RAPID CITY, S.D. — May 2, 2019 — Black Hills Corp. (NYSE: BKH) today announced financial results for the first quarter of 2019. Net income from continuing operations for the first quarter of 2019 compared to the first quarter of 2018 was: Three Months Ended Mar. 31, 2019 2018 (in millions, except per share amounts) Income EPS Income EPS GAAP: Net income from continuing operations $ 103.8 $ 1.73 $ 135.3 $ 2.50
Non-GAAP: Net income from continuing operations, as adjusted * $ 103.8 $ 1.73 $ 88.1 $ 1.63 *A schedule for the GAAP to non-GAAP adjustment reconciliation is provided below.
“Our team delivered excellent operational and financial performance in the first quarter,”
“Our team delivered excellent operational and financial performance in the first quarter,” said Linn Evans, president and CEO of Black Hills Corp. “Our natural gas utilities benefited from earnings on significant capital investments to better serve customers. Also, our electric and natural gas utilities benefited from colder than normal weather, driving strong quarterly earnings. Adjusted earnings per share increased 6 percent over the prior year, overcoming share count dilution resulting from the November 2018 unit mandatory conversion. Given our strong first quarter performance, we are increasing both ends of our 2019 earnings guidance range by $0.05 per share.
“We advanced our initiative to consolidate our natural gas utility companies located within the same state. These consolidation efforts will make our team more efficient, reduce regulatory burden and improve our overall customer service and experience. During the quarter, we filed a consolidated rate review in Colorado and applications for legal consolidation in both Nebraska and Wyoming.
“We continued to execute our customer-focused capital plan, advancing key projects and adding $246 million of investment to our five-year forecast. Our power generation segment commenced construction on the $71 million Busch Ranch II wind farm in Colorado and our South Dakota electric utility continued construction on the final segment of its $70 million electric transmission line. Both projects are expected to be in service this fall. In addition, the regulatory approval process is underway for the Renewable Ready program and the $57 million Corriedale Wind Energy Project to serve our South Dakota and Wyoming electric utilities.
“Severe winter storms, record-breaking cold temperatures and flooding impacted states across the Midwest during the quarter, including portions of our service territory. I'm proud of how our Black Hills team responded to these extreme weather conditions. We were prepared to serve our customers and communities through the worst of these conditions to reduce the number of disruptions and shorten inevitable outages, helping affected areas recover more quickly.
“We are ready for the growing energy needs of our 1.27 million customers across eight states. We expect to invest $2.8 billion over the next five years centered on safety, reliability and enabling growth for customers and communities. As we continue to execute our customer-focused utility growth strategy, we will enhance long-term value for both customers and shareholders,” concluded Evans.