Black Hills Corporation reported a revenue increase of 7.1% for the third quarter of 2025, reaching $430.2 million compared to $401.6 million in the same period last year. For the nine months ending September 30, 2025, total revenue rose to $1.674 billion from $1.531 billion in 2024, marking a 9.3% increase. The company's net income for the third quarter was $25.9 million, slightly down from $26.4 million in the prior year, while net income for the nine-month period increased to $191.1 million from $182.6 million. Earnings per share for the third quarter were $0.34, a decrease from $0.35 in 2024, but increased to $2.58 for the nine months, up from $2.52.
The company experienced significant operational changes, particularly in its Gas Utilities segment, which saw operating income rise by $9.9 million in the third quarter and $43.1 million for the nine months, primarily due to new rates and rider recovery from recent rate reviews in Arkansas, Kansas, and Nebraska. Conversely, the Electric Utilities segment reported a decrease in operating income of $2.7 million for the quarter and $10.3 million for the nine months, attributed to higher operating expenses and unplanned generation outages, despite the positive impact of new rates.
In terms of strategic developments, Black Hills Corporation is in the process of merging with NorthWestern Energy, a move that is expected to enhance its market presence and operational efficiency. The merger agreement was approved by both companies' boards and is pending regulatory approvals, with expectations for completion in the second half of 2026. The company also continues to focus on its Clean Energy Plan, which aims to reduce greenhouse gas emissions significantly by 2030, and has made progress in expanding its renewable energy resources.
Operationally, Black Hills Corporation reported a total customer count of over 1.35 million across its service areas, with notable increases in retail customer usage. The company is also expanding its geographic footprint, particularly in Wyoming, where it is constructing a 260-mile transmission expansion project expected to enhance service reliability and access to renewable resources. Employee headcount has increased to support these initiatives, reflecting the company's commitment to growth and operational excellence.
Looking ahead, Black Hills Corporation anticipates continued revenue growth driven by its strategic initiatives, including the merger with NorthWestern and ongoing investments in infrastructure and renewable energy projects. However, the company also acknowledges potential challenges, including regulatory approvals, market conditions, and the impacts of inflation and supply chain disruptions on its operations. The management remains optimistic about achieving its long-term goals while navigating these complexities.
About BLACK HILLS CORP /SD/
Black Hills Corporation is a U.S.-based utility company operating electric and natural gas utilities across multiple states. Its Electric Utilities segment generates, transmits, and distributes electricity to retail customers in Colorado, Montana, South Dakota, and Wyoming, owning diverse generation assets including coal, natural gas, and wind. The Gas Utilities segment serves over a million customers in six states, managing extensive pipeline and storage infrastructure. The company integrates regulated utility services with non-regulated power generation and mining, emphasizing reliable energy delivery and regulatory compliance.
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