Business
NorthWestern Reports Third Quarter 2023 Financial Results
Company reports GAAP diluted earnings per share of $0.48 for the quarter; affirms $510 million capital plan for 2023; initiates earnings guidance for 2023 and
About this update from Northwestern Energy Group, Inc.
[{"type":"text","content":"Company reports GAAP diluted earnings per share of $0.48 for the quarter; affirms $510 million capital plan for 2023; initiates earnings guidance for 2023 and 2024 and increases long-term earnings per share growth to 4% to 6% from a 2022 adjusted base year; and announces a $0.64 per share quarterly dividend payable December 29, 2023 BUTTE, Mont. and SIOUX FALLS, S.D., Oct. 26, 2023 (GLOBE NEWSWIRE) -- NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the three months ended September 30, 2023. Net income for the period was $29.3 million, or $0.48 per diluted share, as compared with net income of $27.4 million, or $0.47 per diluted share, for the same period in 2022. “Our entire team is focused on serving customers with reliable, affordable power, and managing our costs, while we make investments in critical infrastructure and support the growth in our jurisdictions,” said Brian Bird, President and CEO. “This week’s approval of our settlement in Montana provides a solid foundation as we continue execution of our plan. With that, we are announcing an increase to our long-term EPS growth to 4% to 6% and initiating 2023 and 2024 EPS guidance.” THIRD QUARTER 2023 COMPARED TO THIRD QUARTER 2022 Higher revenues were driven by higher Montana interim rates and Montana property tax tracker collections, partly offset by cooler summer weather and lower transmission revenues. Non-recoverable Montana supply costs were lower driven by quarter over quarter tailwinds due to challenging market conditions in 2022 and the increase to base supply costs included in interim rates. Depreciation, interest, and income tax expenses also increased in 2023. Diluted earnings per share increased as a result of higher net income being partially offset with equity issuances during 2022 and 2023 that increased average shares outstanding in 2023. Non-GAAP Adjusted diluted earnings per share for the quarter ended September 30, 2023 was $0.49 as compared to $0.44 for the same period in 2022. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures. COMPANY UPDATES Increasing Long-Term EPS Growth Guidance to 4% to 6% from a 2022 base year We are increasing long-term (5 year) diluted earnings per share growth guidance to 4% to 6% from a 2022 base year o...