Black Hills Corporation Reports 10.8% Revenue Growth to $805.2 Million in Q1 2025

Black Hills Corporation reported a significant increase in financial performance for the first quarter of 2025, with total revenue reaching $805.2 million, up from $726.4 million in the same period last year, marking a 10.8% increase. The company's operating income also rose to $205.0 million, compared to $193.3 million in the prior year, reflecting a growth of 6.8%. Net income available for common stock was $134.3 million, a 5% increase from $127.9 million in the first quarter of 2024. Earnings per share remained stable at $1.87, consistent with the previous year.

The financial results were driven by a combination of factors, including increased revenues from both the Electric and Gas Utilities segments. The Electric Utilities segment generated $236.7 million in revenue, up from $222.2 million, while the Gas Utilities segment saw a more substantial increase, with revenue rising to $572.4 million from $508.7 million. The Gas Utilities segment's operating income increased by $20.7 million, primarily due to new rates and favorable winter heating season weather, which offset higher operating expenses.

Operationally, Black Hills Corporation continued to expand its footprint and enhance its service offerings. The company is actively pursuing the addition of 350 MW of new renewable generation resources in Colorado, in line with its Clean Energy Plan. Additionally, the ongoing construction of the $350 million Ready Wyoming electric transmission expansion project is expected to enhance service reliability and capacity. The company also reported a new all-time peak load of 344 MW for Wyoming Electric, indicating growing demand for its services.

In terms of customer engagement, Black Hills Corporation serves over 1.35 million customers across eight states, with a focus on operational excellence and customer satisfaction. The company has also seen an increase in its employee headcount, reflecting its commitment to growth and service delivery. The total stockholders' equity increased to $3.635 billion as of March 31, 2025, compared to $3.502 billion at the end of 2024, indicating a solid financial foundation for future investments.

Looking ahead, Black Hills Corporation remains optimistic about its growth trajectory, supported by strategic investments in infrastructure and renewable energy. The company plans to fund its capital program through cash generated from operations and various financing alternatives, including its ATM program. However, it acknowledges potential risks such as regulatory changes, market conditions, and supply chain disruptions that could impact its operations and financial performance.