Black Hills (BKH) FY2018 results: revenue $1.8 billion, up 4.4% on the year
Black Hills Corp. (BKH) reported revenue of $1.8 billion for fiscal 2018, the year ended 31 December 2018, up 4.4% on the year before. Net income was $258 million, up 46.0%, and diluted earnings per share $4.66. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$1.8 billion
+4.4% on the year
FY2011FY2018
Operating margin
22.6%
24.8% a year earlier
FY2011FY2018
Net income
$258 million
+46.0% on the year
FY2011FY2018
Diluted EPS
$4.66
+45.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,754
1,680
1,539
+4.4%
Operating income
397
417
336
-4.7%
Operating margin
22.6%
24.8%
21.8%
Interest expense
140
137
136
+2.1%
Pre-tax income
256
282
206
-9.2%
Income tax
-23.7
73.4
59.1
Effective tax rate
-9.2%
26.0%
28.7%
Net income
258
177
73.0
+46.0%
Net margin
14.7%
10.5%
4.7%
Diluted EPS
$4.66
$3.21
$1.37
+45.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
489
428
320
+14.1%
Capital expenditure
458
326
455
+40.3%
Free cash flow
31.3
102
-134
-69.4%
Free cash flow margin
1.8%
6.1%
-8.7%
Cash from investing
-466
-318
-1,589
Cash from financing
-17.1
-109
841
Depreciation and amortisation
196
188
176
+4.3%
Share-based compensation
12.4
7.6
10.9
+62.5%
Dividends paid
107
96.7
87.6
+10.2%
Dividend per share
$1.93
$1.81
$1.68
+6.6%
Diluted shares, weighted
55m
55m
53m
+0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,182
1,709
1,615
+27.7%
Non-controlling interest
106
111
115
-4.9%
Debt
3,142
3,326
3,314
-5.5%
Other liabilities
1,534
1,512
1,498
+1.4%
Total liabilities and equity
6,963
6,659
6,542
+4.6%
Fixed assets
4,855
4,541
4,386
+6.9%
Goodwill
1,299
1,299
1,299
0.0%
Intangible assets
14.3
7.6
8.4
+89.7%
Investments
41.0
13.1
12.6
+213.3%
Cash and equivalents
20.8
15.4
13.5
+34.7%
Receivables
269
248
259
+8.4%
Inventory
117
113
104
+3.5%
Other assets
346
420
459
-17.6%
Total assets
6,963
6,659
6,542
+4.6%
10-K for the year ended 31 December 2018, filed 19 February 2019: the filing.