NorthWestern Corporation d/b/a NorthWestern Energy (NWE) reported first-quarter net income of $22.8 million, lower than last year's $23.5 million. However, earnings per share rose to $0.63 from $0.59 in the prior year, due primarily to the share buy back concluded in the third quarter of 2008.
Total revenues amounted to $370.90 million, compared to $385.97 milion in the same quarter of last year.
Consolidated gross margin was $162.9 million, compared with $156.9 million in the year-ago quarter. The improvement in consolidated gross margin was primarily due to the transfer of stake in Colstrip Unit 4 to Montana utility rate base and represents our return on rate base.
Looking ahead, the company said it still sees earnings per share for 2009 to be in the range of $1.85 - $2.00.
In addition, NorthWestern's board declared a quarterly dividend of 33.5 cents per share, payable on June 30, 2009, to shareholders of record on June 15, 2009.
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