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NORTHWESTERN CORP

northwesternenergy.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Oct 27, 2023. Its latest SEC filing is a SC 13G/A from Feb 13, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides electricity and natural gas to residential, commercial, and industrial customers in Montana, South Dakota, and Nebraska.

How Did They Make Money?

Residential, commercial, and industrial customers are billed monthly for electricity or natural gas supplied, with payment due after billing.

revenue
SegmentShareRevenue
Electric
Usage-based

75%
FY2019: 78%
Gas Domestic Regulated
Usage-based

25%
FY2019: 22%

Who Were Their Customers?

Serves residential households, commercial businesses, and industrial manufacturers in Montana, South Dakota, and Nebraska; customers are billed monthly.

Did Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2022, but spent more cash than it brought in: free cash flow was −$207.9M.

Operating income, FY2022
18% of revenue
▼ −5% vs FY2021 ($275.7M, 20%)
Net income, FY2022
12% of revenue
▼ −2% vs FY2021 ($186.8M, 14%)
Free cash flow, FY2022
−14% of revenue
▼ −3% (Loss) vs FY2021 (−$214.4M, −16%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q3 FY2023, the three months to Sep 30, 2023
Revenue
▼ −4%
vs $335.1M in Q3 FY2022
Net income
▲ +7%
vs $27.4M in Q3 FY2022
Electricity, US Regulated share of revenue vs 87.2% in Q3 FY2022
  • Dec 6, 2023 Reaffirmed 2023 and 2024 earnings guidance The non-GAAP ranges remain $3.00 to $3.10 and $3.42 to $3.62 per diluted share, respectively.
  • Oct 27, 2023 Raised long-term earnings-growth guidance and issued annual guidance The long-term range became 4% to 6%; 2023 guidance was $3.00 to $3.10 and 2024 guidance $3.42 to $3.62 per diluted share.
  • Oct 2, 2023 Completed a holding-company merger NorthWestern Energy Group became the parent of NorthWestern Corporation, and existing shareholders received corresponding shares of the new parent.

Grew. Revenue grew 24% in 4 years, from $1.2B in FY2018 to $1.5B in FY2022, about 6% a year.

Revenue over time
Electric Gas Domestic Regulated
$2B$1B$0

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