NorthWestern Reports 2023 Financial Results

BUTTE, Mont. and SIOUX FALLS, S.D., Feb. 14, 2024 (GLOBE NEWSWIRE) -- NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31, 2023. Net income for the period was $194.1 million, or $3.22 per diluted share, as compared with net income of $183.0 million, or $3.25 per diluted share, for the same period in 2022. This increase of $11.1 million in net income was primarily due to new base rates resulting from the Montana rate review, lower non-recoverable Montana electric supply costs and lower property and other taxes. These favorable impacts were partly offset by lower electric and natural gas retail volumes, higher depreciation and depletion expense, higher interest expense, higher operating, maintenance, and administrative expenses, and higher income tax expense. The $0.03 decline in per-share earnings in 2023 was primarily due to $0.23 of equity dilution from higher average shares outstanding largely offset by $0.20 higher per share net income.