NorthWestern Reports Full Year 2018 Financial Results
d/b/a NorthWestern Energy
3010 W. 69th Street
Sioux Falls, SD 57108
FOR IMMEDIATE RELEASE
NorthWestern Reports 2018 Financial Results
Company reports GAAP diluted earnings per share of $3.92 for 2018 and announces a 4.5% increase to the quarterly dividend, to $0.575 per share, payable March 29, 2019.
BUTTE, MT / SIOUX FALLS, SD - February 11, 2019 - NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results for the year ended December 31, 2018. Net income for the period increased 21 percent to $197.0 million, or $3.92 per diluted share, as compared with net income of $162.7 million, or $3.34 per diluted share, for the same period in 2017. This $34.3 million increase in net income in 2018 is primarily due to a gain related to the adjustment of our electric Qualifying Facilities (QF) liability, increased demand for electric transmission, customer growth, favorable weather in South Dakota, and an income tax benefit associated with the impacts of the Tax Cuts and Jobs Act. These increases were partly offset by an increase in depreciation expense due to higher capital investment.
Non-GAAP Adjusted diluted earnings per share for the period were $3.39; within the $3.35 - $3.50 guidance range communicated for the year. See “Significant Items Not Contemplated in Prior Period Guidance" and “Non-GAAP Financial Measures” sections below for more information on adjustments.
Additional information regarding this release can be found in the earnings presentation found at www.northwesternenergy.com/our-company/investor-relations/presentations-and-webcasts.
“2018 was a busy year. We had another great year of safety, reliability, and customer satisfaction while delivering on our financial commitment to investors. It was also a year in which we addressed significant matters that required thoughtful consideration from regulators, intervenors, and our employees to ensure the balance between customer and investor interests. We can all look back on 2018 with a sense of accomplishment,” said Bob Rowe, President and Chief Executive Officer. “With our first Montana general electric rate review in nearly a decade to be decided in 2019, and our issuance of updated electric supply plans in both South Dakota and Montana, we hope all of our stakeholders are looking forward to this year with a similar collaborative spirit.”
The following information was filed by Northwestern Corp (NWE) on Tuesday, February 12, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.