Company reports GAAP diluted earnings per share of $3.17 for 2015;
$3.15 Non-GAAP Adjusted earnings per share within 3.10-3.25 guidance range;
Announces a 4.2% increase to the quarterly dividend to $0.50 per share payable March 31, 2016; and Affirms full year 2016 guidance of $3.20 - $3.40 per diluted share.
SIOUX FALLS, S.D. - February 11, 2016 - NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results for the year ended December 31, 2015. Net income for the period was $151.2 million, or $3.17 per diluted share, as compared with net income of $120.7 million, or $2.99 per diluted share, for the same period in 2014. This $30.5 million, or 25.3%, increase in net income in 2015 is primarily due to the full year effect of the November 2014 hydro acquisition and an insurance recovery received in 2015. These increases were partially offset by increased income tax expense and warmer winter weather in our service territory. Diluted earnings per average share increased by $0.18, or 6.0%, as a result of the increase in net income as discussed above and was partially offset by equity issued to finance the hydro assets (November 2014) and Beethoven Wind Project (October 2015).
"2015 brought headwinds in the form of mild winter weather, strong summer storms, difficult regulatory decisions, and a complex emission reduction plan from the EPA. We can also look back on the year with a sense of accomplishment. We marked a full year of owning and successfully operating our emission-free fleet of hydro assets for the benefit our Montana customers. We acquired our second company-owned wind project in September, this one for the benefit of our South Dakota customers. We received approval of a very constructive settlement agreement in October resolving our first South Dakota electric rate case in 34 years. We earned our highest-ever customer satisfaction scores. Finally, we achieved significant earnings growth for our investors, who make our commitment to serving our customers possible,” said Bob Rowe, President and Chief Executive officer. “Our 1,600 employees have once again stepped up to the challenge and delivered solid results for the benefit of all of our stakeholders.”
The following information was filed by Northwestern Corp (NWE) on Thursday, February 11, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: NWE CIK: 73088 Form Type:10-K Annual Report Accession Number: 0000073088-16-000230 Submitted to the SEC: Wed Feb 10 2016 5:47:13 PM EST Accepted by the SEC: Thu Feb 11 2016 Period: Thursday, December 31, 2015 Industry: Electric And Other Services Combined