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NorthWestern Reports 2022 Financial Results
Date: Feb 16, 2023
TYPE: News
Categories: Investors, News and Events Categories
BUTTE, MT / SIOUX FALLS, SD - February 16, 2023 - NorthWestern Corporation d/b/a
NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31,
2022. Net income for the period was $183.0 million, or $3.25 per diluted share, as compared with net
income of $186.8 million, or $3.60 per diluted share, for the same period in 2021. This decrease of
$3.8 million in net income was primarily due to higher operating expense (including depreciation and
property taxes) and interest expense, lower transmission revenues, a less favorable Qualifying
Facilities (QF) liability adjustment as compared to the prior year and higher non-recoverable electric
supply costs in Montana. These impacts were partly offset by increased revenue from higher electric
and natural gas retail volumes due to favorable weather and customer growth and Montana electric
and natural gas interim rates (which are subject to refund). The decrease in per share earnings was
also affected by equity issuances during 2022, which increased average common shares outstanding.
Equity issuances during the year contributed to $0.27 of the $0.35 decrease in per share earnings.