NorthWestern Reports Second Quarter 2020 Financial Results
Company reports diluted earnings per share of $0.43 for the quarter, affirms previously revised earnings guidance and announces a $0.60 per share quarterly dividend payable September 30, 2020
BUTTE, MT / SIOUX FALLS, SD - July 28, 2020 - NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results for the three months ended June 30, 2020. Net income for the period was $21.5 million, or $0.43 per diluted share, as compared with net income of $47.7 million, or $0.94 per diluted share, for the same period in 2019. This decrease was primarily due to an income tax benefit in 2019, lower gross margin due to impacts of the COVID-19 pandemic in the second quarter of 2020, and higher depreciation expense, offset in part by a decrease in operating, general and administrative expenses.
“In this extraordinary time, our employees demonstrated their deep commitment to their communities, to our customers and to one another. We cannot take for granted that they kept energy flowing for the critical services on which we all depend. While working in new ways under challenging circumstances, they stayed on track with the ongoing work to maintain and improve our infrastructure. They volunteered time and donated resources to support our communities. They went the extra mile to help customers dealing with COVID-19, the economy, weather, and life’s ongoing challenges. They looked out for one another’s health, and for their safety. In fact, last week we celebrated a remarkable milestone - 365 days without a lost time incident within our operations group," said Bob Rowe, President and Chief Executive Officer. “On the earnings front, second quarter last year had a few items that significantly benefited earnings. While this quarter's earnings are behind last year, they were right in line with our updated COVID-impacted expectations. Additionally, we were able to deliver a significant portion of our planned annual expense reduction during the quarter, with the remainder expected to follow in the last half of the year, and we remain on track for our $400 million capital program."
Additional information regarding this release can be found in the earnings presentation found at www.northwesternenergy.com/our-company/investor-relations/presentations-and-webcasts.
The following information was filed by Northwestern Corp (NWE) on Wednesday, July 29, 2020 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.
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Ticker: NWE CIK: 73088 Form Type:10-Q Quarterly Report Accession Number: 0000073088-20-000147 Submitted to the SEC: Wed Oct 21 2020 5:48:51 PM EST Accepted by the SEC: Thu Oct 22 2020 Period: Wednesday, September 30, 2020 Industry: Electric And Other Services Combined