Black Hills Corporation (BKH)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	287,800	283,592	243,913	260,526	228,890
Revenue	US$ in thousands	2,331,300	2,551,800	1,949,100	1,696,940	1,734,900
Pretax margin		12.35%	11.11%	12.51%	15.35%	13.19%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $287,800K ÷ $2,331,300K
= 12.35%

The pretax margin of Black Hills Corporation has shown some fluctuations over the past five years. In 2023, the pretax margin increased to 12.94% from 11.60% in 2022. However, it was lower compared to 13.26% in 2021 and 16.25% in 2020. The lowest pretax margin was recorded in 2019 at 14.00%. Overall, the company's ability to generate profits before taxes relative to its total revenue has varied over the years, suggesting changes in its cost structure, operational efficiency, or revenue mix. Further analysis of the underlying factors influencing these fluctuations would provide more insights into the company's financial performance.