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Black Hills Corp. Announces 12 Percent Increase In 2013 Third Quarter Adjusted Earnings Per Share, Narrows 2013 Earnings Guidance And Initiates 2014 Guidance

Black Hills Corp. (NYSE: BKH) today announced 2013 third quarter financial results. Income from continuing operations, as adjusted, was $21.1 million, or $0.47 per diluted share, compared with $18.7 million, or $0.42 per diluted share, for the same period in 2012 (this is a non-GAAP measure, and an accompanying schedule for the GAAP to non-GAAP adjustment reconciliation is provided).

“Our businesses continued to perform well in the third quarter, meeting our strong earnings growth expectations,” said David R. Emery, chairman, president and chief executive officer of Black Hills Corp. “Adjusted earnings per share increased 12 percent compared to the same period in the prior year, reflecting higher earnings at our electric utilities, power generation and coal mining segments combined with lower interest expense.

  Three Months Ended Sept. 30,   Nine Months Ended Sept. 30,
(in millions, except per share amounts)   2013   2012   2013   2012
Non-GAAP *:    
Income from continuing operations, as adjusted $ 21.1 $ 18.7 $ 77.7 $ 62.3
Income (loss) from discontinued operations     (0.2 )       (6.8 )
Net income, as adjusted (non-GAAP) $ 21.1     $ 18.5     $ 77.7     $ 55.5  
 
Earnings per share from continuing operations, as adjusted, diluted $ 0.47 $ 0.42 $ 1.75 $ 1.41
Earnings (loss) per share, discontinued operations             (0.16 )
Earnings per share, as adjusted, diluted (non-GAAP) $ 0.47     $ 0.42     $ 1.75     $ 1.25  
 
GAAP:
Income from continuing operations $ 23.1 $ 34.6 $ 96.8 $ 57.6
Income (loss) from discontinued operations     (0.2 )       (6.8 )
Net income $ 23.1     $ 34.5     $ 96.8     $ 50.8  
 
Earnings per share from continuing operations, diluted $ 0.52 $ 0.78 $ 2.18 $ 1.31
Income (loss) from discontinued operations             (0.16 )
Earnings per share, diluted   $ 0.52     $ 0.78     $ 2.18     $ 1.15  
 

* These are Non-GAAP measures. Accompanying schedules for the GAAP to Non-GAAP adjustment reconciliations are provided below.

Stock quotes in this article: BKH 

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