Black Hills Q1 Profit Down; Cuts 2020 Profit View

(RTTNews) - Black Hills Corp. (BKH) reported that its first-quarter net income available for common stock declined to $93.2 million or $1.51 per share from $103.8 million or $1.73 per share in the prior year.

The latest-quarter results were impacted by a non-cash, pre-tax $6.9 million impairment of an investment in a privately held oil and gas company related to the divestiture of the company's Oil and Gas segment in 2018.

Adjusted net income was $98.4 million or $1.59 per share compared to $103.8 million or $1.73 per share in the prior year.

Revenue decreased to $537.1 million from $597.8 million in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share and revenues of $633.11 million for the quarter. Analysts' estimates typically exclude special items.

Black Hills said it experienced minimal impacts to its financial results in the first quarter from the COVID-19 pandemic but expects earnings to be negatively impacted starting in the second quarter and through the end of 2020.

Black Hills revised its guidance for 2020 earnings per share available for common stock, as adjusted , to a range of $3.45 to $3.65 from $3.55 to $3.75. Analysts expect annual earnings of $3.60 per share.