Black Hills Corp. Files Q3 2024 10-Q

TL;DR

BKH Q3 10-Q filed. Financials for period ending 9/30/24 are in.

AI Summary

Black Hills Corp. reported its third-quarter results for the period ending September 30, 2024. The company's filing indicates a fiscal year end of December 31. Key financial data and operational details are presented in this 10-Q filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Black Hills Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those typically associated with public companies in the utility sector.

Key Players & Entities

• BLACK HILLS CORP /SD/ (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241107 (date) — Filing Date
• 7001 MT RUSHMORE RD (address) — Business Address
• RAPID CITY (location) — Business City
• SD (location) — Business State
• 57709 (zip_code) — Business Zip Code

FAQ

Key Financial Figures

• $1.00 — e on which registered Common stock of $1.00 par value BKH New York Stock Exchan
• $750 million — gion. 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-20240930.htm (10-Q) — 3617KB
• bkh-ex31_1.htm (EX-31.1) — 17KB
• bkh-ex31_2.htm (EX-31.2) — 17KB
• bkh-ex32_1.htm (EX-32.1) — 11KB
• bkh-ex32_2.htm (EX-32.2) — 11KB
• bkh-ex95.htm (EX-95) — 22KB
• 0000950170-24-122969.txt ( ) — 13032KB
• bkh-20240930.xsd (EX-101.SCH) — 1524KB
• bkh-20240930_htm.xml (XML) — 2811KB

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 14 Note 1. Management's Statement 14 Note 2. Regulatory Matters 15 Note 3. Commitments, Contingencies and Guarantees 16 Note 4. Revenue 16 Note 5. Financing 18 Note 6. Earnings Per Share 19 Note 7. Risk Management and Derivatives 20 Note 8. Fair Value Measurements 22 Note 9. Other Comprehensive Income 24 Note 10. Employee Benefit Plans 25 Note 11. Income Taxes 26 Note 12. Business Segment Information 27 Note 13. Selected Balance Sheet Information 27 Note 14. Subsequent Events 28 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 29 Executive Summary 29 Recent Developments 29 Results of Operations 30 Consolidated Summary and Overview 31 Non-GAAP Financial Measure 32 Electric Utilities 32 Gas Utilities 36 Corporate and Other 38 Consolidated Interest Expense, Other Income and Income Tax Expense 38 Liquidity and Capital Resources 39 Cash Flow Activities 39 Capital Resources 40 Credit Ratings 41 Capital Requirements 41 Critical Accounting Estimates 41 New Accounting Pronouncements 41 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43

Signatures

Signatures 44 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions, except per share amounts) Revenue $ 401.6 $ 407.1 $ 1,530.6 $ 1,739.6 Operating expenses: Fuel, purchased power, and cost of natural gas sold 94.5 102.2 518.2 749.8 Operations and maintenance 145.6 125.7 420.8 412.5 Depreciation and amortization 69.3 64.9 201.8 191.2 Taxes - property and production 16.4 16.5 50.0 49.9 Total operating expenses 325.8 309.3 1,190.8 1,403.4 Operating income 75.8 97.8 339.8 336.2 Other income (expense): Interest expense incurred, net of amounts capitalized ( 50.6 ) ( 44.5 ) ( 144.8 ) ( 131.8 ) Interest income 5.4 3.5 12.9 5.8 Other income (expense), net ( 1.3 ) ( 0.6 ) ( 1.7 ) ( 1.5 ) Total other income (expense) ( 46.5 ) ( 41.6 ) ( 133.6 ) ( 127.5 ) Income before income taxes 29.3 56.2 206.2 208.7 Income tax (expense) ( 2.9 ) ( 7.4 ) ( 23.6 ) ( 16.0 ) Net income 26.4 48.8 182.6 192.7 Net income attributable to non-controlling interest ( 2.0 ) ( 3.4 ) ( 7.6 ) ( 10.2 ) Net income available for common stock $ 24.4 $ 45.4 $ 175.0 $ 182.5 Earnings per share of common stock: Earnings per share, Basic $ 0.35 $ 0.67 $ 2.53 $ 2.74 Earnings per share, Diluted $ 0.35 $ 0.67 $ 2.52 $ 2.74 Weighted average common shares outstanding: Basic 70.5 67.3 69.2 66.7 Diluted 70.6 67.4 69.3 66.7 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 Septembe

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