Business
NorthWestern Reports Second Quarter 2021 Financial Results
Company reports GAAP diluted earnings per share of $0.72 for the quarter, narrows 2021 earnings guidance, and announces a $0.62 per share quarterly dividend
About this update from Northwestern Energy Group, Inc.
[{"type":"text","content":"Company reports GAAP diluted earnings per share of $0.72 for the quarter, narrows 2021 earnings guidance, and announces a $0.62 per share quarterly dividend payable September 30, 2021\nBUTTE, Mont. and SIOUX FALLS, S.D., July 27, 2021 (GLOBE NEWSWIRE) -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the three months ended June 30, 2021. Net income for the period was $37.2 million, or $0.72 per diluted share, as compared with net income of $21.5 million, or $0.43 per diluted share, for the same period in 2020. This increase was primarily due to improved gross margin from higher Montana transmission loads and rates, a larger benefit from our electric qualifying facility (QF) liability adjustment and warmer spring weather in June. This increase was partly offset by higher operating costs and income tax expense. “In addition to solid second quarter financial results, we made great progress on both the operational and regulatory fronts,\" said Bob Rowe, Chief Executive Officer. “Thanks to a tremendous amount of pre-planning, we had a seamless transition for our Montana customers to the Western Energy Imbalance Market in June; we completed a record amount of maintenance capital work while also making significant headway on our critical generation capacity addition in South Dakota; and continued to provide a safe and reliable energy system while reaching all-time electric system peaks in Montana. Regarding regulatory progress, Mr. Rowe continues, “Last quarter we highlighted three important regulatory items we would be focusing on in lieu of rate filings in Montana. After thoughtful deliberation, the Commission has approved an increase – on an interim and refundable basis – to our baseline costs included in our energy supply tracker; voted to authorize a one-year delay in the implementation of the decoupling mechanism that did not contemplate the significant load pattern shifts we continue to experience as a result of the pandemic; and it has found our application for the acquisition of the Laurel Generating Station adequate - allowing the approval process to proceed. We are honored to be the stewards of these essential energy assets and pleased to report the progress this quarter.\" Additional information regarding this release can be found in the earnings presentation found at www.nor...