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Black Hills Corp. Reports 20 Percent Increase In 2012 Third Quarter Adjusted Earnings Per Share, Reaffirms 2012 Earnings Guidance And Initiates 2013 Earnings Guidance

Stocks in this article: BKH

Utilities Group

Income from continuing operations for the Utilities Group for the third quarter ended Sept. 30, 2012, was $14.6 million, compared to $16.4 million in 2011.

Electric Utilities

  Three Months Ended     Nine Months Ended  
Sept. 30, Variance Sept. 30, Variance
2012   2011   2012 vs. 2011   2012   2011   2012 vs. 2011
(in millions)
Gross margin $ 88.0     $ 80.6     $ 7.4   $ 261.7     $ 224.6     $ 37.1  
   
Operations and maintenance 34.1 34.8 (0.7 ) 110.2 106.1 4.1
Gain on sale of operating asset (0.8 ) 0.8 (0.8 ) 0.8
Depreciation and amortization 18.8     13.2     5.6   56.4     39.1     17.3  
Operating income 35.1 33.3 1.8 95.1 80.2 14.9
 
Interest expense, net (12.5 ) (9.7 ) (2.8 ) (38.1 ) (29.8 ) (8.3 )
Other (income) expense, net 0.2 0.2 1.2 0.6 0.6
Income tax benefit (expense) (8.2 )   (8.0 )   (0.2 ) (20.8 )   (16.4 )   (4.4 )
Income (loss) from continuing operations $ 14.6     $ 15.8     $ (1.2 ) $ 37.5     $ 34.7     $ 2.8  
 
  Three Months Ended Sept. 30,   Nine Months Ended Sept. 30,
2012   2011   2012   2011
Operating Statistics:    
Retail sales - MWh 1,230,266 1,232,679 3,475,472 3,456,841
Contracted wholesale sales - MWh 88,334 84,346 249,388 256,558
Off-system sales - MWh 288,528     395,769   1,171,198     1,253,385  
Total electric sales - MWh 1,607,128     1,712,794   4,896,058     4,966,784  
 
Total gas sales - Cheyenne Light - Dth 352,294 368,702 2,783,273 3,257,335
 
Regulated power plant availability:
Coal-fired plants (a) 95.4 % 95.1 % 89.1 % 91.6 %
Other plants 98.5 % 98.6 % 96.6 % 95.7 %
Total availability 97.0 % 96.4 % 93.0 % 93.1 %
 

(a) Nine months ended Sept. 30, 2012 reflects an unplanned outage due to a transformer failure and a planned outage at Neil Simpson II and a planned overhaul at Wygen II.

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