Black Hills Corp. on Aug. 3 narrowed its full year adjusted earnings guidance to a range of $3.45 to $3.60 from a range of $3.45 to $3.65 per share.
"The change in guidance is primarily related to unfavorable weather during the first half of the year and additional diluted shares from our equity units issued in November 2015. However, we remain confident that we will continue to deliver long-term value for our customers and shareholders," said Black Hills Chairman and CEO David Emery in a statement.
On the earnings side, the company booked 2017 second-quarter adjusted net income available for common stock of $22.5 million, or 41 cents per diluted share, up from $20.9 million, or 39 cents per diluted share, a year ago. The results fall below the S&P Capital IQ normalized consensus EPS estimate for the quarter of 50 cents.
Results for the period included a cent per diluted share related to acquisition costs. In the same quarter in 2016, the results included 30 cents per diluted share for a noncash impairment of crude oil and natural gas properties, as well as 8 cents per diluted share related to acquisition costs.
On a GAAP basis, Black Hills posted net income available for common stock of $22.2 million, or 40 cents per diluted share, rising from $700,000, or a cent per diluted share, in the comparable quarter in 2016.
Segment-wise, electric utilities contributed net income of $18.8 million, slightly down from $19.2 million while gas utilities posted a net loss of $300,000, compared to net income of $1 million in the prior-year period.
For the power generation segment, second-quarter 2017 net income decreased to $5.3 million from $5.7 million while the oil and gas segment narrowed its net loss to $1.9 million from a net loss of $19.4 million, a year ago.
Revenues for the quarter totaled $348 million, up from $325.4 million, in the same period in 2016.