Company Release - 02/01/2018 20:30
- Board of directors approves quarterly dividend of $0.475 per share
- 2018 earnings guidance revised
RAPID CITY, S.D., Feb. 01, 2018 -- Black Hills Corp. (NYSE:BKH) today announced 2017 fourth quarter and full year financial results. GAAP income from continuing operations for the fourth quarter and full year of 2017 was $71 million and $201 million, or $1.30 and $3.65 per diluted share, respectively, compared to $52 million and $137 million, or $0.96 and $2.57 per diluted share, respectively, for the same periods in the prior year. The three and 12 months ending Dec. 31, 2017 included a $15 million or $0.26 per share tax benefit resulting from the impact of the Tax Cuts and Jobs Act enacted on Dec. 22, 2017. This impact from the TCJA is discussed in more detail below.
GAAP net income for the fourth quarter and full year of 2017 was $58 million and $184 million, or $1.05 and $3.34 per diluted share, respectively, compared to $18 million and $73 million, or $0.33 and $1.37 per diluted share, respectively, for the same periods in 2016. Net income includes results for our Oil and Gas operations, which are reported as discontinued operations.
Income from continuing operations, as adjusted, for the three and 12 months ending Dec. 31, 2017 was $54 million and $185 million, or $0.98 and $3.36 per diluted share, respectively, compared to $58 million and $167 million or $1.06 and $3.13 per share, respectively, 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).
“Although we faced challenges during the year, we delivered solid earnings growth and strong operational execution across our business segments,” said David R. Emery, chairman and CEO of Black Hills Corp. “Adjusted earnings per share from continuing operations for 2017 increased 7.3 percent compared to the prior year, highlighted by a full year of financial results from the acquired SourceGas properties. We also benefited from additional natural gas utility investment opportunities and significant cost savings resulting from the successful integration of SourceGas. Overall financial results were negatively impacted by mild weather.”