Black Hills Corporation reported a decline in revenue for the third quarter of 2024, with total revenue of $401.6 million compared to $407.1 million in the same period of 2023. For the nine months ended September 30, 2024, revenue decreased to $1,530.6 million from $1,739.6 million in the prior year. Total operating expenses for the third quarter rose to $325.8 million from $309.3 million, while for the nine-month period, expenses decreased to $1,190.8 million from $1,403.4 million.

Operating income for the third quarter of 2024 was $75.8 million, down from $97.8 million in 2023, while for the nine months, it increased slightly to $339.8 million from $336.2 million. Net income for the third quarter fell to $26.4 million from $48.8 million, and for the nine months, it decreased to $182.6 million from $192.7 million. Basic earnings per share for the third quarter were $0.35, down from $0.67, and for the nine months, it was $2.53 compared to $2.74 in the previous year.

The Electric Utilities segment generated external revenues of $229.6 million in the third quarter, while Gas Utilities contributed $172.0 million. For the nine months, Electric Utilities reported $651.0 million and Gas Utilities $879.6 million. The operating income for Electric Utilities decreased by $17.9 million in the third quarter due to higher operating expenses and unplanned generation outages, while Gas Utilities saw a decrease of $4.5 million primarily from increased operating expenses.

As of September 30, 2024, total current assets were $599.5 million, down from $826.6 million at the end of 2023. Cash and cash equivalents significantly decreased to $12.5 million from $86.6 million. Total assets increased to $9,718.7 million from $9,620.4 million, while total liabilities rose to $6,272.1 million from $6,405.1 million.

In terms of strategic developments, Black Hills Corporation amended its corporate Revolving Credit Facility, maintaining commitments of $750 million and extending the term through May 2029. The company also completed a public debt offering of $450 million in senior unsecured notes. Additionally, Arkansas Gas received approval for a general rate increase expected to generate $25.4 million in new annual revenue, effective October 14, 2024.

The company continues to focus on sustainability, aiming for net zero emissions by 2035, and has made significant investments in renewable energy, including the acquisition of a Renewable Natural Gas production facility in Iowa.