BUTTE, Mont. - NorthWestern Energy Group, Inc. (NASDAQ:NWE) reported third quarter earnings that fell short of analyst expectations and lowered its full-year guidance, citing delays in rate relief approval in Montana.
The utility company posted adjusted earnings per share of $0.65 for the third quarter, missing the analyst consensus of $0.68. Revenue came in at $345.2 million, below estimates of $350.44 million but up from $335.1 million in the same quarter last year.
NorthWestern revised its 2024 adjusted EPS guidance range to $3.32-$3.47, down from its previous outlook of $3.42-$3.62. The new midpoint of $3.40 is below the analyst consensus of $3.50.
The company attributed the earnings growth in Q3 to new base rates in Montana and South Dakota, higher electric transmission revenues, and an income tax benefit. However, these gains were partially offset by lower natural gas volumes, higher depreciation, and increased interest expenses.
"As we continue to execute on our strategic priorities, we are pleased to report another quarter of solid earnings growth," said Brian Bird, President and CEO. "We remain committed to providing reliable and affordable energy for our customers."
NorthWestern noted that its Yellowstone County Generating Station began serving customers in October, providing critical capacity heading into the winter season. The company is also working with regulators in Montana, South Dakota, and Nebraska to advance rate reviews.
Despite the lowered guidance, NorthWestern affirmed its long-term earnings per share growth target of 4% to 6% from a 2022 base. The company's board declared a quarterly dividend of $0.65 per share, payable on December 31, 2024.
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