BUTTE, Mont. and SIOUX FALLS, S.D., July 24, 2023 (GLOBE NEWSWIRE) — NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the three months ended June 30, 2023. Net income for the period was $19.1 million, or $0.32 per diluted share, as compared with net income of $29.8 million, or $0.54 per diluted share, for the same period in 2022. This decrease was primarily due to unfavorable weather driving lower electric and natural gas retail volumes and transmission revenues, higher operating, administrative and general costs, higher depreciation and depletion expense, higher interest expense, and higher income tax expense, partly offset by higher Montana interim rates, and lower non-recoverable Montana electric supply costs. In addition to lower net income, diluted earnings per share decreased due to equity issuances during 2022 that increased average shares outstanding in 2023.
https://www.northwesternenergy.com/about-us/investors/financials/earnings^{(1) Decrease in revenues is primarily related to pass-through supply costs and non-cash regulatory amortizations.(2) Utility Margin is a Non-GAAP financial measure. See “Non-GAAP Financial Measures” section below.(1) Decrease in revenues is primarily related to pass-through supply costs and non-cash regulatory amortizations.(2) Exclusive of depreciation and depletion expense.(3) Utility Margin is a Non-GAAP financial measure.See “Reconciliation of gross margin to utility margin” above and “Non-GAAP Financial Measures” below.(4) Excluding fuel, purchased supply and direct transmission expense.June 30, 2023 vs. 2022Income(Expense)
Benefit IncomeEarningsPer Share(1) Exclusive of depreciation and depletion shown separately below(2) Excluding fuel, purchased supply, and direct transmission expense(3) Income Tax (Expense) Benefit calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%.(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.(2) Our requested interim property tax base increases went into effect on January 1, 2023, as part of our 2023 property tax tracker filing.June 30,(1) Decrease in revenues is primarily related to pass-through supply costs and non-cash regulatory amortizations.(2) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.2023 vs. 2022(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.(1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses(2) Forward equity shares are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the forward sale agreement.IncomeIncomeEPSIncomeIncomeEPS(not tax deductible)NorthWestern Corporation, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 764,200 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.Travis Meyer (605) 978-2967
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