LONDON, UK / ACCESSWIRE / July 23, 2018 /
If you want access to our free earnings report on NorthWestern Corp. (NYSE: NWE), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NWE. The Company reported its second quarter fiscal 2018 operating and financial results on July 18, 2018. The electric and gas utility surpassed earnings expectations. Additionally, the Company re-affirmed its earnings guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the quarter ended June 30, 2018, NorthWestern's net sales totaled $261.8 million compared to $$283.6 million in Q2 2017. The Company's revenue numbers fell short of analysts' estimates by $26.26 million.
During Q2 2018, NorthWestern's consolidated gross margin was $229.6 million compared to $199.9 million in Q2 2017. The increase was attributed to a $25.1 million reduction related to the Company's electric Qualified Facilities (QF) liability; a 4.0 million increase in electric and natural gas retail volumes, due primarily to favorable weather and customer growth; a $1.4 million higher demand to transmit energy across the Company's transmission lines, due to market conditions and pricing; $0.3 million due to an increase in its Montana gas rates effective September 01, 2017; and $1.3 million of other miscellaneous improvements to gross margin.
For Q2 2018, NorthWestern's consolidated operating, general, and administrative expenses were $73.8 million compared to $72.6 million in Q2 2017. The Company's property and other taxes were $43.0 million in the reported quarter versus $39.5 million in the year earlier comparable quarter. This increase was primarily due to plant additions and higher estimated property valuations in Montana.
NorthWestern's consolidated operating income was $69.2 million in the reported quarter compared to $46.3 million in the prior year's corresponding quarter, primarily attributed to the adjustment of the Company's QF liability and favorable weather, partly offset by the overall increase in operating expenses.
NorthWestern's net income increased to $43.8 million, or $0.87 per diluted share, in Q2 2018 compared to a net income of $21.8 million, or $0.44 per diluted share, in Q2 2017. The Company's earnings results improved due to a gain related to the adjustment of QF liability and to favorable weather; and, to a lesser extent, to an increased demand for electric transmission. NorthWestern's earnings surpassed Wall Street's estimates of $0.49 per share.
Liquidity and Capital Resources
As of June 30, 2018, NorthWestern's total net liquidity was approximately $214.6 million, including $5.6 million of cash and $209.0 million of revolving credit facility availability. This compares to the Company's total net liquidity of $113.2 million at June 30, 2017.
NorthWestern's Board of Directors declared a quarterly common stock dividend of $0.55 per share, payable on September 28, 2018, to common shareholders of record as of September 14, 2018.
Outlook
NorthWestern reaffirmed its adjusted non-GAAP earnings per diluted share guidance range of $3.35 - $3.50 for the full fiscal year 2018.
Stock Performance Snapshot
July 20, 2018 - At Friday's closing bell, NorthWestern's stock slightly advanced 0.55%, ending the trading session at $58.60.
Volume traded for the day: 510.26 thousand shares, which was above the 3-month average volume of 387.10 thousand shares.
Stock performance in the last month – up 4.87%; previous three-month period – up 8.82%; and past six-month period – up 10.13%
After last Friday's close, NorthWestern's market cap was at $2.92 billion.
Price to Earnings (P/E) ratio was at 5.84.
The stock has a dividend yield of 3.75%.
The stock is part of the Utilities sector, categorized under the Diversified Utilities industry.
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