Black Hills Corporation (BKH)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	309,400	287,880	313,363	303,816	287,800	280,298	264,588	280,350	283,592	273,805	286,144	279,176	243,960	256,588	248,110	248,129	260,495	252,557	225,871	216,995
Revenue (ttm)	US$ in thousands	2,127,700	2,122,332	2,127,832	2,136,532	2,331,332	2,531,039	2,586,551	2,649,446	2,551,816	2,322,885	2,240,863	2,139,240	1,949,102	1,872,981	1,838,981	1,793,323	1,696,941	1,688,208	1,667,166	1,674,140
Pretax margin		14.54%	13.56%	14.73%	14.22%	12.34%	11.07%	10.23%	10.58%	11.11%	11.79%	12.77%	13.05%	12.52%	13.70%	13.49%	13.84%	15.35%	14.96%	13.55%	12.96%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $309,400K ÷ $2,127,700K
= 14.54%

The pretax margin of Black Hills Corporation has shown some fluctuations over the period from March 31, 2020, to December 31, 2024. The pretax margin started at 12.96% in March 2020, increased steadily to peak at 15.35% in December 2020, and then gradually decreased to 11.11% by December 2022.

There was a slight increase in the pretax margin to 14.22% by March 2024, followed by a further rise to 14.73% by June 2024. However, the pretax margin declined to 13.56% by September 2024, before recovering slightly to 14.54% by December 2024.

Overall, the pretax margin of Black Hills Corporation has exhibited some variability, indicating changes in the company's profitability before accounting for taxes. It would be important to monitor this metric to assess the company's ability to generate earnings relative to its revenue, expenses, and taxes.