Business
NorthWestern Reports Third Quarter 2020 Financial Results
Company reports GAAP diluted earnings per share of $0.58 for the quarter, affirms previously revised 2020 earnings guidance and announces a $0.60 per share
About this update from Northwestern Energy Group, Inc.
[{"type":"text","content":"Company reports GAAP diluted earnings per share of $0.58 for the quarter, affirms previously revised 2020 earnings guidance and announces a $0.60 per share quarterly dividend payable December 31, 2020\n\n\nBUTTE, Mont. and SIOUX FALLS, S.D., Oct. 21, 2020 /PRNewswire/ -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the three months ended September 30, 2020. Net income for the period was $29.5 million, or $0.58 per diluted share, as compared with net income of $21.7 million, or $0.42 per diluted share, for the same period in 2019. This increase was primarily due to higher gross margin, lower operating, general and administrative expenses and lower income taxes. These improvements were partially offset by higher depreciation and depletion expense.\n\"The commercial and industrial margin impacts of COVID-19 continued into the third quarter. However favorable weather and strong retail customer growth in Montana helped mitigate some of the effect when compared to third quarter 2019,\" said Bob Rowe, President and Chief Executive Officer. \"Our dedicated employees continue to be focused on serving our customers and communities now, and ensuring we will be able to meet their needs into the future. While doing all this work, we have achieved great employee safety results and are successfully recognizing COVID-19 health practices as part of our safety program.\"\nAdditional information regarding this release can be found in the earnings presentation found at www.northwesternenergy.com/our-company/investor-relations/presentations-and-webcasts. \nThree Months EndedSeptember 30,\nNine Months EndedSeptember 30,\n(in thousands, except per share amounts)\n2020\n2019\n2020\n2019\nRevenues\n$\n280,610\n$\n274,836\n$\n885,225\n$\n929,775\nCost of sales\n68,038\n64,227\n220,353\n235,706\nGross Margin (1)\n212,572\n210,609\n664,872\n694,069\n Operating, general and administrative expense\n73,322\n76,998\n224,042\n238,916\n Property and other taxes\n45,306\n44,089\n136,786\n133,188\n Depreciation and depletion\n44,289\n43,166\n134,336\n129,766\nTotal Operating Expenses (excl. Cost of sales)\n162,917\n164,253\n495,164\n501,870\nOperating income\n49,655\n46,356\n169,708\n192,199\nInterest expense, net\n(23,677)\n(23,722)\n(72,298)\n(71,023)\nOther income (expense), net\n785\n(409)\n(973)\n864\nIncome ...