BKH
Black Hills Corporation70.67
-1.40-1.94%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A colors data center timings
Q&A provided modest color on Black Hills' 3GW data center pipeline, flagging aggressive negotiations for 2027 service starts beyond the 600MW from Meta/Microsoft slated by 2030. Management detailed Crusoe/Tallgrass 1.8GW progress via a recent substation CPCN amid tight equipment queues—both theirs and customers'. They sidestepped MW splits per customer and exact scales. Merger talks in Montana drew expected discovery-phase responses. Details stayed guarded. Answers largely reaffirmed prepared remarks on growth and capex. Investors will eye binding contracts.
Key Stats
Market Cap
5.33BP/E (TTM)
17.85Basic EPS (TTM)
3.96Dividend Yield
0.04%Recent Filings
8-K
Merger filing advances
Black Hills filed NorthWestern's audited 2025 financials and pro forma combined statements under Item 8.01, advancing its pending all-stock merger announced August 18, 2025. NorthWestern reported $1.61B revenue and $181M net income, with 2025 electric revenues at $1.27B. Shareholder votes are set for April 2, 2026; regulatory risks loom large.
10-K
FY2025 results
Black Hills Corporation delivered FY2025 net income available for common stock of $291.6 million ($3.98 diluted EPS), up 6.8% y/y, with Electric Utilities operating income down $10.5 million to $222.5 million on higher O&M from unplanned outages at Wygen III while Gas Utilities surged $49.5 million to $320.8 million via new rates in four states. Q4 momentum shone in Wyoming Electric's record 379 MW peaks from data centers under LPCS/BCIS tariffs, driving industrial sales up sharply y/y, complemented by Ready Wyoming transmission completion. Liquidity strengthened to $929.6 million with $182.8 million cash and $746.8 million revolver capacity; capex hit $890 million focused on infrastructure hardening. No annual guidance disclosed in the 10-K. Pending NorthWestern merger risks regulatory delays that could stall quarterly growth.
8-K
Q4 results, 2026 guidance
10-Q
Q3 FY2025 results
Black Hills posted Q3 revenue up 7.2% y/y to $430.2M and operating income up 3.8% to $78.7M, driven by Gas Utilities' $9.9M gain from new rates in Arkansas, Kansas, and Nebraska despite milder weather, while Electric Utilities dipped $2.7M on higher expenses. YTD revenue climbed 9.4% to $1,674.5M with operating income up 7.8% to $366.1M and diluted EPS steady at $0.34 (reconciles to 72.9M shares). Cash from operations hit $505.3M; free cash flow not disclosed in the 10-Q. Solid $642M liquidity backs $609M capex, including Ready Wyoming transmission and Lange II generation. Pending NorthWestern merger faces regulatory delays.
8-K
Q3 adjusted EPS beats
Black Hills reported Q3 2025 adjusted EPS of $0.45, up from $0.35, driven by $0.21 from new rates offsetting merger costs and higher financing. Reaffirmed 2025 adjusted earnings guidance of $4.00-$4.20 per share. Merger with NorthWestern advances with filings in three states; regulatory approvals pending. Ready Wyoming nears year-end completion.
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