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NorthWestern Reports First Quarter 2023 Financial Results

Date: Apr 27, 2023

TYPE: News

Categories: Investors, News and Events Categories

BUTTE, MT / SIOUX FALLS, SD - April 27, 2023 - NorthWestern Corporation d/b/a NorthWestern
Energy (Nasdaq: NWE) reported financial results for the three months ended March 31, 2023. Net
income for the period was $62.5 million, or $1.05 per diluted share, as compared with net income of
$59.1 million, or $1.08 per diluted share, for the same period in 2022. The increase in net income was
primarily due to higher electric and natural gas retail volumes, higher Montana interim rates associated
with our ongoing rate review, which are subject to refund, lower non-recoverable Montana electric supply
costs, and higher transmission revenues, partly offset by higher operating and maintenance costs, higher
administrative and general costs, higher depreciation and depletion expense, higher interest expense,
and higher income tax expense, including a one-time charge for the reduction of previously claimed
alternative minimum tax credits. Although net income increased by $3.4 million, diluted earnings per

share decreased due to equity issuances during 2022 that increased average shares outstanding.

Read the full press release here