RAPID CITY, S.D., May 08, 2024 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE:BKH) today announced financial results for the first quarter of 2024. Net income available for common stock and earnings per share for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, were:   Three Months Ended March 31,   2024   2023   (in millions, except per share amounts) Net income available for common stock $ 127.9   $ 114.1 Earnings per share, Diluted $ 1.87   $ 1.73             First quarter earnings were $1.87 per share compared to $1.73 per share in the first quarter of 2023, an increase of 8%. Financial results were driven by new rates and rider recovery and lower operating expenses. These benefits more than offset the impact from 10% lower heating degree days, a prior year gain on sale of non-core wind assets and new common shares issued. "Our team delivered a strong start to the year and we are on track to meet our operational and financial objectives for the year," said Linn Evans, president and CEO of Black Hills Corp. "Constructive regulatory results and expense management efforts more than offset headwinds from weather and ongoing inflationary pressures. Strong operating cashflows, equity issuances and timing of capital investment further improved our credit metrics, including our debt to total capitalization ratio. "We continue to see progress in our accelerated regulatory schedule, which is reducing the timing lag between recovery and the actual costs of operations and capital invested to serve customers. In Arkansas, our natural gas rate review is progressing as planned with new rates expected in the fourth quarter. In Iowa, we filed a rate review request on May 1, and will implement interim rates mid-May. In Colorado, we are preparing to file an electric rate review in June. "Our electric resource plans continue to advance. In Colorado, we are recommending 400 megawatts of clean energy resources to achieve our Clean Energy Plan. The plan outlines our preferred portfolio of wind, solar and battery resources, which includes 250 megawatts of utility-owned resources, to be in service by 2027. In South Dakota, we continued to pursue 100 megawatts of utility-owned renewable generation while evaluating generation alternatives to reliably serve the growing needs of our customers. "Looking forward, we are encouraged by the increasing load from our data center and blockchain customers and the strategic opportunities in our $4.3 billion five-year capital plan, including the need to meet growing customer load, improve resiliency, and upgrade and build new transmission and generation," concluded Evans. FIRST-QUARTER 2024 HIGHLIGHTS AND UPDATES Electric Utilities On April 17, Colorado Electric filed its 120-Day report recommending 400 megawatts of renewable energy resources to advance its Clean Energy Plan. Black Hills is proposing a preferred portfolio of resources that will add a 200-megawatt utility-scale solar build-transfer project, 150 megawatts of wind energy through a power purchase agreement, and a 50-megawatt battery storage build-transfer project. The energy resources are expected to be in service between 2026 and 2027 and achieve greenhouse gas emission reductions of an estimated 89% by 2030 off a 2005 base. The final composition of resources and timing is subject to review and approval by the Colorado Public Utilities Commission, which is expected in the third quarter. On Jan. 11, Wyoming Electric set a new winter and all-time peak load of 314 megawatts, surpassing the previous winter peak of 301 megawatts in December 2023 and all-time peak of 312 megawatts in July 2023. During the first quarter, South Dakota Electric continued its resource planning process to add 100 megawatts of utility-owned resources by mid-year 2026. The company continued to pursue 100 megawatts of utility-owned renewable generation while evaluating cost-effective and reliable generation alternatives to best serve its customers and long-term growth needs. South Dakota Electric expects to file a certificate of public convenience and necessity with the Wyoming Public Service Commission in the second half of 2024. During the first quarter, Wyoming Electric continued construction on Ready Wyoming, a 260-mile electric transmission project. Construction is expected to be completed in multiple phases in 2024 and 2025. Gas Utilities On May 1, Iowa Gas filed a rate review request with the Iowa Utilities Board seeking approval to recover approximately $100 million of system investments and inflationary impacts on expenses to serve customers. The rate review requests $20.7 million of new annual revenue based on a capital structure of 51% equity and 49% debt and a return on equity of 10.5%. Interim rates will be effective within 10 days of the filing, with final rates requested in the first quarter of 2025. During the first quarter, Arkansas Gas advanced its rate review request to recover $130 million of system investments and the inflationary impacts on expenses to serve customers. Filed on Dec. 4, 2023, the rate review requested $44.1 million of new annual revenue based on a capital structure of 48% equity and 52% debt and a return on equity of 10.5%. The company is requesting new rates in the fourth quarter of 2024. On Feb. 13, new rates were effective for Colorado Gas resulting from an approved settlement agreement for its rate review request filed in May 2023. The settlement provides for $20.2 million in new annual revenue based on a capital structure of 51% equity and 49% debt and a return on equity of 9.3%. On Feb. 1, new rates were effective for Wyoming Gas resulting from an approved settlement agreement for its rate review request filed in May 2023. The settlement provides for $13.9 million in new annual revenue based on a capital structure of 51% equity and 49% debt and a return on equity of 9.9%. The agreement also provides for a four-year renewal of the company's integrity investment rider. On Jan. 31, Black Hills Energy Renewable Resources, a non-regulated subsidiary of Black Hills Corp., acquired a renewable natural gas production facility at a landfill in Dubuque, Iowa. The purchase includes producing biogas wells and rights to production, including the ability to drill additional wells. The acquisition represents the company's first entry into the production of RNG. Corporate and Other On April 22, Black Hills' board of directors approved a quarterly dividend of $0.65 per share payable on June 1, 2024, to common shareholders of record at the close of business on May 17, 2024. The dividend, on an annualized rate, represents 54 consecutive years of dividend increases, the second longest track record in the electric and natural gas industry. During the first quarter, the company issued a total of 0.6 million shares of new common stock for net proceeds of $33.8 million under its at-the-market equity offering program. On Jan. 29, Fitch Ratings affirmed Black Hills' issuer default rating at BBB+ with a negative outlook. 2024 EARNINGS GUIDANCE Black Hills affirms its guidance for 2024 earnings per share available for common stock to be in the range of $3.80 to $4.00 based on the follow assumptions: Normal weather conditions within our utility service territories including temperatures, precipitation levels and wind conditions; Normal operations and weather conditions for planned construction, maintenance and/or capital investment projects; Constructive and timely outcomes of utility regulatory dockets; No significant unplanned outages at our generating facilities; Equity issuance of $170 million to $190 million through the at-the-market equity offering program; and Production tax credits of approximately $18 million associated with wind generation assets. CONFERENCE CALL AND WEBCAST Black Hills will host a live conference call and webcast at 11 a.m. EDT on Thursday, May 9, 2024, to discuss its financial and operating performance. To access the live webcast and download a copy of the investor presentation, go to the "Investor Relations" section of the Black Hills website at www.blackhillscorp.com and click on "News and Events" and then "Events & Presentation." The presentation will be posted on the website before the webcast. Listeners should allow at least five minutes for registering and accessing the presentation. For those unable to listen to the live broadcast, a replay will be available on the company's website. To ask a question during the live broadcast, users can access dial-in information and a personal identification number by registering for the event at https://register.vevent.com/register/BIdd2f1751ccf54c5f84025ad42ee78a30. A listen-only webcast player and presentation slides can be accessed live at https://edge.media-server.com/mmc/p/btcepz2h with a replay of the event available for up to one year. AGA FINANCIAL FORUM ATTENDANCE Members of Black Hills' senior leadership team are scheduled to meet with investors during the 2024 AGA Financial Forum on May 19-21. Leadership will be available to discuss Black Hills' guidance, long-term growth target, regulatory updates and other factors relating to its business. Materials for the conference will be available prior to the meetings on the "Investor Relations" section of Black Hills Corp. website at www.blackhillscorp.com. Select "News and Events" and then "Events & Presentations," and click on "2024 AGA Financial Forum."       BLACK HILLS CORPORATIONCONSOLIDATED FINANCIAL RESULTS(Minor differences may result due to rounding)         Three Months Ended March 31,     2024     2023     (in millions)   Operating income:           Electric Utilities $ 64.6     $ 61.1   Gas Utilities   130.8       114.6   Corporate and Other   (2.1 )     (0.8 ) Operating income   193.3       174.9               Interest expense, net   (44.0 )     (43.5 ) Other income (expense), net   (0.8 )     0.7   Income tax benefit (expense)   (16.9 )     (14.7 ) Net income   131.6       117.4   Net income attributable to non-controlling interest   (3.7 )     (3.3 ) Net income available for common stock $ 127.9     $ 114.1                     Three Months Ended March 31,   2024   2023 Weighted average common shares outstanding (in millions):       Basic   68.2     66.0 Diluted   68.3     66.1         Earnings per share:       Earnings Per Share, Basic $ 1.88   $ 1.73 Earnings Per Share, Diluted $