NorthWestern (US:NWE)2025-10-30 20:30Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $0.62 per share for Q3 2025, down from $0.76 in the prior period, while non-GAAP diluted EPS increased to $0.79 from $0.65 [4][8] - Year-to-date GAAP EPS stands at $2.22 compared to $2.34 last year, with adjusted EPS at $2.41 in 2025 versus $2.27 in 2024 [9][10] - The company affirmed its 2025 earnings guidance range of $3.53 to $3.65 [4] Business Line Data and Key Metrics Changes - Margin improvement contributed $0.52 to EPS, driven by rate increases ($0.35), customer usage ($0.08), and electric and gas transmission [10][11] - The company incurred $0.12 of merger-related costs during the quarter, impacting overall performance [12] Market Data and Key Metrics Changes - Mild weather negatively impacted earnings by approximately $0.05 compared to the previous year [12] - The company is awaiting outcomes from its Montana rate review, which is expected to influence future earnings [13] Company Strategy and Development Direction - The company is pursuing an all-stock merger with Black Hills Corporation, with regulatory filings already submitted [4][15] - A significant capital investment plan focuses on transmission and distribution (T&D) investments, with potential incremental opportunities in data centers and large load customers [6][14] - The company plans to file a large load tariff in Montana in Q4 2025, aiming to attract data centers [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting financial commitments and anticipates a favorable outcome from the Montana rate review [13] - The company expects to provide its 2026 outlook during the year-end call in February [14] Other Important Information - A dividend of $0.66 per share was declared, payable on December 31, 2025 [5] - The company is working on a $300 million natural gas generation project, which is not included in the current five-year CapEx plan [5] Q&A Session Summary Question: Clarification on data center activity and timelines - Management confirmed an increase in the queue count for high-level assessments and indicated that one could convert to an LOI soon [32] Question: Timeline for gas plan approval in South Dakota - Management stated that initial feedback from the Southwest Power Pool was positive, with expectations for transmission piece feedback in early 2026 [33]