Q2 2025 Black Hills Corp Earnings Call Transcript
Key Points
- Black Hills Corp (BKH) reported a year-over-year earnings growth of 5% at the midpoint of guidance, demonstrating strong financial performance.
- The company is on track to achieve its earnings guidance for the full year, driven by new base rates, rider recovery, and customer growth.
- Black Hills Corp (BKH) is making excellent progress in its regulatory strategy, with recent approvals for rate reviews in Kansas and active reviews in Nebraska.
- The company is experiencing significant customer growth, particularly from data center and blockchain customers, contributing to earnings.
- Black Hills Corp (BKH) has a robust $4.7 billion capital plan, which includes transformative infrastructure projects like the Ready Wyoming Transmission expansion and the Colorado Clean Energy Plan.
- Higher operating expenses and financing costs impacted the quarterly earnings, although they were offset by new margins.
- The company experienced unplanned generation outages, leading to additional pre-tax O&M costs of approximately $5 million.
- Weather drove $0.04 per share of unfavorability during Q2 2025 compared to normal conditions.
- Black Hills Corp (BKH) plans to issue approximately $215 million to $235 million of new equity in 2025 to finance investments, which could dilute existing shareholders.
- The company faces ongoing challenges in managing insurance costs, although recent renewals have resulted in flat year-over-year expenses.
Good day and thank you for standing by. Welcome to the second quarter of 2025 Black Hills Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)
I would now like to hand the conference over to your speaker today, Sal Diaz, Director of Investor Relations.
Thank you, operator. Good morning and welcome to Black Hills Corporation's second quarter 2025 earnings conference call. You can find our earnings release and materials for our call this morning on our website at blackhillscorp.com under an Investor Rrelations setting.
Leading our quarterly earnings call are Lin Evans, President and Chief Executive Officer; Kimberly Nooney, Senior Vice President and Chief Financial Officer; and Marne Jones, Senior Vice President and Chief Utility Officer.
During our earnings discussion today, comments we make may contain forward-looking statements as defined by the Securities and Exchange
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