What guidance did Black Hills's management provide for the next earnings period?

Did Black Hills beat or miss consensus estimates last quarter?

What is Black Hills's latest dividend and current dividend yield?

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What factors drove the changes in Black Hills's revenue and profit?

- **EPS Guidance Confirmed**: $4.00-$4.20 for 2025 (5% growth), with data centers targeting >10% EPS contribution by 2028.
- **Merger Progress**: Regulatory filings complete, targeting H2 2026 close with NorthWestern Energy.
- **Capital Execution**: $4.7B 2025-2029 plan fully funded; Wyoming transmission expansion on track for Q4 2025 in-service.
- **Data Center Upside**: 3GW pipeline could add $1.50 EPS, with 500MW expected to contribute >10% of EPS by 2028.
- **Financial Strength**: 55% net debt/total capital, 14% FFO/debt (100bps above downgrade threshold).

**【CEO Summary Section】**
- Reaffirmed 2025 adjusted EPS guidance of $4.00-$4.20, reflecting 5% growth vs. 2024. 
- Highlighted progress on $4.7B 2025-2029 capital plan, including $350M Wyoming transmission expansion (on track for Q4 2025 in-service).
- Merger with NorthWestern Energy progressing: filed regulatory applications in Q3, targeting H2 2026 close. 
- Data center pipeline expanded to 3GW (from 1.2GW), with 500MW expected to contribute >10% of EPS by 2028.
- Nebraska rate case settlement adds $23.9M annual revenue, effective Q1 2026.

**【CFO Financial Commentary】**
- Q3 2025 adjusted EPS: $0.45 (vs. $0.35 prior year), driven by:
  - $0.21 from new rates/rider recovery
  - $0.07 weather headwind (Nebraska irrigation)
  - $0.08 O&M increase (merger costs)
- Full year 2025 adjusted EPS guidance maintained at $4.00-$4.20.
- Strong balance sheet: 55% net debt/total capital, 14% FFO/debt (100bps above downgrade threshold).
- 2025 capital plan fully funded with $220M equity issuance, $450M debt issuance.

**【Chief Utility Officer Update】**
- Data center growth: 
  - Meta AI data center in Cheyenne transitioning to permanent service Q4 2025
  - 500MW demand by 2029, >10% EPS contribution by 2028
  - 3GW pipeline (including 2 new Cheyenne sites)
- Operational highlights:
  - 260-mile Wyoming transmission expansion on track for Q4 2025 in-service
  - 99MW Lange II generation project (SD) on track for H2 2026
  - Colorado battery storage project approved (50MW)

**【Q&A Highlights】**
- **Data Center Pipeline**: CFO confirms directional math of $1.50 EPS upside for 1.8GW pipeline, but notes contract terms vary by customer.
- **Merger Risk**: CEO confident in Montana regulatory process, no delays expected.
- **Economic Resilience**: No signs of weakness in service territories; customer growth driven by data centers, economic development.
- **Coal Mine Strategy**: Monitoring rare earth potential in fly ash, but no immediate monetization plans.


Black Hills Corporation (BKH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BKH

BKH fundamentals

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