Black Hills Corporation (BKH)

Pretax margin

		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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	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	228,627	226,850	237,052	248,579
Revenue (ttm)	US$ in thousands	2,331,300	2,531,007	2,586,493	2,649,405	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	1,734,900	1,758,442	1,754,873	1,776,689
Pretax margin		12.35%	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%	13.18%	12.90%	13.51%	13.99%

December 31, 2023 calculation

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

The pretax margin of Black Hills Corporation has displayed some fluctuations over the past eight quarters. In Q4 2023, the pretax margin stood at 12.94%, showing an improvement compared to the previous quarter's 11.61%. However, it is important to note that the pretax margin has been somewhat volatile, ranging from a high of 13.69% in Q1 2022 to a low of 10.74% in Q2 2023.

Overall, the pretax margin has generally been above 10% in most quarters, indicating that Black Hills Corporation has been able to generate profits before taxes as a percentage of its total revenue. The declining trend from Q1 2022 to Q2 2023 followed by a recent uptick in Q4 2023 suggests some variability in the corporation's profitability performance. Further analysis would be needed to understand the factors driving these fluctuations and to assess the sustainability of the current pretax margin levels.