This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Black Hills Corp. Reports 55 Percent Increase In 2012 Second Quarter Adjusted Earnings Per Share

Stocks in this article: BKH

Black Hills Corp. (NYSE: BKH) today announced 2012 second quarter financial results. Income from continuing operations, as adjusted, was $15.1 million, or $0.34 per diluted share, compared to $8.8 million, or $0.22 per diluted share, for the same period in 2011 (this is a non-GAAP measure and an accompanying schedule for the GAAP to non-GAAP adjustment reconciliation is provided).

“We are pleased with our 55 percent improvement in adjusted earnings per share in the second quarter,” said David R. Emery, chairman, president and chief executive officer of Black Hills Corp. “Earnings increased due to contributions from our new power plant complex in Pueblo, Colo., increased electric utility retail sales resulting from record-breaking warm temperatures throughout our service territories in June and continued improvements in our coal mining segment. These gains were partially offset by 32 percent lower sales in our gas utilities resulting from warm spring weather and a 27 percent decrease in our average price received for natural gas in our oil and gas segment.”

“Our oil and gas business reported solid operating performance in the second quarter with a 23 percent increase in crude oil and natural gas production. Financial results were negatively impacted by a $3.4 million depletion adjustment for an increased depletion rate caused primarily by our decision to defer drilling of four San Juan Basin Mancos formation wells beyond 2012. GAAP results for the oil and gas segment also included a $17.3 million after-tax, non-cash ceiling test impairment resulting from low natural gas prices.”

Three Months Ended June 30, Six Months Ended June 30,
(in millions, except per share amounts)   2012   2011   2012   2011
Non-GAAP *:    
Income from continuing operations, as adjusted $ 15.1 $ 8.8 $ 43.6 $ 34.3
Income (loss) from discontinued operations, net of tax (1.2 )   4.0     (6.6 )   1.9
Net income, as adjusted (non-GAAP) $ 13.9     $ 12.8     $ 37.0     $ 36.2
Earnings per share from continuing operations, as adjusted, diluted $ 0.34 $ 0.22 $ 0.99 $ 0.86
Earnings (loss) per share, discontinued operations, net of tax (0.03 )   0.10     (0.15 )   0.05
Earnings per share, as adjusted, diluted (non-GAAP) $ 0.31     $ 0.32     $ 0.84     $ 0.91
Income from continuing operations $ (12.3 ) $ 3.7 $ 22.9 $ 32.8
Income (loss) from discontinued operations, net of tax (1.2 )   4.0     (6.6 )   1.9
Net income $ (13.5 )   $ 7.8     $ 16.3     $ 34.7
Earnings per share from continuing operations, diluted $ (0.28 ) $ 0.09 $ 0.52 $ 0.82
Income (loss) from discontinued operations, net of tax (0.03 )   0.10     (0.15 )   0.05
Earnings per share, diluted $ (0.31 )   $ 0.19     $ 0.37     $ 0.87

* This is a Non-GAAP measure, and an accompanying schedule for the GAAP to Non-GAAP adjustment reconciliation is provided below.

1 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,674.01 +317.14 1.83%
S&P 500 2,045.87 +32.98 1.64%
NASDAQ 4,722.4210 +78.1090 1.68%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs