Depressed results across-the-board for separate oil/gas, electric utility and energy marketing operations added up to lower-than-expected results in the second quarter, South Dakota-based Black Hills Corp. announced Thursday, previewing financial results it will release Aug. 10. Although the company just offered ranges of numbers now, overall the actual performance will vary from expected performance, Black Hills said in a financial announcement.
“Based on the result of the first half of 2004, and current expectations for the rest of the year, the company estimates income from continuing operations to be between $1.70 and $1.85/share,” the energy and communications holding company said. Its utility operations serve parts of South Dakota, Wyoming and Montana.
For the rest of the year, Black Hills CEO David Emery said he expected “record production from oil and gas operations, and record volumes of our energy marketing operations,” along with “improved performance from the electric utility, power generation and communication business segments.”
Emery said longer-term the company has a “sound balance sheet with sufficient liquidity to invest in additional projects.” And it is “making progress” in its previously announced purchase of Cheyenne Light, Fuel & Power in Wyoming.
The factors contributing to the lower-than-expected numbers cited by Black Hills are:
Earnings for the second quarter are expected to be in the range of 33-37 cents/share, and for the six months ended June 30 in the 63-67 cents/share range, Emery said.
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