Business Context and Reporting Period
This Form 8-K was filed by Black Hills Corporation on April 8, 2016. The filing serves as a Regulation FD disclosure regarding upcoming investor meetings scheduled for the week of April 11, 2016, to discuss operations and business plans.
Key Financial Metrics
The filing does not report historical revenue, profit, cash flow, margins, debt, or liquidity figures. It focuses exclusively on forward-looking earnings guidance.
- 2016 Earnings Per Share (Adjusted): $2.90 to $3.10
- 2017 Earnings Per Share (Adjusted, Preliminary): $3.35 to $3.65
Note: "Earnings per share, as adjusted" is a non-GAAP measure excluding unique one-time events, impairments, and acquisition costs. The company states it cannot provide a forward-looking quantitative reconciliation to GAAP due to the unpredictability of future unique events.
Material Changes
The filing does not disclose material changes to financial results compared to prior periods. It confirms the reaffirmation of guidance previously issued on February 12, 2016.
Guidance, Outlook, and Risks
Management intends to reaffirm the 2016 and preliminary 2017 earnings guidance during analyst meetings. The guidance is based on reasonable assumptions regarding current expectations and industry trends.
Risks and Contingencies:
- Actual results may differ materially from forward-looking statements due to risks described in the 2015 Annual Report on Form 10-K (Item 1A).
- New factors may emerge that are not currently predictable.
- The company assumes no obligation to update forward-looking statements based on new information or future events.
Investor Verification Checklist
- Verify the definition of "Earnings per share, as adjusted" against the company's most recent GAAP reporting to understand the magnitude of non-GAAP adjustments.
- Review the 2015 Annual Report on Form 10-K (Item 1A) for specific risk factors that could impact the 2016 and 2017 guidance.
- Monitor the company's website for the presentation materials referenced in the filing.
- Confirm whether any "unique one-time non-budgeted events" have occurred since the February 12, 2016 guidance issuance that might affect the non-GAAP reconciliation.