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Black Hills Corporation (BKH-3.01%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing a decrease in operating income for the Electric Utilities segment to $65.1 million from $83.0 million in the same quarter the previous year. The decrease is attributed to higher operating expenses and unplanned generation outages.
Gas Utilities reported an operating income of $10.9 million, down from $15.4 million in the previous year, primarily due to increased operating expenses.
Net income for the quarter was $24.4 million, down from $45.4 million in the previous year. The decrease is due to higher interest expenses and lower operating income.
Cash provided by operating activities was $566.1 million, while cash used in investing and financing activities was $532.0 million and $107.5 million, respectively.
Black Hills Corporation had a working capital of $599.5 million as of September 30, 2024. The company continues to focus on strategic growth and operational excellence.
The filing details various regulatory matters, including rate reviews for Arkansas Gas, Colorado Electric, and Iowa Gas, resulting in new annual revenue increases.
Black Hills Corporation does not anticipate any significant changes to its capital expenditure plans, which include significant investments in Electric and Gas Utilities.
The company reported a reduction in greenhouse gas emissions and continues to pursue sustainability goals, including net zero emissions by 2035.
Black Hills Corporation's credit ratings remain stable, with a BBB+ rating from S&P and a Baa2 rating from Moody's.
The company maintains compliance with all financial covenants and continues to evaluate its capital and financing strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Black Hills Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.