Black Hills Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 results met expectations despite weather-driven demand declines, with adjusted EPS of $1.79 and reaffirmed full-year guidance. Strategic progress included advancing large load opportunities, regulatory filings, and the NorthWestern merger, while maintaining strong liquidity and credit metrics.
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The meeting approved all proposals, including director elections and auditor ratification. Financial results showed 5% EPS growth, continued dividend increases, and strong customer growth. Strategic initiatives advanced, highlighted by infrastructure investments and a planned merger with NorthWestern Energy.
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Shareholders approved all six proposals, including a major merger, increased authorized shares and debt, and a corporate name change. The meeting confirmed a quorum and followed strict governance protocols. Final voting results will be filed with the SEC.
Fiscal Year 2025
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Achieved 5% adjusted EPS growth in 2025, driven by new rates, customer growth, and data center demand. Initiated 2026 guidance for 6% EPS growth, advanced a $4.7B capital plan, and progressed a strategic merger with NorthWestern Energy.
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Q3 2025 delivered strong adjusted EPS growth and reaffirmed full-year guidance, driven by regulatory wins, customer growth, and major project execution. Data center demand is a key earnings driver, and the NorthWestern Energy merger is progressing as planned.
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A major all-stock merger will create a leading regional utility with 2.1 million customers across eight states, targeting 5%-7% EPS growth and significant operational synergies. The deal is expected to be accretive in the first year, with regulatory approvals anticipated within 12-15 months.
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Q2 2025 delivered 5% EPS growth, driven by new rates, rider recovery, and robust data center demand. Guidance for 2025 EPS of $4.00–$4.20 is reaffirmed, with long-term growth expected in the upper half of the 4%-6% range, supported by a $4.7B capital plan and strong customer growth.
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Q1 2025 saw strong earnings growth, driven by new rates, customer demand, and data center expansion. Guidance for 2025 EPS is reaffirmed at $4-$4.20, with a robust capital plan and confidence in long-term 4%-6% EPS growth.
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The meeting featured board updates, approval of all proposals, and a review of strong 2024 financial results, including increased earnings and dividends. Strategic initiatives in infrastructure, renewables, and data centers were highlighted, along with enhanced wildfire mitigation efforts.
Fiscal Year 2024
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Achieved 4.3% EPS growth in 2024, met financial targets, and increased the five-year capital plan to $4.7 billion. Data center demand and customer growth drive long-term EPS growth, with 2025 guidance set at $4.00–$4.20 per share.
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Q3 2024 results were in line with expectations, with EPS of $0.35 and strong cost management offsetting mild weather and unplanned outages. Data center and blockchain demand is driving long-term growth, and the company reaffirmed its 2024 EPS guidance and five-year capital plan.
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Q2 2024 results showed stable performance with EPS of $0.33, strong cost management, and continued progress on major capital projects and regulatory initiatives. Data center growth, highlighted by Meta's new facility, is expected to drive over 10% of EPS by 2028.