Business
NorthWestern Reports Third Quarter 2022 Financial Results
Company reports GAAP diluted earnings per share of $0.47 for the quarter, narrows 2022 earnings guidance, remains on track for 2022 capital plan and announces
About this update from Northwestern Energy Group, Inc.
[{"type":"text","content":"Company reports GAAP diluted earnings per share of $0.47 for the quarter, narrows 2022 earnings guidance, remains on track for 2022 capital plan and announces a $0.63 per share quarterly dividend payable December 30, 2022\nBUTTE, Mont. and SIOUX FALLS, S.D., Oct. 24, 2022 (GLOBE NEWSWIRE) -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the three months ended September 30, 2022. Net income for the period was $27.4 million, or $0.47 per diluted share, as compared with net income of $35.2 million, or $0.68 per diluted share, for the same period in 2021. This decrease was primarily due to lower utility margin, higher interest expense, higher administrative and general costs and higher depreciation and depletion. Earnings per share was additionally impacted by higher outstanding share count in the current period. After adjusting for non-GAAP items, non-GAAP net income for the three months ended September 30, 2022 was $24.3 million, or $0.42 per diluted share, as compared with non-GAAP net income of $33.6 million, or $0.65 per diluted share, for the same period in 2021. \"While customer growth and the economy remain strong in our service territories, we experienced some softening in our commercial customer loads during the quarter. This, in combination with pressure from unrecoverable Montana electric supply costs (PCCAM sharing) and higher interest rates, resulted in earnings below our expectations and a slight downward revision to the high end of the range of our full year expectations,\" said Bob Rowe, Chief Executive Officer. \"While we all may have some near-term uncertainty regarding the broader economy, I am excited and optimistic about NorthWestern Energy’s bright future. It has been a privilege to work with the dedicated people at NorthWestern for over fourteen years; together, we’ve got a lot done, from focusing on critical infrastructure to building a diverse supply portfolio, to working with our customers and communities. My close friend and partner, incoming CEO Brian Bird, and our other great leaders will be focused on providing a great customer experience, addressing key capacity needs, deploying technology, and ongoing infrastructure modernization. All of that will depend on the support of our equity owners and debt holders, and providing them appropriate returns and c...