NYSE$BKH
Black Hills Corporation · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Black Hills' financial performance was driven by new rates and rider recovery and lower operating expenses, offsetting the unfavorable impacts of mild weather and a prior year income tax benefit.
Black Hills Corp. reported second quarter earnings of $0.33 per share, compared to $0.35 per share in the second quarter of 2023. Year-to-date earnings were up 6% compared to last year and the company reaffirmed its earnings guidance for the year.
- Second quarter earnings were $0.33 per share compared to $0.35 per share in the second quarter of 2023.
- Financial results were driven by new rates and rider recovery and lower operating expenses.
- The company reaffirmed its earnings guidance for the year.
- Black Hills continues to deliver progress on its customer-focused strategy and are excited about powering Meta’s newest AI data center in Cheyenne, which we expect to begin serving in 2026.
Headline financials
Revenue & EPS history
Black Hills · Revenue · Quarterly
$403M
Revenue by segment
Black Hills · $412M total across 2 segments · Q3 2023
- Electric Utilities$237M-8.3%57.7%
- Gas Utilities$174M-16.3%42.3%
Forward guidance
Black Hills affirms its guidance for 2024 earnings per share available for common stock to be in the range of $3.80 to $4.00 based on several assumptions.
Tailwinds
- Normal weather conditions within our utility service territories including temperatures, precipitation levels and wind conditions
- Normal operations and weather conditions for planned construction, maintenance and/or capital investment projects
- Constructive and timely outcomes of utility regulatory dockets
- No significant unplanned outages at our generating facilities
- Production tax credits of approximately $18 million associated with wind generation assets
Headwinds
- The accuracy of our assumptions on which our earnings guidance is based
- Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect
- Our ability to complete our capital program in a cost-effective and timely manner
- Our ability to successfully execute our financing plans
- The effects of changing interest rates
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.1%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+0.6%
Avg return
30 days after
59%
40 / 68 earnings
Positive
+6.7%
Q3 2020
Best reaction
-9.8%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.9% | +0.4% | -1.7% | |
| Q4 2025 | +0.9% | -1.8% | -0.3% | |
| Q3 2025 | +4.6% | +11.2% | +8.0% | |
| Q1 2025 | -4.8% | -6.5% | -7.4% | |
| Q4 2024 | -0.3% | -0.0% | +0.0% | |
| Q3 2024 | +1.3% | +6.1% | +5.3% | |
| Q2 2024 | +0.6% | -4.3% | +0.3% | |
| Q1 2024 | +1.5% | +0.4% | -5.5% | |
| Q4 2023 | +2.7% | +5.8% | +7.9% | |
| Q3 2023 | +3.2% | +6.5% | +10.6% | |
| Q2 2023 | -2.3% | -2.6% | -7.5% | |
| Q1 2023 | +2.6% | +3.0% | -2.9% | |
| Q4 2022 | -9.8% | -10.2% | -14.6% | |
| Q3 2022 | -3.3% | -4.1% | +8.2% | |
| Q2 2022 | -0.9% | -1.4% | +0.1% | |
| Q1 2022 | +2.6% | +4.3% | +2.9% | |
| Q4 2021 | +0.7% | -0.1% | +7.1% | |
| Q3 2021 | +0.1% | -2.1% | -3.2% | |
| Q2 2021 | +2.8% | +3.3% | +6.0% | |
| Q1 2021 | -2.3% | -0.6% | -1.6% | |
| Q4 2020 | +0.5% | -0.1% | +3.8% | |
| Q3 2020 | +6.7% | +3.5% | +7.3% | |
| Q2 2020 | -0.1% | +2.0% | -3.0% | |
| Q1 2020 | +0.5% | +1.7% | +3.1% | |
| Q4 2019 | -0.2% | +0.6% | -4.0% | |
| Q3 2019 | -6.7% | -5.5% | -3.5% | |
| Q2 2019 | -2.4% | -2.8% | -0.3% | |
| Q1 2019 | +3.4% | +3.6% | +5.7% | |
| Q4 2018 | +4.5% | +6.0% | +9.6% | |
| Q3 2018 | +3.0% | +4.7% | +12.4% | |
| Q2 2018 | +0.1% | +0.3% | -1.3% | |
| Q1 2018 | +2.6% | +1.4% | -0.8% | |
| Q4 2017 | -3.0% | -6.8% | -7.6% | |
| Q3 2017 | -5.0% | -8.7% | -9.6% | |
| Q2 2017 | -0.1% | +1.8% | +1.2% | |
| Q1 2017 | +1.4% | +3.0% | +5.9% | |
| Q4 2016 | -1.9% | -2.4% | +3.5% | |
| Q3 2016 | +0.1% | +1.1% | -3.4% | |
| Q2 2016 | -2.8% | -5.8% | -5.9% | |
| Q1 2016 | +1.9% | — | — | |
| Q4 2015 | +3.0% | — | — | |
| Q3 2015 | -1.3% | — | — | |
| Q2 2015 | -0.5% | — | — | |
| Q1 2015 | -0.5% | — | — | |
| Q4 2014 | +2.9% | — | — | |
| Q3 2014 | +1.0% | — | — | |
| Q2 2014 | -3.3% | — | — | |
| Q1 2014 | +0.1% | — | — | |
| Q4 2013 | +2.4% | — | — | |
| Q3 2013 | +2.9% | — | — | |
| Q2 2013 | -1.4% | — | — | |
| Q1 2013 | +5.3% | — | — | |
| Q4 2012 | +0.8% | — | — | |
| Q3 2012 | -3.8% | — | — | |
| Q2 2012 | -3.3% | — | — | |
| Q1 2012 | -1.2% | — | — | |
| Q4 2011 | -1.1% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | -5.7% | — | — | |
| Q1 2010 | -6.6% | — | — | |
| Q1 2011 | +1.6% | — | — | |
| Q4 2008 | +2.5% | — | — | |
| Q4 2010 | +2.5% | — | — | |
| Q3 2010 | +1.2% | — | — | |
| Q3 2009 | +1.2% | — | — | |
| Q2 2009 | +1.2% | — | — | |
| Q2 2010 | +1.2% | — | — | |
| Q4 2009 | +1.2% | — | — |
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