• 2019 GAAP EPS from continuing operations of $3.28
• 2019 EPS from continuing operations, as adjusted, of $3.53
• $850 million of capital investment in 2019
• $2.7 billion of forecasted capital investment for 2020 to 2024
RAPID CITY, S.D. — Feb. 6, 2020 — Black Hills Corp. (NYSE: BKH) today announced financial results for the fourth quarter and full year 2019. Net income from continuing operations for the fourth quarter and full year of 2019 compared to the fourth quarter and full year 2018 were:
“We’re pleased with our operational and financial performance in 2019,” said Linn Evans, president and CEO of Black Hills Corp. “Earnings growth was strong, with adjusted net income up 13 percent in the fourth quarter and 9 percent for the full year, compared to the same periods in 2018, offsetting the dilution from new common shares issued in late 2018 and 2019.
“Results benefited from new rates, customer growth, lower purchased power capacity costs and tax credits on new wind generation assets. Weather impacts for the year were favorable compared to normal, but not as favorable as 2018.
“Our team successfully deployed $850 million in capital projects on behalf of customers in 2019. We are confident in our ability to execute on our planned $2.7 billion of safety, integrity and growth projects in 2020 through 2024. These investments are necessary to maintain, upgrade and modernize our large electric and natural gas infrastructure systems across eight states.
“We are providing innovative energy solutions to meet the evolving needs of our customers and communities."
“We are providing innovative energy solutions to meet the evolving needs of our customers and communities. We obtained approval for our subscription-based Renewable Ready program to deliver renewable energy to customers in South Dakota and Wyoming, expanding the program late last year to serve strong customer demand. Our new Busch Ranch II wind project positions us to achieve Colorado’s 30 percent renewable energy standard in 2020. Our Renewable Advantage program further supports Colorado’s emissions reduction goals through the potential addition of up to 200 megawatts of cost-effective renewable energy resources.
“We continued to make progress on the consolidation of our gas utilities. We received approval of a settlement agreement in Wyoming to establish statewide customer rates, consolidate general tariffs and implement an integrity rider. In Nebraska, we completed legal consolidation of our two gas utilities in the state and expect to file a combined rate review to consolidate ratestructures by mid-year 2020.
“Our achievements and innovation in 2019 will benefit customers and shareholders alike. Looking forward, we are Ready to grow long-term value as we deliver on our responsibility to serve our customers,” concluded Evans.