NorthWestern Energy Group Files Q3 2024 10-Q

TL;DR

NWE 10-Q filed: Q3 financials out, check for operational updates.

AI Summary

NorthWestern Energy Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Specific financial figures and operational metrics are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of NorthWestern Energy Group, crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• NorthWestern Energy Group, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241029 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ticable date: Common Stock, Par Value $0.01 , 61,314,217 shares outstanding at Octo

Filing Documents

• nwe-20240930.htm (10-Q) — 2145KB
• ex311certificationq32024.htm (EX-31.1) — 10KB
• ex312certificationq32024.htm (EX-31.2) — 10KB
• ex321certificationq32024.htm (EX-32.1) — 5KB
• ex322certificationq32024.htm (EX-32.2) — 5KB
• nwe-20240930_g1.jpg (GRAPHIC) — 76KB
• 0001993004-24-000102.txt ( ) — 8444KB
• nwe-20240930.xsd (EX-101.SCH) — 30KB
• nwe-20240930_cal.xml (EX-101.CAL) — 91KB
• nwe-20240930_def.xml (EX-101.DEF) — 229KB
• nwe-20240930_lab.xml (EX-101.LAB) — 499KB
• nwe-20240930_pre.xml (EX-101.PRE) — 333KB
• nwe-20240930_htm.xml (XML) — 1592KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5 Item 1.

Financial Statements

Financial Statements 5 Condensed Consolidated Statements of Income — Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income — Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Balance Sheets — September 30, 2024 and December 31, 2023 7 Condensed Consolidated Statements of Cash Flows — Three and Nine Months Ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Shareholders ' Equity — Three and Nine Months Ended September 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 11 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 50

OTHER INFORMATION

PART II. OTHER INFORMATION 51 Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 5. Other Information 51 Item 6. Exhibits 52

SIGNATURES

SIGNATURES 53 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS On one or more occasions, we may make statements in this Quarterly Report on Form 10-Q regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events. All statements other than statements of historical facts, included or incorporated by reference in this Quarterly Report, relating to our current expectations of future financial performance, continued growth, changes in economic conditions or capital markets and changes in customer usage patterns and preferences are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "will likely result," "will continue" or similar expressions identify forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and believe such statements are based on reasonable assumptions, including without limitation, our examination of historical operating trends, data contained in records and other data available from third parties, we cannot assure you that we will achieve our projections. Factors that may cause such differences include, but are not limited to: adverse determinations by regulators, as well as potential adverse federal, state, or local legislation or regulation, including costs of compliance with existing and future environmental requirements, and wildfire damages in excess of liability insurance coverage, could have a material effect on our liquidity, results of operations and financial condition; the impact of extraordinary external events and natural disasters, such as a wide-spread or glo

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS NORTHWESTERN ENERGY GROUP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Electric $ 306,478 $ 280,030 $ 909,798 $ 804,604 Gas 38,683 41,060 230,634 261,530 Total Revenues 345,161 321,090 1,140,432 1,066,134 Operating expenses Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) 87,888 88,943 339,089 322,013 Operating and maintenance 55,866 53,240 167,415 163,941 Administrative and general 34,924 29,355 106,650 94,058 Property and other taxes 41,596 41,763 125,023 131,043 Depreciation and depletion 56,954 52,159 170,630 157,787 Total Operating Expenses 277,228 265,460 908,807 868,842 Operating income 67,933 55,630 231,625 197,292 Interest expense, net ( 33,397 ) ( 28,725 ) ( 96,251 ) ( 85,144 ) Other income, net 9,116 4,127 19,595 12,926 Income before income taxes 43,652 31,032 154,969 125,074 Income tax benefit (expense) 3,167 ( 1,697 ) ( 11,410 ) ( 14,085 ) Net Income $ 46,819 $ 29,335 $ 143,559 $ 110,989 Average Common Shares Outstanding 61,302 60,442 61,286 60,011 Basic Earnings per Average Common Share $ 0.76 $ 0.48 $ 2.34 $ 1.85 Diluted Earnings per Average Common Share $ 0.76 $ 0.48 $ 2.34 $ 1.85 Dividends Declared per Common Share $ 0.65 $ 0.64 $ 1.95 $ 1.92 See Notes to Condensed Consolidated Financial Statements 5 NORTHWESTERN ENERGY GROUP CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net Income $ 46,819 $ 29,335 $ 143,559 $ 110,989 Other comprehensive income, net of tax: Foreign currency translation adjustment 1 ( 7 ) ( 1 ) ( 10 ) Postretirement medical liability adjustment — ( 168 ) — ( 502 ) Reclassification of net losses on derivative instrumen

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