BLACK HILLS CORP SD
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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FY2024 · Filed Feb 12, 2025
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Results of Operations - Consolidated Summary and Overview
Results of Operations
Our discussion and analysis for the year ended December 31, 2024, compared to 2023, is included herein. For discussion and analysis for the year ended December 31, 2023, compared to 2022, please refer to Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 14, 2024.
All amounts are presented on a pre-tax basis unless otherwise indicated. Minor differences in amounts may result due to rounding.
Consolidated Summary and Overview
| For the Years Ended December 31, | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 vs 2023 Variance | 2022 | 2023 vs 2022 Variance | |
| (in millions, except per share amounts) | |||||
| Operating income (loss): | |||||
| Electric Utilities | $233.0 | $248.8 | $(15.8) | $214.3 | $34.5 |
| Gas Utilities | 271.3 | 228.8 | 42.5 | 244.2 | (15.4) |
| Corporate and Other (a) | (1.2) | (4.9) | 3.7 | (3.3) | (1.6) |
| Operating Income | 503.1 | 472.7 | 30.4 | 455.2 | 17.5 |
| Interest expense, net | (181.7) | (167.9) | (13.8) | (161.0) | (6.9) |
| Other income (expense), net | (1.4) | (3.2) | 1.8 | 1.8 | (5.0) |
| Income tax (expense) | (36.3) | (25.6) | (10.7) | (25.2) | (0.4) |
| Net income | 283.7 | 276.0 | 7.7 | 270.8 | 5.2 |
| Net income attributable to non-controlling interest | (10.6) | (13.8) | 3.2 | (12.4) | (1.4) |
| Net income available for common stock | $273.1 | $262.2 | $10.9 | $258.4 | $3.8 |
| Weighted average common shares outstanding, Diluted | 69.9 | 67.1 | 2.8 | 65.0 | 2.1 |
| Total earnings per share of common stock, Diluted | $3.91 | $3.91 | $— | $3.97 | $(0.06) |
(a)
Includes inter-segment eliminations.
Electric Utilities’ operating income decreased $15.8 million primarily due to unfavorable impacts from unplanned generation outages in 2024, lower off-system excess energy sales, higher insurance expense, and one-time benefits in 2023 from a gain on the sale of Northern Iowa Windpower assets, a gain on sale of land to support data center growth, and a recovery from our business interruption insurance. These unfavorable variances were partially offset by new rates and rider recovery and retail customer growth and usage.
Gas Utilities’ operating income increased $42.5 million primarily due to new rates and rider recovery driven by the Colorado Gas, Iowa Gas, RMNG and Wyoming Gas rate reviews, retail customer growth and usage, favorable mark-to-market on commodity contracts, and lower employee-related expenses partially offset by $15.9 million of unfavorable weather and higher depreciation driven by capital expenditures;
Corporate and other operating loss decreased $3.7 million due to lower unallocated operating expenses;
Net interest expense increased $13.8 million primarily due to higher interest rates partially offset by increased interest income and increased AFUDC debt driven by higher construction work-in-progress balances;
Other (expense), net decreased $1.8 million primarily due to higher AFUDC equity driven by higher construction work-in-progress balances;
Income tax (expense) increased $10.7 million driven by higher pre-tax income and a higher effective tax rate primarily due to an $8.2 million tax benefit in 2023 from a Nebraska income tax rate decrease; and
Net income attributable to non-controlling interest decreased $3.2 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages.
Segment Operating Results
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