Black Hills Corp. reported fourth-quarter 2017 adjusted income from continuing operations of $53.9 million, or 98 cents per share, missing the S&P Capital IQ normalized EPS consensus estimate of $1.03. The result compares to adjusted income from continuing operations of $57.7 million, or $1.06 per share, in fourth-quarter 2016.
Fourth-quarter revenues were largely flat at $455.3 million, and operating income grew to $117.2 million, from $110.3 million in the same period of 2016, results released Feb. 2 showed.
The company posted fourth-quarter 2017 net income available for common stock of $57.7 million, or $1.05 per share, an increase from $18.2 million, or 33 cents per share, in the comparable quarter of 2016.
Fourth-quarter 2017 net income included contributions of $41.7 million from the electric segment, $24.4 million from the gas segment, $28.5 million from the power generation segment and $5.3 million from the mining business.
In comparison, fourth-quarter 2016 net income included contributions of $23.2 million from the electric segment, $29.6 million from the gas segment, $6 million from the power generation segment, and $3.1 million from the mining business.
On a full-year basis, Black Hills recorded 2017 adjusted income from continuing operations of $185.3 million, or $3.36 per share, in line with the S&P Capital IQ normalized consensus EPS estimate. The company had booked $166.9 million, or $3.13 per share, in adjusted income from continuing operations for 2016.
The company posted 2017 net income available for common stock of $184 million, or $3.34 per share, climbing from $73.0 million, or $1.37 per share, in 2016.
Black Hills lowered its full-year 2018 guidance for 2018 adjusted EPS from continuing operations to a range of $3.30 to $3.50, from $3.35 to $3.55, due to rising short-term interest rates and tax reform impacts.
