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Black Hills Corporation (BKH+1.84%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which are divided into two main segments: Electric Utilities and Gas Utilities. The Electric Utilities segment provides electricity to approximately 225,000 customers, while the Gas Utilities segment serves around 1,128,000 customers across several states.
For the fiscal year, Black Hills Corporation reported total revenue of $2,127.7 million, down from $2,331.3 million the previous year. The decrease in revenue was attributed to lower fuel and purchased power costs, which also led to a decrease in operating expenses.
Operating income for the year was $503.1 million, an increase from $472.7 million in 2023. This increase was driven by new rates and rider recovery, as well as customer growth and usage.
Net income available for common stock was $273.1 million, compared to $262.2 million in the previous year. The earnings per share remained stable at $3.91.
The company continues to focus on infrastructure investments, with capital expenditures totaling $744.2 million for the year. This includes projects aimed at modernizing and expanding their utility infrastructure.
Black Hills Corporation also highlighted its commitment to reducing greenhouse gas emissions, with goals to reduce emissions intensity for its Electric Utilities by 40% by 2030 and 70% by 2040.
The filing outlines various regulatory activities, including rate reviews and approvals in several states, which are expected to impact future revenue and operations.
The company maintains a strong capital structure with a total debt to capitalization ratio of 55.6% and continues to hold investment-grade credit ratings.
Black Hills Corporation's management expressed confidence in its ability to meet future obligations and continue delivering value to shareholders through strategic investments and operational excellence.
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 annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.