NorthWestern Corporation (NWE)

[Enterprising Investor]

NorthWestern Reports Second Quarter 2019 Financial Results (7/23/19)

Company reports GAAP diluted earnings per share of $0.94 for the second quarter 2019 and declares a quarterly dividend of $0.575 per share, payable September 30, 2019

BUTTE, Mont. and SIOUX FALLS, S.D., July 23, 2019 /PRNewswire/ -- NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results for the three months ended June 30, 2019. Net income for the period increased 8.9 percent to $47.7 million, or $0.94 per diluted share, as compared with net income of $43.8 million, or $0.87 per diluted share, for the same period in 2018. This $3.9 million increase in net income is primarily due to an income tax benefit recognized in 2019 and a reduction in revenue in 2018 due to impacts of the Tax Cuts and Jobs Act (TCJA) for customer refunds. These improvements were largely offset by lower gross margin, due to the adjustment of our Qualifying Facilities (QF) liability and mild spring weather, and higher operating expenses.

"A significant income tax benefit along with Montana electric interim rate relief allowed us to fund increased hazard tree trimming for our customers; higher pension funding for our employees; and, still provide bottom line earnings growth for our investors," said Bob Rowe, President and Chief Executive Officer. "The second half of the year will be busy. In the coming weeks, we will finalize and file our Montana Electricity Supply Resource Procurement Plan. By year end, we anticipate launching a competitive all-source solicitation for dispatchable capacity solutions to meet a portion of our customers' needs as identified in the plan. We are further along in the process in South Dakota. We should receive the short list of qualifying bidders from the independent process administrator by early September and be advancing the selected project, or projects, by the end of the year."

https://www.prnewswire.com/news-releases/northwestern-reports-second-quarter-2019-financial-results-300889709.html