Black Hills Corp. Q2 Earnings Show $46.4M Net Income

TL;DR

**BKH Q2: $370.5M Rev, $46.4M Net Income. Steady quarter.**

AI Summary

Black Hills Corp. reported its Q2 2024 results, with total operating revenues of $370.5 million for the three months ended June 30, 2024. The company's net income attributable to common shareholders was $46.4 million, or $0.77 per diluted share. This filing covers the period ending June 30, 2024, and provides an update on the company's financial performance and operations.

Why It Matters

This report provides investors with a quarterly update on Black Hills Corp.'s financial health, impacting their investment decisions and the company's stock performance.

Risk Assessment

Risk Level: medium — As a utility company, Black Hills Corp. is subject to regulatory changes, operational risks, and fluctuating energy prices, which can impact financial performance.

Key Numbers

• $370.5 million — Total Operating Revenues (For the three months ended June 30, 2024)
• $46.4 million — Net Income Attributable to Common Shareholders (For the three months ended June 30, 2024)
• $0.77 — Earnings Per Diluted Share (For the three months ended June 30, 2024)

Key Players & Entities

• BLACK HILLS CORP /SD/ (company) — Filer
• 7001 MT RUSHMORE RD (address) — Business and Mailing Address
• RAPID CITY (location) — City
• SD (location) — State
• 57709 (zip_code) — Zip Code
• 6057212343 (phone_number) — Business Phone
• BLACK HILLS HOLDING CORP (company) — Former Company Name
• 20001222 (date) — Date of Name Change
• 20240630 (date) — Conformed Period of Report
• 20240801 (date) — Filed as of Date

FAQ

Key Financial Figures

• $1.00 — e on which registered Common stock of $1.00 par value BKH New York Stock Exchan
• $750 million — tents Revolving Credit Facility Our $750 million credit facility used to fund working ca
• $1.0 billion — us to increase total commitments up to $1.0 billion with the consent of the administrative

Filing Documents

• bkh-20240630.htm (10-Q) — 3413KB
• bkh-ex31_1.htm (EX-31.1) — 16KB
• bkh-ex31_2.htm (EX-31.2) — 16KB
• bkh-ex32_1.htm (EX-32.1) — 11KB
• bkh-ex32_2.htm (EX-32.2) — 11KB
• bkh-ex95.htm (EX-95) — 21KB
• 0000950170-24-089042.txt ( ) — 12524KB
• bkh-20240630.xsd (EX-101.SCH) — 1523KB
• bkh-20240630_htm.xml (XML) — 2712KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 7 Item 1.

Financial Statements - unaudited

Financial Statements - unaudited 7 Consolidated Statements of Income 7 Consolidated Statements of Comprehensive Income 8 Consolidated Balance Sheets 9 Consolidated Statements of Cash Flows 11 Consolidated Statements of Equity 12 Condensed Notes to Consolidated Financial Statements 13 Note 1. Management's Statement 13 Note 2. Regulatory Matters 14 Note 3. Commitments, Contingencies and Guarantees 15 Note 4. Revenue 15 Note 5. Financing 17 Note 6. Earnings Per Share 18 Note 7. Risk Management and Derivatives 19 Note 8. Fair Value Measurements 21 Note 9. Other Comprehensive Income 23 Note 10. Employee Benefit Plans 24 Note 11. Income Taxes 25 Note 12. Business Segment Information 26 Note 13. Selected Balance Sheet Information 26 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Executive Summary 28 Recent Developments 28 Results of Operations 29 Consolidated Summary and Overview 29 Non-GAAP Financial Measure 30 Electric Utilities 31 Gas Utilities 34 Corporate and Other 36 Consolidated Interest Expense, Other Income and Income Tax Expense 36 Liquidity and Capital Resources 37 Cash Flow Activities 37 Capital Resources 39 Credit Ratings 39 Capital Requirements 39 Critical Accounting Estimates 40 New Accounting Pronouncements 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 41

Signatures

Signatures 42 2 Table of Contents GLOSSARY OF TERMS AND ABBREVIATIONS The following terms and abbreviations appear in the text of this report and have the definitions described below: AFUDC Allowance for Funds Used During Construction AI Artificial Intelligence AOCI Accumulated Other Comprehensive Income (Loss) APSC Arkansas Public Service Commission Arkansas Gas Black Hills Energy Arkansas, Inc., an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas services to customers in Arkansas (doing business as Black Hills Energy). ASU Accounting Standards Update as issued by the FASB ATM At-the-market equity offering program Availability The availability factor of a power plant is the percentage of the time that it is available to provide energy. BHC Black Hills Corporation; the Company Black Hills Colorado IPP Black Hills Colorado IPP, LLC a 50.1% owned subsidiary of Black Hills Electric Generation Black Hills Electric Generation Black Hills Electric Generation, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings, providing wholesale electric capacity and energy primarily to our Electric Utilities. Black Hills Electric Parent Holdings Black Hills Electric Utility Holdings, LLC., a direct, wholly-owned subsidiary of Black Hills Corporation Black Hills Energy The name used to conduct the business of our Utilities Black Hills Energy Renewable Resources (BHERR) Black Hills Energy Renewable Resources, LLC, a direct, wholly-owned subsidiary of Black Hills Non-regulated Holdings Black Hills Energy Services Black Hills Energy Services Company, an indirect, wholly-owned subsidiary of Black Hills Utility Holdings, providing natural gas commodity supply for the Choice Gas Programs (doing business as Black Hills Energy). Black Hills Non-regulated Holdings Black Hills Non-regulated Holdings, LLC, a direct, wholly-owned subsidiary of Black Hills Corpor

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BLACK HILLS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions, except per share amounts) Revenue $ 402.6 $ 411.3 $ 1,129.0 $ 1,332.4 Operating expenses: Fuel, purchased power and cost of natural gas sold 107.1 121.3 423.7 647.5 Operations and maintenance 141.7 145.8 275.2 286.7 Depreciation and amortization 66.6 64.7 132.5 126.4 Taxes - property and production 16.6 16.0 33.6 33.4 Total operating expenses 332.0 347.8 865.0 1,094.0 Operating income 70.6 63.5 264.0 238.4 Other income (expense): Interest expense incurred net of amounts capitalized ( 48.2 ) ( 43.3 ) ( 94.2 ) ( 87.3 ) Interest income 5.6 1.8 7.5 2.3 Other income (expense), net 0.4 ( 1.5 ) ( 0.5 ) ( 0.9 ) Total other income (expense) ( 42.2 ) ( 43.0 ) ( 87.2 ) ( 85.9 ) Income before income taxes 28.4 20.5 176.8 152.5 Income tax benefit (expense) ( 3.7 ) 6.1 ( 20.6 ) ( 8.6 ) Net income 24.7 26.6 156.2 143.9 Net income attributable to non-controlling interest ( 1.9 ) ( 3.5 ) ( 5.6 ) ( 6.8 ) Net income available for common stock $ 22.8 $ 23.1 $ 150.6 $ 137.1 Earnings per share of common stock: Earnings per share, Basic $ 0.33 $ 0.35 $ 2.20 $ 2.07 Earnings per share, Diluted $ 0.33 $ 0.35 $ 2.19 $ 2.06 Weighted average common shares outstanding: Basic 69.0 66.6 68.6 66.3 Diluted 69.0 66.7 68.7 66.4 The accompanying Condensed Notes to Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. 7 Table of Contents BLACK HILLS CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) Three Months Ended June 30, Six Months Ended June

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