Black Hills Corp. Reports Third Quarter 2016 Results And Updates Earnings Guidance

RAPID CITY, S.D., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE:BKH) today announced financial results for the third-quarter 2016. Net income available for common stock for the third quarter of 2016 was $14 million or $0.26 per diluted share, compared to net loss available for common stock for the third quarter of 2015 of $(9.9) million, or $(0.22) per diluted share. Results for the third quarter of 2016 included $0.15 per diluted share for a noncash impairment of crude oil and natural gas properties and $0.07 per diluted share related to acquisition costs. The same period in the prior year included $0.80 per diluted share for a noncash impairment of crude oil and natural gas properties and $0.06 per diluted share related to acquisition costs.

Net income available for common stock, as adjusted, was $26 million, or $0.48 per diluted share compared to net income available for common stock, as adjusted, of $29 million, or $0.64 per diluted share, for the same period in 2015 (this is a non-GAAP measure and an accompanying schedule for the GAAP to non-GAAP adjustment reconciliation is provided).

"We are pleased with the progress we have made integrating the SourceGas acquisition and the operating performance of the combined company," said David R. Emery, chairman and CEO of Black Hills Corp. "Overall financial results for the third quarter met our expectations and we advanced our strategic construction projects toward completion. Based primarily on our acquisition integration progress and the operational and financial benefits realized, we are updating our 2016 and 2017 earnings guidance, as adjusted.

"Financial results reflected solid earnings at our electric utilities, which benefited from strong industrial demand growth and warmer than normal weather, producing all-time peak loads in Colorado and Wyoming for the second consecutive quarter. Results at our natural gas utilities reflected the addition of SourceGas, but were tempered by moderate seasonal earnings and higher interest expense. Our power generation and mining segments delivered solid earnings, and we made good progress selling non-core assets in our oil and gas business.

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