RAPID CITY, S.D. — May 4, 2022 — Black Hills Corp. (NYSE: BKH) today announced financial results for the first quarter of 2022. Net income for the first quarter of 2022 compared to the first quarter of 2021 was:
Earnings per share increased 18% in the first quarter of 2022 compared to the first quarter of 2021. Excluding $0.15 of negative impacts from Winter Storm Uri last year, earnings per share increased 8%. Earnings benefited from new rates and rider recovery, customer growth, increased off-system energy sales and mark-to-market benefits on energy contracts.
“I’m pleased with our strong first quarter financial and operational performance,” said Linn Evans, president and CEO of Black Hills Corp. “We delivered financial results in line with our expectations, and we are reaffirming our 2022 EPS guidance of $3.95 to $4.15. Execution of our regulatory plan over the last year helped drive increased earnings in the first quarter, and we continue to experience population migration into our service territories. In addition, our strong generation availability enabled robust off-system energy sales, benefiting both customers and shareholders.
“We are proactively managing supply chain issues and the impacts of inflation to achieve our capital investment targets. Our team also continued planning for future resource needs to serve the growing needs of our customers and communities through a reliable, clean and cost-effective resource mix,” concluded Evans.