured notes due Jan. 15, 2035. Proceeds were used for general corporate purposes and, along with available cash or short-term borrowings under the company's existing facilities, to repay the $600 million notes which were due Aug. 23, 2024. Black Hills maintained its solid investment-grade credit ratings by rating agencies covering the company. On Jan. 17, 2025, Fitch affirmed Black Hills' long-term issuer rating at BBB+ with a negative outlook. Following the affirmation, the parties jointly withdrew the rating. On Jan. 8, 2025, Moody's Investor Service affirmed Black Hills' long-term issuer rating at Baa2 with a stable outlook. On May 9, 2024, S&P Global Ratings affirmed Black Hills' issuer credit rating at BBB+ with a stable outlook. 2025 EARNINGS GUIDANCE INITIATED Black Hills initiates its guidance for 2025 earnings per share available for common stock to be in the range of $4.00 to $4.20, based on the following assumptions: Normal weather conditions within our utility service territories; Constructive and timely outcomes of utility regulatory dockets; Excludes mark-to-market adjustments; No unplanned outages at our generation facilities; Compounded annual growth rate of approximately 3.5% for operations and maintenance expense (excludes depreciation and amortization and taxes other than income taxes) off 2023 of $552 million Equity issuance between $215 million and $235 million; and An effective tax rate of approximately 13% for the full year. BLACK HILLS CORPORATION CONSOLIDATED FINANCIAL RESULTS (Minor differences may result due to rounding) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, 2024 2023 2024 2023 (in millions) Revenue $ 597.1 $ 591.7 $ 2,127.7 $ 2,331.3 Operating expenses: Fuel, purchased power, and cost of natural gas sold 212.1 233.1 730.3 982.9 Operations and maintenance 136.2 139.5 557.0 552.0 Depreciation and amortization 68.3 65.6 270.1 256.8 Taxes other than income taxes 17.2 17.0 67.2 66.9 Total operating expenses 433.8 455.2 1,624.6 1,858.6 Operating income 163.3 136.5 503.1 472.7 Interest expense, net (49.7) (41.9) (181.7) (167.9) Other income (expense), net 0.1 (1.8) (1.4) (3.2) Income tax (expense) (12.7) (9.6) (36.3) (25.6) Net income 101.0 83.2 283.7 276.0 Net income attributable to non-controlling interest (2.9) (3.6) (10.6) (13.8) Net income available for common stock $ 98.1 $ 79.6 $ 273.1 $ 262.2 Weighted average common shares outstanding (in millions): Basic 71.4 67.9 69.8 67.0 Diluted 71.6 68.0 69.9 67.1 Earnings per share: Earnings per share, Basic $ 1.37 $ 1.17 $ 3.91 $ 3.91 Earnings per share, Diluted $ 1.37 $ 1.17 $ 3.91 $ 3.91 CONSOLIDATING INCOME STATEMENTS -- FOURTH QUARTER (Minor differences may result due to rounding) Consolidating Income Statement Three Months Ended Dec. 31, 2024 Electric Utilities Gas Utilities Corporate and Other Total (in millions) Revenue $ 216.3 $ 385.2 $ (4.4) $ 597.1 Fuel, purchased power and cost of natural gas sold 50.7 161.4 - 212.1 Operations and maintenance 62.2 78.0 (4.0) 136.2 Depreciation and amortization 36.5 31.8 - 68.3 Taxes other than income taxes 10.0 7.2 - 17.2 Operating income $ 56.9 $ 106.8 $ (0.4) $ 163.3 Interest expense, net (49.7) Other income (expense), net 0.1 Income tax benefit (expense) (12.7) Net income 101.0 Net income attributable to non-controlling interest (2.9) Net income available for common stock $ 98.1 Consolidating Income Statement Three Months Ended Dec. 31, 2023 Electric Utilities Gas Utilities Corporate and Other Total (in millions) Revenue $ 215.9 $ 380.3 $ (4.5) $ 591.7 Fuel, purchased power and cost of natural gas sold 52.9 180.4 (0.2) 233.1 Operations and maintenance 59.4 81.9 (1.8) 139.5 Depreciation and amortization 35.9 29.6 0.1 65.6 Taxes other than income taxes 9.6 7.4 - 17.0 Operating income $ 58.1 $ 81.0 $ (2.6) $ 136.5 Interest expense, net (41.9) Other income (expense), net (1.8) Income tax benefit (expense) (9.6) Net income 83.2 Net income attributable to non-controlling interest (3.6) Net income available for common stock $ 79.6 Three Months Ended Dec. 31, 2024, Compared to the Three Months Ended Dec. 31, 2023 Electric Utilities' operating income decreased $1.2 million primarily due to higher insurance expense and lower off-system excess energy sales partially offset by new rates and rider recovery; Gas Utilities' operating income increased $25.8 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Colorado Gas, Iowa Gas and Wyoming Gas rate reviews and lower employee-related expenses; Corporate and other operating loss decreased $2.2 million due to lower unallocated outside services expenses; Net interest expense increased $7.8 million primarily due to lower interest income on lower cash balances and higher interest expense due to higher rates; and Income tax (expense) increased $3.1 million primarily driven by higher pre-tax income. CONSOLIDATING INCOME STATEMENTS -- YEAR-TO-DATE (Minor differences may result due to rounding) Consolidating Income Statement Twelve Months Ended Dec. 31, 2024 Electric Utilities Gas Utilities Corporate and Other Total (in millions) Revenue $ 876.1 $ 1,269.4 $ (17.8) $ 2,127.7 Fuel, purchased power and cost of natural gas sold 206.4 524.3 (0.4) 730.3 Operations and maintenance 252.6 320.7 (16.3) 557.0 Depreciation and amortization 145.3 124.7 0.1 270.1 Taxes other than income taxes 38.8 28.4 - 67.2 Operating income $ 233.0 $ 271.3 $ (1.2) $ 503.1 Interest expense, net (181.7) Other income (expense), net (1.4) Income tax benefit (expense) (36.3) Net income 283.7 Net income attributable to non-controlling interest (10.6) Net income available for common stock $ 273.1 Consolidating Income Statement Twelve Months Ended Dec. 31, 2023 Electric Utilities Gas Utilities Corporate and Other Total (in millions) Revenue $ 865.0 $ 1,484.2 $ (17.9) $ 2,331.3 Fuel, purchased power and cost of natural gas sold 200.1 783.2 (0.4) 982.9 Operations and maintenance 236.2 328.7 (12.9) 552.0 Depreciation and amortization 142.6 113.9 0.3 256.8 Taxes other than income taxes 37.3 29.6 - 66.9 Operating income $ 248.8 $ 228.8 $ (4.9) $ 472.7 Interest expense, net (167.9) Other income (expense), net (3.2) Income tax benefit (expense) (25.6) Net income 276.0 Net income attributable to non-controlling interest (13.8) Net income available for common stock $ 262.2 Twelve Months Ended Dec. 31, 2024, Compared to the Twelve Months Ended Dec. 31, 2023 Electric Utilities' operating income decreased $15.8 million primarily due to unfavorable impacts from unplanned generation outages in 2024, lower off-system excess energy sales, higher insurance expense, and one-time benefits in 2023 from a gain on the sale of Northern Iowa Windpower assets, a gain on sale of land to support data center growth and a recovery from our business interruption insurance. These unfavorable variances were partially offset by new rates and rider recovery and retail customer growth and usage; Gas Utilities' operating income increased $42.5 million primarily due to new rates and rider recovery driven by the Colorado Gas, Iowa Gas, Rocky Mountain Natural Gas and Wyoming Gas rate reviews, retail customer growth and usage, favorable mark-to-market on commodity contracts, and lower employee-related expenses partially offset by unfavorable weather and higher depreciation driven by capital expenditures; Corporate and other operating loss decreased $3.7 million due to lower unallocated operating expenses; Net interest expense increased $13.8 million primarily due to higher interest rates partially offset by increased interest income and increased allowance for funds used during construction (AFUDC) debt driven by higher construction work-in-progress balances; Other (expense), net decreased $1.8 million primarily due to higher AFUDC equity driven by higher construction work-in-progress balances; Other (expense), net decreased $1.8 million primarily due to higher AFUDC equity driven by higher construction work-in-progress balances; Income tax (expense) increased $10.7 million driven by higher pre-tax income and a higher effective tax rate primarily due to an $8.2 million tax benefit in 2023 from a Nebraska income tax rate decrease; and Net income attributable to non-controlling interest decreased $3.2 million due to lower net income from Colorado IPP primarily driven by unplanned generation outages. OPERATING STATISTICS Electric Utilities Revenue (in millions) Quantities Sold (GWh) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, By customer class 2024 2023 2024 2023 2024 2023 2024 2023 Residential $ 55.5 $ 54.7 $ 234.8 $ 224.5 348.5 347.9 1,471.9 1,438.5 Commercial 63.7 63.8 263.6 254.5 500.8 498.2 2,091.4 2,074.4 Industrial 42.0 42.4 168.9 157.3 526.4 583.2 2,169.8 2,094.8 Municipal 4.3 4.3 17.0 17.5 35.4 34.8 147.1 150.9 Other Retail 3.9 3.0 14.3 12.3 - - - - Subtotal Retail Revenue - Electric 169.4 168.2 698.6 666.1 1,411.1 1,464.1 5,880.2 5,758.6 Wholesale 5.6 9.6 26.8 34.2 130.3 193.5 589.4 699.7 Market - off-system sales 12.0 13.4 34.8 50.9 258.8 219.4 765.6 737.9 Transmission 13.1 11.2 52.2 47.1 - - - - Other (a) 16.2 13.5 63.7 66.7 - - - - Total Revenue and Quantities Sold $ 216.3 $ 215.9 $ 876.1 $ 865.0 1,800.2 1,877.0 7,235.2 7,196.2 Other Uses, Losses, or Generation, net (b) 152.7 117.9 390.3 463.5 Total Energy 1,952.9 1,994.9 7,625.5 7,659.7 (a) Primarily related to Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services. (b) Includes company uses and line losses. Revenue (in millions) Quantities Sold (GWh) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, By business unit 2024 2023 2024 2023 2024 2023 2024 2023 Colorado Electric $ 68.2 $ 68.8 $ 276.9 $ 285.7 575.9 602.7 2,392.7 2,397.2 South Dakota Electric 79.5 80.5 322.0 321.1 674.2 677.6 2,556.5 2,554.3 Wyoming Electric 57.6 57.2 234.3 212.2 528.3 578.7 2,190.1 2,124.1 Integrated Generation 11.0 9.4 42.9 46.0 21.8 18.0 95.9 120.6 Total Revenue and Quantities Sold $ 216.3 $ 215.9 $ 876.1 $ 865.0 1,800.2 1,877.0 7,235.2 7,196.2 Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, 2024 2023 2024 2023 Degree Days Actual Variance from Normal Actual Variance from Normal Actual Variance from Normal Actual Variance from Normal Heating Degree Days: Colorado Electric 1,876 (8)% 1,965 (5)% 4,926 (8)% 5,330 1% South Dakota Electric 2,231 (15)% 2,348 (13)% 6,311 (13)% 6,969 (4)% Wyoming Electric 2,137 (13)% 2,249 (10)% 6,272 (10)% 6,783 (1)% Combined (a) 2,052 (12)% 2,154 (9)% 5,676 (10)% 6,185 (1)% Cooling Degree Days: Colorado Electric 22 210% 6 (10)% 1,269 11% 1,046 (10)% South Dakota Electric 10 376% 1 (38)% 913 49% 497 (21)% Wyoming Electric 5 -- -- -- 491 7% 329 (30)% Combined (a) 14 265% 3 (15)% 989 20% 713 (15)% (a) Degree days are calculated based on a weighted average of total customers by state. Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, Contracted generating facilities Availability(a) by fuel type 2024 2023 2024 2023 Coal (b) 97.2% 93.8% 89.8% 93.7% Natural gas and diesel oil (b) 85.5% 86.2% 92.9% 92.1% Wind 87.6% 89.8% 90.6% 92.5% Total Availability 88.2% 88.9% 91.7% 92.6% Wind Capacity Factor (a) 38.0% 35.8% 36.7% 37.4% (a) Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet. (b) 2024 included unplanned outages at Wygen I and Pueblo Airport Generation #4-5. OPERATING STATISTICS (continued) Gas Utilities Revenue (in millions) Quantities Sold and Transported (Dth in millions) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, By customer class 2024 2023 2024 2023 2024 2023 2024 2023 Retail Revenue - Residential $ 215.4 $ 215.1 $ 691.9 $ 830.3 18.4 19.0 56.7 60.1 Commercial 82.4 83.6 266.3 337.3 9.1 8.9 28.4 29.4 Industrial 5.4 7.0 23.7 33.1 0.9 1.2 6.0 5.7 Other Retail (a) 11.8 12.0 40.7 48.1 - - - - Subtotal Retail Revenue - Gas 315.0 317.7 1,022.6 1,248.8 28.4 29.1 91.1 95.2 Transportation 47.3 45.4 178.2 176.8 42.2 41.6 159.2 159.8 Other (b) 22.9 17.2 68.6 58.6 - - - - Total Revenue and Quantities Sold $ 385.2 $ 380.3 $ 1,269.4 $ 1,484.2 70.6 70.7 250.3 255.0 (a) Includes Black Hills Energy Services revenue under the Choice Gas Program. (b) Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe. Revenue (in millions) Quantities Sold and Transported (Dth in millions) Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, By business unit 2024 2023 2024 2023 2024 2023 2024 2023 Arkansas Gas $ 81.6 $ 79.8 $ 248.8 $ 268.9 8.4 9.1 29.9 30.2 Colorado Gas 87.3 85.8 278.8 313.6 9.7 9.5 31.0 32.8 Iowa Gas 51.9 45.4 162.3 213.6 10.9 10.8 37.3 37.9 Kansas Gas 39.6 37.1 130.4 155.6 8.7 8.1 34.8 35.5 Nebraska Gas 85.6 88.3 304.5 366.1 22.1 22.4 80.3 82.2 Wyoming Gas 39.2 43.9 144.6 166.4 10.8 10.8 37.0 36.4 Total Revenue and Quantities Sold $ 385.2 $ 380.3 $ 1,269.4 $ 1,484.2 70.6 70.7 250.3 255.0 Three Months Ended Dec. 31, Twelve Months Ended Dec. 31, 2024 2023 2024 2023 Heating Degree Days Actual Variance from Normal Actual Variance from Normal Actual Variance from Normal Actual Variance from Normal Arkansas Gas (a) 1,073 (24)% 1,253 (14)% 2,998 (20)% 3,197 (17)% Colorado Gas 2,049 (10)% 1,838 (21)% 5,662 (7)% 5,916 (4)% Iowa Gas 2,093 (11)% 2,054 (16)% 5,543 (16)% 5,921 (12)% Kansas Gas (a) 1,516 (14)% 1,638 (10)% 4,092 (12)% 4,387 (8)% Nebraska Gas 1,891 (15)% 1,988 (13)% 5,172 (13)% 5,579 (8)% Wyoming Gas 2,257 (15)% 2,432 (3)% 6,641 (10)% 7,385 8% Combined (b) 2,015 (12)% 2,080 (11)% 5,517 (11)% 6,006 (4)% (a) Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on gross margins. (b) The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas due to its weather normalization mechanism. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April. CONFERENCE CALL AND WEBCAST Black Hills will host a live conference call and webcast at 11 a.m. EST on Thursday, Feb. 6, 2025, to discuss its financial and operating performance. To access the live webcast and download a copy of the investor presentation, go to the 'Investor Relations' section of the Black Hills website at and click on 'News and Events' and then 'Events & Presentation.' The presentation will be posted on the website before the webcast. Listeners should allow at least five minutes for registering and accessing the presentation. For those unable to listen to the live broadcast, a replay will be available on the company's website. To ask a question during the live broadcast, users can access dial-in information and a personal identification number by registering for the event at A listen-only webcast player and presentation slides can be accessed live at with a replay of the event available for up to one year. ABOUT BLACK HILLS CORP. Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at and CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release includes 'forward-looking statements' as defined by the Securities and Exchange Commission. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our 2025 earnings guidance and long-term growth target. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2023 Annual Report on Form 10-K and other reports that we file with the SEC from time to time, and the following: The accuracy of our assumptions on which our earnings guidance and long-term growth target 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; The effects of changing interest rates; Our ability to achieve our greenhouse gas emissions intensity reduction goals; Board of Directors' approval of any future quarterly dividends; The impact of future governmental regulation; Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials; The effects of inflation and volatile energy prices; Our ability to obtain sufficient insurance coverage at reasonable costs and whether such coverage will protect us against significant losses; and Other factors discussed from time to time in our filings with the SEC. New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
