Black Hills Earnings Rise

Earnings beat targets by 3 cents.
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Black Hills

(BKH) - Get Report

, a diversified energy company, said its first-quarter earnings rose 66%.

The company earned $26.2 million, or 78 cents a share, in the quarter, compared with $15.7 million, or 48 cents a share, a year ago. Excluding earnings of 23 cents a share from discontinued operations, the company earned 55 cents a share. Analysts polled by Thomson First Call were expecting earnings of 52 cents a share in the most recent quarter.

First-quarter revenue rose 20.7% to $171.9 million.

Revenue from retail services group rose 24.8% to $87.5 million and sales from wholesale energy segment increased 17.1% to $84.4 million.

"Our production growth target remains 10 percent, based on the Company's development program in New Mexico, Colorado, Wyoming and Nebraska. With our recent oil and gas acquisitions in Colorado, we expect to increase reserves and production as we integrate the new properties with our existing operation," the company said.

Black Hills said construction of Wygen II, its latest 90 megawatt, coal-fired, mine-mouth power plant is ahead of schedule after a relatively mild winter season and the company is progressing with the permitting process for a replicate plant, Wygen III.

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