Black Hills Corp. (BKH) has reported a 91.25 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $76.50 million, or $1.39 a share in the quarter, compared with $40 million, or $0.77 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $77.40 million, or $1.41 a share compared with $63.80 million or $1.23 a share, a year ago.
Revenue during the quarter grew 23.11 percent to $554 million from $450 million in the previous year period. Gross margin for the quarter contracted 148 basis points over the previous year period to 60.32 percent. Total expenses were 73.38 percent of quarterly revenues, down from 83.64 percent for the same period last year. This has led to an improvement of 1027 basis points in operating margin to 26.62 percent.
Operating income for the quarter was $147.50 million, compared with $73.60 million in the previous year period.
"We delivered strong earnings growth and solid operational performance for the first quarter,”" said David R. Emery, chairman and chief executive officer of Black Hills Corp. "Earnings of $1.41 per share, as adjusted, increased 15 percent over the comparable prior-year period, driven primarily by a full quarter of earnings from the addition and successful integration of SourceGas. Earnings were tempered by warmer than normal weather across our service territories. "Having completed the integration of SourceGas, we are focused on driving more efficient and effective operational performance across the company. We are implementing best practices and standardization of processes across all our utilities. These continuous improvement efforts combined with prudent, growth-focused capital expenditures will create long-term value for customers and shareholders through improved service and reduced costs," concluded Emery.
For fiscal year 2017, Black Hills Corp. expects diluted earnings per share to be in the range of $3.43 to $3.63. The company expects diluted earnings per share to be in the range of $3.45 to $3.65 on adjusted basis.
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