NorthWestern For FY23 Sees Non-GAAP EPS Of $3.00-$3.10 Vs. Consensus Of $3.42; And For FY24 Expects EPS Of $3.42-$3.62

Author: Benzinga Newsdesk | October 27, 2023 02:41am

We are initiating 2024 diluted earnings guidance of $3.42 - $3.62 per diluted share. We expect our 2023 non-GAAP earnings to range between $3.00 - $3.10 per diluted share. This guidance is based upon, but not limited to, the following major assumptions:

• Final approval of all material aspects of the Montana general rate review settlement agreement
• Constructive outcomes in our current South Dakota rate review and regulatory proceedings
• Normal weather in our service territories;
• An effective income tax rate of approximately 4%-5% for 2023 and 12%-14% for 2024; and
• Diluted average shares outstanding of approximately 60.4 million in 2023 and 61.3 million in 2024

We are increasing long-term (5 year) diluted earnings per share growth guidance to 4% to 6% from a 2022 base year of $3.18 diluted earnings per share on a non-GAAP basis (from 3% to 6% previously disclosed). We expect rate base growth of 4% to 6% (from 4% to 5% previously disclosed). Our current capital investment program is sized to provide for no equity issuances. Future generation capacity additions or other strategic opportunities may require equity financing.

Posted In: NWE