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More on Black Hills Q1 results

May 04, 2018 12:35 PM ETBlack Hills Corporation (BKH) StockBKHBy: Akanksha Bakshi, SA News Editor3 Comments
  • Black Hills (BKH +1.7%) reported Q1 revenue of $575.4M (+5.1% Y/Y).
  • Gas Utilities revenue +8% Y/Y to $396.9M, gross margin declined by 300 bps to 47.3% and operating margin declined by 118 bps to 24.04%. Total gas sales increased by 16% to 45.22B Dth.
  • Electric utilities revenue -3% Y/Y to $167.4M, gross margin improved by 107 bps to 63.5% and operating declined by 357 bps to 21.9%. Total electric sales increased by 1% to 1.68B MWh.
  • Q1 Power generation total availability was at 98.3% and Mining revenue per ton was $15.89.
  • Q1 overall gross margin declined by 290 bps to 56.9% and operating margin declined by 166 bps to 25.7%.
  • Adj. EPS +13% Y/Y to $1.63 reflecting strong results at natural gas utilities.
  • Company sold ~96% of the oil and gas properties as of 3 May 2018, expects to sell remaining by mid-2018.
  • “Progress continued on a number of key regulatory activities for our utilities. A settlement agreement was approved for the Rocky Mountain Natural Gas rate review in Colorado and is awaiting a final commission decision. Rate reviews are also in process for our Arkansas and Northwest Wyoming gas utilities. In April, we started delivering the benefits of recently enacted federal corporate income tax reform to our Kansas gas utility customers. We continue to work with other state utility regulators to provide similar benefits to customers in those states”, mentioned David R. Emery, Chairman and CEO.
  • FY18 Guidance: EPS $3.30-3.50
  • Previously: Black Hills beats by $0.09, beats on revenue (May 3)

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