Black Hills (BKH) FY2020 results: revenue $1.7 billion, down 2.2% on the year
Black Hills Corp. (BKH) reported revenue of $1.7 billion for fiscal 2020, the year ended 31 December 2020, down 2.2% on the year before. Net income was $228 million, up 14.2%, and diluted earnings per share $3.65. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$1.7 billion
-2.2% on the year
FY2013FY2020
Operating margin
25.2%
23.4% a year earlier
FY2013FY2020
Net income
$228 million
+14.2% on the year
FY2013FY2020
Diluted EPS
$3.65
+11.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,697
1,735
1,754
-2.2%
Operating income
428
406
397
+5.5%
Operating margin
25.2%
23.4%
22.6%
Interest expense
143
138
140
+4.2%
Pre-tax income
276
243
256
+13.5%
Income tax
32.9
29.6
-23.7
+11.3%
Effective tax rate
11.9%
12.2%
-9.2%
Net income
228
199
258
+14.2%
Net margin
13.4%
11.5%
14.7%
Diluted EPS
$3.65
$3.28
$4.66
+11.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
542
506
489
+7.2%
Capital expenditure
767
818
458
-6.2%
Free cash flow
-226
-313
31.3
Free cash flow margin
-13.3%
-18.0%
1.8%
Cash from investing
-762
-816
-466
Cash from financing
217
300
-17.1
-27.8%
Depreciation and amortisation
224
209
196
+7.3%
Share-based compensation
5.4
12.1
12.4
-55.6%
Dividends paid
135
125
107
+8.7%
Dividend per share
$2.17
$2.05
$1.93
+5.9%
Diluted shares, weighted
62m
61m
55m
+2.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,561
2,362
2,182
+8.4%
Non-controlling interest
101
102
106
-0.7%
Debt
3,771
3,495
3,142
+7.9%
Other liabilities
1,656
1,599
1,534
+3.5%
Total liabilities and equity
8,089
7,558
6,963
+7.0%
Fixed assets
6,020
5,503
4,855
+9.4%
Goodwill
1,299
1,299
1,299
0.0%
Intangible assets
11.9
13.3
14.3
-10.3%
Investments
15.8
21.9
41.0
-27.9%
Cash and equivalents
6.4
9.8
20.8
-35.0%
Receivables
266
256
269
+4.0%
Inventory
117
117
117
+0.2%
Other assets
352
338
346
+4.2%
Total assets
8,089
7,558
6,963
+7.0%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.