Company Also Announces Dividend Increase and Intent to Discontinue Oil and Gas Operations
- Third quarter EPS of $0.50, an increase compared to prior year
- Guidance for 2017 EPS, from continuing operations, as adjusted, decreased to range of $3.30 to $3.40 per share
- Guidance for 2018 EPS, from continuing operations, as adjusted, initiated in range of $3.35 to $3.55 per share
- Quarterly dividend increased 6.7 percent to $0.475 per share
- San Juan Basin and certain Powder River Basin oil and gas assets sold
- Divestiture of all remaining oil and gas assets authorized by board of directors
RAPID CITY, S.D. —Nov. 2, 2017 —Black Hills Corp. (NYSE: BKH) today announced financial results for the third-quarter 2017. Net income available for common stock for the third quarter of 2017 was $28 million or $0.50 per diluted share, compared to net income available for common stock for the third quarter of 2016 of $14 million, or $0.26 per diluted share.
Net income available for common stock, as adjusted, for the third quarter of 2017 was $28 million, or $0.50 per diluted share compared to net income available for common stock, as adjusted, of $26 million, or $0.48 per diluted share, for the same period in 2016 (this is a non-GAAP measure and an accompanying schedule for the GAAP to non-GAAP adjustment reconciliation is provided). 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.