Black Hills Corporation (NYSE:BKH) Q1 2017 Earnings Conference Call - Final Transcript

May 04, 2017 • 11:00 am ET

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Black Hills Corporation (NYSE:BKH) Q1 2017 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Black Hills Corporation First Quarter 2017 Earnings Conference Call. My name is Michelle, and I will be your coordinator for today.

[Operator Instructions]

As a reminder, this conference is being recorded for replay purposes. I would like to turn the presentation over to Mr. Jerome Nichols, Director of Investor Relations of Black Hills Corporation. Please proceed, sir.

Executive
Jerome Nichols

Thank you, Michelle. Good morning, everyone. Welcome to Black Hills Corporation's First Quarter 2017 Earnings Conference Call. Leading our quarterly earnings discussion today are David Emery, Chairman and Chief Executive Officer and Rich Kinzley, Senior Vice President and Chief Financial Officer.

Before we begin today, I would like to note that Black Hills will be attending the American Gas Association Financial Forum starting May 21 in Orlando, Florida. Our presentation materials and webcast information will be posted on our website at www.blackhillscorp.com under the Investor Relations heading.

During our earnings discussion today, some of the comments we make may contain forward-looking statements as defined by the Securities and Exchange Commission and there are a number of uncertainties inherent in such comments. Although we believe that our expectations and beliefs are based on reasonable assumptions, actual results may differ materially.

We direct you to our earnings release, Slide two of the investor presentation on our website, and our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission for a list of some of the factors that could cause future results to differ materially from our expectations. I will now turn the call over to David Emery.

Executive
David Emery

Thank you, Jerome. Good morning, everyone. Thanks for joining us. We appreciate your attendance on our call this morning. On Slide three of the webcast deck, we'll be following a similar agenda to those of previous calls. I'll give a quick update on highlights of the first quarter Rich Kinzley, our CFO, will provide a financial update and then I'll discuss forward strategy before we take questions.

Moving on to Slide five. We had an excellent first quarter. Our earnings per share as adjusted were up almost 15% compared to the first quarter of last year. That improvement was largely driven by a full quarter of earnings from a successful acquisition and integration of SourceGas, which we purchased on February 12 of last year. Highlights for our utilities during the quarter. Our South Dakota Electric utility continued its construction of a 144 mile transmission line from Northeastern Wyoming into Rapid City, South Dakota.

The final segment of that line is expected to be placed in-service later this quarter -- the second quarter. Colorado Electric received approval from the Colorado PUC for its electric resource plan, which will provide for an additional 60 megawatts of renewable energy resources that will be in service by 2019. Colorado Electric plans to issue a request for proposals for those resources during the second quarter and present those results to the commission by year-end for their approval.

We continue to