Business
NorthWestern Reports 2021 Financial Results
Company reports GAAP diluted earnings per share of $3.60 for 2021, affirms 2022 earnings guidance and announces a 1.6% increase to the quarterly dividend - to
About this update from Northwestern Energy Group, Inc.
[{"type":"text","content":"Company reports GAAP diluted earnings per share of $3.60 for 2021, affirms 2022 earnings guidance and announces a 1.6% increase to the quarterly dividend - to $0.63 per share - payable March 31, 2022\nBUTTE, Mont. and SIOUX FALLS, S.D. , Feb. 10, 2022 (GLOBE NEWSWIRE) -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31, 2021. Net income for the period was $186.8 million, or $3.60 per diluted share, as compared with net income of $155.2 million, or $3.06 per diluted share, for the same period in 2020. This increase was primarily due to higher Montana transmission loads and rates, favorable weather compared to prior period, higher commercial demand as compared to the prior period due to the COVID-19 pandemic related shutdowns, the prior period disallowance of supply costs, and a favorable electric qualifying facilities (QF) liability adjustment as compared with the prior period. These improvements were partly offset by higher operating costs, increased non-recoverable Montana electric supply costs, and higher income tax expense. Non-GAAP Adjusted diluted earnings per share for the year ended December 31, 2021 was $3.51 and within the $3.43 - $3.58 narrowed guidance range previously communicated. This represents a 4.8% increase over non-GAAP results for the same period in 2020. See “Significant Items Not Contemplated in Guidance” and “Non-GAAP Financial Measures” sections below for more information on these measures. “We are pleased to announce strong operating and solid financial results for 2021,\" said Bob Rowe, Chief Executive Officer. \"We had a record year of capital investment in the infrastructure and technology that reliably serves our customers, continued to build on our strong employee safety record, made a seamless migration to the Western Energy Imbalance Market, and significantly increased the quality and quantity of our environmental, social and governance practices and disclosures.” Additional information regarding this release can be found in the earnings presentation found at www.northwesternenergy.com/about-us/investors/financials/earnings Year Ended December 31,(in millions) 2021 2020Reconciliation of gross margin to utility margin: Operating Revenues$1,372.3 $1,198.7Less: Fuel, purchased supply and direct transmission expense (exclusive o...