NorthWestern Corp. Q1 Earnings Up; Backs Full-Year EPS View

(RTTNews) - NorthWestern Corp. (NWE) Thursday reported a rise in earnings as well as revenue for the first quarter, helped by colder weather and acquisition of natural gas production assets. The company also reaffirmed its earnings guidance for 2014.

NorthWestern Corp., which does business as NorthWestern Energy, provides electricity and natural gas in the Upper Midwest and Northwest, serving around 678,200 customers in Montana, South Dakota and Nebraska.

"The colder weather we experienced in the first quarter increased our retail electric and gas volumes and contributed to our earnings," said CEO Bob Rowe.

For the first quarter, net earnings grew to $45.58 million or $1.17 per share, from $37.9 million or $1.01 per share a year ago.

On average, two analysts polled by Thomson-Reuters estimated the company's earnings to be $1.08 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the 3-month period increased to $369.72 million from $313.02 million in the same period last year.

Looking ahead, the company confirmed its earnings guidance of $2.60 to $2.75 per share for 2014. Analysts expect earnings of $2.70 per share for the full year.

The board recommended a quarterly dividend of $0.40 per share, payable On June 30 to common shareholders of record on June 13.