Enterprising Investor
5 years ago
NorthWestern Reports Second Quarter 2019 Financial Results (7/23/19)
Company reports GAAP diluted earnings per share of $0.94 for the second quarter 2019 and declares a quarterly dividend of $0.575 per share, payable September 30, 2019
BUTTE, Mont. and SIOUX FALLS, S.D., July 23, 2019 /PRNewswire/ -- NorthWestern Corporation d/b/a NorthWestern Energy (NYSE: NWE) reported financial results for the three months ended June 30, 2019. Net income for the period increased 8.9 percent to $47.7 million, or $0.94 per diluted share, as compared with net income of $43.8 million, or $0.87 per diluted share, for the same period in 2018. This $3.9 million increase in net income is primarily due to an income tax benefit recognized in 2019 and a reduction in revenue in 2018 due to impacts of the Tax Cuts and Jobs Act (TCJA) for customer refunds. These improvements were largely offset by lower gross margin, due to the adjustment of our Qualifying Facilities (QF) liability and mild spring weather, and higher operating expenses.
"A significant income tax benefit along with Montana electric interim rate relief allowed us to fund increased hazard tree trimming for our customers; higher pension funding for our employees; and, still provide bottom line earnings growth for our investors," said Bob Rowe, President and Chief Executive Officer. "The second half of the year will be busy. In the coming weeks, we will finalize and file our Montana Electricity Supply Resource Procurement Plan. By year end, we anticipate launching a competitive all-source solicitation for dispatchable capacity solutions to meet a portion of our customers' needs as identified in the plan. We are further along in the process in South Dakota. We should receive the short list of qualifying bidders from the independent process administrator by early September and be advancing the selected project, or projects, by the end of the year."
https://www.prnewswire.com/news-releases/northwestern-reports-second-quarter-2019-financial-results-300889709.html
Enterprising Investor
6 years ago
NorthWestern filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code on 9/14/03.
The company emerged from bankruptcy on 11/01/04.
Under the Second Amended and Restated Plan of Reorganization and Disclosure Statement reflecting a settlement agreement the company reached with Harbert Management Corp. and Wilmington Trust. Under the terms of the agreement, Harbert Management Corp. and other holders of NorthWestern's Trust Originated Preferred Securities, and other subordinated creditors who so choose, will be eligible to receive, pro rata, 8 percent of equity and warrants exercisable for an additional 13 percent of the common stock in the reorganized NorthWestern. Senior unsecured debtholders and general unsecured creditors of the company will receive approximately 92 percent of the reorganized NorthWestern's equity, based on the agreement.
Despite purchasing TOPrS on 7/21/03, I eventually received equity in New NWE with a basis at $18.84. Never sold. It is now worth 248 percent more at today's close of $65.58. My cash yield is 11.68 percent ($2.20/$18.84).
In addition, the warrants were exercised for additional shares at $26.92 per share on 8/30/07.
Penny Roger$
13 years ago
NorthWestern Corporation, doing business as NorthWestern Energy, provides electricity and natural gas to approximately 665,000 customers in Montana, South Dakota and Nebraska. The Company has generated and distributed electricity in South Dakota and distributed natural gas in South Dakota and Nebraska and has generated and distributed electricity and distributed natural gas in Montana. The Company operates in two business segments: electric operations and natural gas operations. Its regulated electric utility business in Montana includes generation, transmission and distribution. Its service territory covers approximately 107,600 square miles, representing approximately 73% of Montana's land area. The Company distributes natural gas to approximately 181,300 customers in 105 Montana communities. It also serves several smaller distribution companies that provide service to approximately 31,000 customers.
http://www.google.com/finance?q=NWE
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