Black Hills Corporation (BKH) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $14.10 million, or $ 0.26 a share in the quarter, against a net loss of $9.90 million, or $0.22 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $26 million, or $0.48 a share compared with $28.60 million or $0.64 a share, a year ago.
Revenue during the quarter grew 22.68 percent to $333.80 million from $272.10 million in the previous year period. Gross margin for the quarter expanded 229 basis points over the previous year period to 75.97 percent. Operating margin for the quarter period stood at positive 17.50 percent as compared to a negative 0.74 percent for the previous year period.
Operating income for the quarter was $58.40 million, compared with an operating loss of $2 million in the previous year period.
“We are pleased with the progress we have made integrating the SourceGas acquisition and the operating performance of the combined company,” said David R. Emery, chairman and chief executive officer of Black Hills Corp. “Overall financial results for the third quarter met our expectations and we advanced our strategic construction projects toward completion. Based primarily on our acquisition integration progress and the operational and financial benefits realized, we are updating our 2016 and 2017 earnings guidance, as adjusted.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
