Black Hills Q3 Profit Tops View, But Revenues Miss; Raises 2020 Profit View

(RTTNews) - Black Hills Corp. (BKH) reported that its net income available for common stock for the third quarter of 2020 rose to $36.3 million or $0.58 per share from $11.7 million or $0.19 per share in the previous year.

Adjusted earnings of $0.58 per share for the third quarter were up 32% compared to the same period in the prior year. The increase was driven by new rates and rider recovery, customer growth and production tax credits for new wind assets in service. Financial results also reflected $0.11 per share of weather benefit compared to the third quarter of last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share for the third-quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $346.6 million from $325.5 million in the prior year. Analysts expected revenue of $405.5 million for the quarter.

The company raised its 2020 adjusted earnings per share to a range of $3.60 - $3.70 from the prior outlook of $3.45 - $3.65. Analysts expect annual earnings of $3.58 per share.

For 2021, the company expects adjusted earnings per share to be in a range of $3.75 to $3.95. Analysts expect annual earnings of $3.87 per share.