Black Hills (BKH) FY2019 results: revenue $1.7 billion, down 1.1% on the year
Black Hills Corp. (BKH) reported revenue of $1.7 billion for fiscal 2019, the year ended 31 December 2019, down 1.1% on the year before. Net income was $199 million, down 22.9%, and diluted earnings per share $3.28. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$1.7 billion
-1.1% on the year
FY2012FY2019
Operating margin
23.4%
22.6% a year earlier
FY2012FY2019
Net income
$199 million
-22.9% on the year
FY2012FY2019
Diluted EPS
$3.28
-29.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,735
1,754
1,680
-1.1%
Operating income
406
397
417
+2.3%
Operating margin
23.4%
22.6%
24.8%
Interest expense
138
140
137
-1.7%
Pre-tax income
243
256
282
-5.1%
Income tax
29.6
-23.7
73.4
Effective tax rate
12.2%
-9.2%
26.0%
Net income
199
258
177
-22.9%
Net margin
11.5%
14.7%
10.5%
Diluted EPS
$3.28
$4.66
$3.21
-29.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
506
489
428
+3.4%
Capital expenditure
818
458
326
+78.9%
Free cash flow
-313
31.3
102
Free cash flow margin
-18.0%
1.8%
6.1%
Cash from investing
-816
-466
-318
Cash from financing
300
-17.1
-109
Depreciation and amortisation
209
196
188
+6.5%
Share-based compensation
12.1
12.4
7.6
-2.4%
Dividends paid
125
107
96.7
+16.9%
Dividend per share
$2.05
$1.93
$1.81
+6.2%
Diluted shares, weighted
61m
55m
55m
+9.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,362
2,182
1,709
+8.3%
Non-controlling interest
102
106
111
-3.7%
Debt
3,495
3,142
3,326
+11.2%
Other liabilities
1,599
1,534
1,512
+4.3%
Total liabilities and equity
7,558
6,963
6,659
+8.5%
Fixed assets
5,503
4,855
4,541
+13.4%
Goodwill
1,299
1,299
1,299
0.0%
Intangible assets
13.3
14.3
7.6
-7.5%
Investments
21.9
41.0
13.1
-46.5%
Cash and equivalents
9.8
20.8
15.4
-52.9%
Receivables
256
269
248
-5.0%
Inventory
117
117
113
-0.1%
Other assets
338
346
420
-2.5%
Total assets
7,558
6,963
6,659
+8.5%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.