Black Hills Corp. Reports 2026 Third-Quarter Results and Reaffirms 2026 Earnings Guidance

(NYSE:BKH) Black Hills Corp. announced financial results for the third quarter ended September 30, 2026. For the three months ended September 30, 2026, GAAP net income available for common stock was $41.0 million, compared to $24.9 million in the same period in 2025. GAAP diluted earnings per share (EPS) for the quarter was $0.54, up from $0.34 in 2025. Non-GAAP adjusted earnings for the quarter were $43.6 million, compared to $32.5 million in 2025, and adjusted EPS was $0.57, up from $0.45. For the nine months ended September 30, 2026, GAAP net income was $210.2 million versus $186.6 million in 2025, and GAAP diluted EPS was $2.76 compared to $2.58. Non-GAAP adjusted earnings for the nine months were $220.2 million, up from $194.2 million, and adjusted EPS was $2.89, up from $2.68. Merger-related costs were $0.03 and $0.13 per share for the three and nine months ended September 30, 2026, respectively, compared to $0.10 and $0.11 per share in the same periods in 2025. Third-quarter adjusted EPS benefited from $0.15 per share of new rates and rider recovery and $0.06 per share of weather favorability, offsetting higher operating, financing, and depreciation costs. Year-to-date adjusted EPS benefited from $0.63 per share of new rates, rider recovery, and customer growth, offsetting $0.12 per share of unfavorable weather and higher costs. Black Hills Corp. signed definitive agreements through 2048 with Google and other partners to serve a planned data center in Cheyenne, Wyoming, with earnings expected to begin mid-2027 and increase to approximately $150 million of net income in 2030, based on $1.8 billion investment in 564 MW of new generation and microgrid management fees. The project is contracted to be served through 2.7 GW of resources, including 2.1 GW of third-party contracted resources, and is forecasted to generate unlevered free cash flow of approximately $2.4 billion after netting out $1.8 billion of investment through 2048. Black Hills requested Certificates of Public Convenience and Necessity (CPCNs) for $686 million of electric transmission expansion investments in Wyoming. Additional investment of $2.5 billion in generation and transmission to serve large-load data center demand in Wyoming is identified as significant upside to the current plan. The 99-MW Lange II generation facility is on track to be in service in the fourth quarter of 2026 in South Dakota. South Dakota Electric received approval for a settlement providing $27.4 million in new annual revenue, with a four-year base rate moratorium until August 2030 and new rates effective December 2026. South Dakota Electric also received approval from the Wyoming Public Service Commission for a settlement providing $4.0 million in new annual revenue, with new rates effective December 1, 2026. Wyoming Electric filed for a new Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) and CPCNs for two transmission projects totaling $686 million. The South Cheyenne Transmission Project is an $80 million project with phased service in late 2027 through 2028. The Aeolus Transmission Project is a $606 million project with completion expected by mid-2029. Colorado Electric filed its 2026 Clean Energy Plan, proposing 100 MW of wind, 200 MW of battery storage, and 125 MW of natural gas-fired generation. Colorado Electric also filed a rate review seeking approval to recover $184 million of investments and $26.7 million of new annual revenue. Arkansas Gas received approval for new rates to recover $147 million of system investments, providing $17.9 million of new annual revenue, effective October 12, 2026. Black Hills’ board approved a quarterly dividend of $0.703 per share, payable December 1, 2026, marking 56 consecutive years of increases. Year to date, the company issued 1.0 million shares for net proceeds of $69 million under its at-the-market equity offering program. Black Hills reaffirmed its 2026 adjusted EPS guidance of $4.25 to $4.45, assuming normal weather, constructive regulatory outcomes, a 3.5% increase in operations and maintenance expense off 2025’s $580 million, equity issuance between $50 million and $70 million, and an effective tax rate of approximately 14%. The merger with NorthWestern Energy, announced August 19, 2025, is expected to close by year-end 2026, pending final regulatory approval from the Montana Public Service Commission; all other approvals and conditions have been satisfied.

Black Hills Corp. Announces Quarterly Dividend

(NYSE:BKH) Black Hills Corp. announced that its board of directors declared a quarterly dividend on the common stock at a meeting held on October 28, 2026. Common shareholders of record at the close of business on November 17, 2026, will receive a dividend of $0.703 per share, payable on December 1, 2026. The company confirmed it will release its 2026 third-quarter earnings after the market closes on Wednesday, November 4, 2026. Black Hills Corp. will host a live conference call and webcast at 11 a.m. EST on Thursday, November 5, 2026, to discuss the company’s financial results. Participants can register for the conference call to receive dial-in information and a personal identification number. A listen-only webcast and presentation slides will also be available with registration. A replay of the broadcast will be accessible at the provided link and on Black Hills’ investor relations website for up to one year. Black Hills Corp. serves 1.37 million natural gas and electric utility customers. The company operates in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.

Subject to Receipt of Satisfactory Final Regulatory Approval and Completion of Proposed Merger, Black Hills Corp. to be Renamed Bright Horizon Energy Corporation with Ticker Symbol “HZN”

(NYSE:BKH) Black Hills Corp. and (NASDAQ:NWE) NorthWestern Energy Group, Inc. announced plans for the name and ticker symbol of the combined company if their proposed merger receives final, satisfactory regulatory approval and is completed. If approved and completed, Black Hills Corp. will be renamed Bright Horizon Energy Corporation, and its common stock will trade on the New York Stock Exchange under the ticker symbol “HZN.” NorthWestern Energy will become a wholly owned subsidiary of Bright Horizon Energy. No action is required by shareholders in connection with the name and ticker symbol change. Until the merger is completed, shares of Black Hills Corp. will continue trading under the symbol “BKH” on the NYSE, and shares of NorthWestern Energy will continue trading under the symbol “NWE” on the Nasdaq. The merger has already received approvals from shareholders of both companies, the regulatory commissions of Nebraska and South Dakota, the Federal Energy Regulatory Commission, and clearance under the Hart-Scott-Rodino Act. Black Hills Corp. serves 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. NorthWestern Energy provides electricity and/or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. NorthWestern Energy’s operations in Montana and Yellowstone National Park are conducted through its subsidiary, NW Corp, and its operations in South Dakota and Nebraska are conducted through its subsidiary, NWE Public Service. NorthWestern Energy has provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.

Black Hills Corp. Gas Utility Receives Approval for New Rates in Arkansas

(NYSE:BKH) Black Hills Corp. announced that its natural gas utility subsidiary in Arkansas received approval from the Arkansas Public Service Commission for new rates. The new rates will allow recovery of approximately $147 million of system investments made since the utility’s last general rate filing in 2023. These rates also cover operational costs required to deliver safe and reliable natural gas service for over 189,000 Arkansas customers in more than 100 communities. The new rates are expected to generate approximately $17.9 million of new annual revenues. The rates are effective as of October 12, 2026. The approved rates are based on a return on equity of 9.8%. The capital structure underlying the rates is 47.5% equity and 52.5% debt. Linn Evans, president and CEO of Black Hills Corp., stated that the approval supports the company’s commitment to serving Arkansas customers and supporting ongoing growth needs in the state. Black Hills Corp. serves 1.37 million natural gas and electric utility customers across eight states. The company describes itself as customer-focused and growth-oriented, with a tradition of improving life with energy.

Black Hills Corp. Releases 2025 Corporate Sustainability Report Highlighting Continued Progress on Goals and Customer-focused Solutions

(NYSE: BKH) Black Hills Corp. announced the release of its 2025 Corporate Sustainability Report, highlighting a 43% reduction in electric utility emissions intensity compared to 2005. The company also reduced natural gas utility emissions by 25% since 2022, including a 53% reduction from transfer stations. Black Hills Corp. completed the 260-mile Ready Wyoming transmission expansion project and invested approximately $900 million in system improvements and maintenance. The company delivered an estimated $1.65 billion in direct economic impact across the communities it serves. Energy efficiency programs helped conserve more than 13 million kilowatt-hours of electricity and 295,000 dekatherms of natural gas. Black Hills Corp. serves 1.37 million natural gas and electric utility customers in eight states. The company remains committed to building a safer, more resilient, reliable and sustainable energy future.

Black Hills Corp. Requests Rate Review in Colorado

(NYSE: BKH) Black Hills Corp. announced that its Colorado electric utility has filed a rate review application with the Colorado Public Utilities Commission requesting recovery of the necessary capital infrastructure and operational costs required to deliver safe, reliable electric service to over 102,000 customers in Southern Colorado. The company is seeking $26.7 million in new annual revenue for recovery of approximately $184 million of critical investments since its last rate review and including additions in 2024. The request is based on a capital structure of 51.02% equity and 48.98% debt and a return on equity of 10.5%. Black Hills Corp. serves 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company is seeking to implement new rates in the first quarter of 2027. Linn Evans, president and CEO of Black Hills Corp., stated that the request supports the company's ability to make the required investments to maintain its electric system. The company reports that customers in Colorado are experiencing fewer interruptions and less disruption to homes and businesses as a result of investments to replace aging infrastructure and enhance the system.

Black Hills Corp. Reaffirms 2026 Earnings Guidance, Reports 2026 First-Quarter Results, and Provides Updates on Merger with NorthWestern Energy and Data Center Progress