NorthWestern Energy Group (NWE) Q4 2024 earnings summary

Executive summary

• Achieved record winter and summer electric system peaks in Montana, maintaining safe and reliable service, and completed over $550 million in capital investment, including the 175MW Yellowstone County Generating Station.

• Announced $2.74 billion five-year capital plan, an 11% increase over the prior plan, and brought forward planned acquisitions, including incremental Colstrip ownership and regional transmission expansion.

• Filed rate reviews across all jurisdictions, refreshed wildfire mitigation and public safety plans, and strengthened Montana presence.

Financial highlights

• Full-year 2024 GAAP EPS was $3.65, up from $3.22 in 2023; adjusted EPS was $3.40, a 4% increase year-over-year.

• Q4 2024 GAAP EPS was $1.31, down from $1.37 in Q4 2023; adjusted Q4 EPS was $1.13, compared to $1.38 in the prior year.

• Net income for 2024 increased to $224.1 million; operating revenues rose to $1.51 billion, and utility margin grew 7.8% to $1.08 billion.

• Quarterly dividend increased 1.5% to $0.66 per share, payable March 31, 2025.

Outlook and guidance

• Affirmed long-term EPS and rate base growth targets of 4%-6% annually from a 2024 base, with a 5% dividend yield and 9%-11% total growth target.

• Five-year capital plan increased by 11% to $2.74 billion, focused on low-risk, critical infrastructure projects.

• 2025 EPS guidance to be provided after the outcome of the ongoing Montana rate review.

• No equity issuances expected for the current capital plan; funding through cash from operations and secured debt.

• Incremental opportunities, such as data centers and transmission projects, could push growth above current targets.