Overview

* Black Hills Q3 revenue missed analyst expectations, adjusted EPS exceeded estimates

* Company reaffirms 2025 adjusted earnings guidance, excluding merger-related costs

* Company advances key projects and regulatory filings, including merger with NorthWestern Energy

Outlook

* Black Hills reaffirms 2025 adjusted EPS guidance of $4.00 to $4.20 per share

* Company expects Ready Wyoming transmission project completion by year-end 2025

Result Drivers

* NEW RATES AND RIDER RECOVERY - Adjusted EPS benefited from new rates and rider recovery, offsetting higher costs and unfavorable weather

* TRANSMISSION EXPANSION - Completion of Ready Wyoming transmission expansion project expected by year-end, enhancing grid reliability

* MERGER PROGRESS - Filed joint applications for regulatory approval of merger with NorthWestern Energy in multiple states

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $430.20 $445.48

Revenue mln mln (2

Analysts

)

Q3 Beat $0.45 $0.39 (3

Adjusted Analysts

EPS )

Q3 EPS $0.34

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the multiline utilities peer group is "buy"

* Wall Street's median 12-month price target for Black Hills Corp ( BKH ) is $67.00, about 3.6% above its November 4 closing price of $64.62

* The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)