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Black Hills Corp. Reports 2026 Third-Quarter Results and Reaffirms 2026 Earnings Guidance

BKH
  • Black Hills Corp. reaffirmed its 2026 adjusted earnings guidance range of $4.25 to $4.45 per share, excluding merger-related costs.
  • The company executed definitive agreements to serve Google's planned data center in Wyoming, with earnings expected to initiate in mid-2027.
  • The Google project involves $1.8 billion in new generation capacity (564 MW) and is forecasted to generate approximately $150 million in net income by 2030.
  • Black Hills requested Certificates of Public Convenience and Necessity (CPCNs) for nearly $700 million in transmission expansion investments to support large-load opportunities.
  • The company successfully completed rate review requests for South Dakota Electric and Arkansas Gas utilities.
  • Final regulatory approval from Montana is still awaited to close the all-stock merger with NorthWestern Energy, which is expected to complete by year-end 2026.
  • Third-quarter 2026 GAAP diluted EPS was $0.54, compared to $0.34 in the same period in 2025, while adjusted diluted EPS was $0.57 versus $0.45 in 2025.
  • Year-to-date 2026 GAAP diluted EPS reached $2.76, compared to $2.58 in 2025, with adjusted diluted EPS at $2.89 compared to $2.68.
  • South Dakota Electric's Lange II 99-MW generation facility is on track to enter service in the fourth quarter of 2026.
  • The company approved a quarterly dividend of $0.703 per share, payable on Dec. 1, 2026, marking 56 consecutive years of dividend increases.
  • Wyoming Electric reported four new all-time customer load peaks in 2026, driven by growth in large-load data center demand.
  • Colorado Electric filed its 2026 Clean Energy Plan aiming to reduce greenhouse gas emissions by 80% by 2030, proposing additions of wind energy, battery storage, and natural gas generation.
  • Arkansas Gas received final approval for new rates effective Oct. 12, 2026, to recover $147 million in system investments.
  • The company issued 1.0 million shares of new common stock year-to-date under its at-the-market equity offering program, generating $69 million in net proceeds.
  • Adjusted EPS results benefited from new rate recovery and weather conditions, offsetting higher operating expenses, financing costs, and depreciation from capital investments.