Bob. Thanks, quarter. results summary the of Page the On the X presentation second for financial is
is As Bob pointed out, $XX.X million. our down net income
a jump year-over-year As gross I there slide, $X.X million themes look down really three is out, basis. at are this margin on
could All be XXXX of reflected by variance favorable impacts. two that negative
The variance increases more point in expense. basis. we quarter the $XX.X had – second all property is negative is, income favorable third to And on that impact, offset in million thing depreciation expenses course theme interest the I am tax, XXXX the taxes theme of year-over-year the OG&A the in attributed than I the during out the and reduction a is
And I actually So, gross we a line a perspective. following feel those taking in we things the as Gross with million pointed was with to you will I about quarter page off out. from that, or had consideration, turn COVID margin very our expectations on X% margin. good in $X.X
really electric All to our of that attributed business.
in item of and change legislation in adjustment XXXX. X.X our I $X.X received. the together X. different a in gain You margin We items look QF after cost the to the transmission and electric – get slightly result that were And had treat Montana million is million. $X.X that, $X.X other gross impacts a gain guess, less million we two on at X.X some a to item would supply items year fully is really favorable first gross favorable in are PCAM than – X.X recovery, margin. this actually excuse electric the XXXX associated me had we that’s the our very of lower impact. QF the year-over-year is was the Those primary with net we that full able drivers two change then, of income,
of Colstrip. the closure Units at So Xand X
show associated margins, on the gross elsewhere XXXX Page do X, decrease net that’s of margin with a speaking the a that, million. impact right, favorable big changes items we in $X.X again, offset P&L the COVID. red all, for to within $X.X have to in Also we all gross million. box impacting So, do far in the Below
I were anything flat. $X negative say didn’t they were our about a essentially customer a associated growth million on offset retail flat, COVID. great revenues They is, The or favorable electric $X were being volumes. gas to impact extent with notice reason by You effectively million to and weather
were residential volumes industrial and perspective, that, from commercial offset flat. expected, a relatively and volumes partially again down margin As
$XXX,XXX when compared and We as for QX Moving XXXX. pre-tax of a forward on benefit to pre-tax quarter colder expected compared have a had much favorable a $XXX,XXX benefit normal a it and weather, of us didn’t weather is to impact.
April, X, primary had in Page helped Dakota look If quarter. weather you which at June, the warmer map Dakota are temperatures that Those South drivers helped the bottom two we gas left for Electric colder during side heating have our did of favorable weather the business. our In in South we our the of in the business. Montana things
had favorable taxes driver Moving X% expenses million operating biggest are reduction the is we expense down the $X.X on $X.X that in the the minute. an as COVID of on Property Note three those that and nearly OG&A Page booked reduced I’ll rate a expenses to impact basis. of are or to depreciation on associated million I’ll up impacting to slightly The speak was of X. is, that year-over-year employee for is benefit, our course are with We property We a a of depreciation and $X.X there They where settlement. OG&A in or increased speak medical. impact an that biggest And million, lower a million had items our a OG&A net of to result lower items incentive taxes. in an incremental increase, costs a rate – decrease had the was impacting with had part benefits. expenses increased valuation Montana impact Jumping case associated income costs. XXXX in associated settlement also $X.X minute. $X.X of up that of we highlighting in with case million that
had that net net impacted of P&L in million as anticipated having million. $X.X by and the and training and impacts, had trees work in labor that and here COVID some totaling offset $X.X for of again, right, in be during the give that quarter. items impacts other to allocation are made of lower million full quarter capital. of more medical, To expected And to on in $X.X travel with good We presentation. we $X.X in had labor uncollectable how some of of a We on COVID in accounts XXXX for hazard P&L that at show lower $X.X changes decrease generation later Below maintenance the COVID partially COVID, regard. are training, related then, offset course, million lower think had a We’ll OG&A expenses offset lower increased travel and associated well we We million with accounts we So, $X.X million far going attributed South labor progress some hazard decreased benefits lower by our a in increase in the with related million lower trees million for employee were facilities. we the $X.X based upon OG&A of lower lower changed to benefits some elsewhere the uncollectable you the items COVID. Those in what’s $X.X of about that, million. some $X.X there income. and generation around Dakota to DDGS costs,
million quarter-over-quarter basis. income operating $X at forward Moving top just, a of page on the up the
$XX.X million stop second are you there favorable $X.X incremental need XXXX million decrease a after-tax for after-tax this item to in the $X.X XXXX, take of taxes, all impact and Obviously, million attributed by taken. with to in during of with attributed was million $XX basis, quarter. Moving is $XX That that’s us into income that the to margin out associated leads associated we swing after-tax And impact in almost associated $XX again an Almost that. increase of the pre-tax about and numbers, pre-tax income, that’s negative have borrowings the down on basis. XXXX, that million $XX this million improve million point consideration interest change to Take a a $XX year Below items. round that income. $X net COVID million a increase to benefit favorable and on to of just the after-tax pre-tax, million that favorable XXXX again, going liquidity – in all in really with down primarily driven our million, $X.X a basis in to expense. quarter-over-quarter just item on an the depreciation on
in discussed, we favorable we a million million I you quarter, had after-tax if COVID, with minute. that And items the the for of net up basis. have that, year-over-year will $X to just $X a Approximately, so, the for would Add million – we would an be XXXX we $X XXXX, quarter. all that those of in removing received an the back XXXX associated out, show P&L on detriment
from that are in COVID didn’t a feel quarter. a from like we obviously, look forward. we good it knowing and perspective, where great going headline with So, our we what perspective But know
a had tax on debt operations things lower year-over-year basis. associated improvement quarterly on you Page to supply from three million little income is flow, again on bottom XXXX, better offset approximately Balance slightly about giving with the the and much refunds since we an drove XX, I were XXXX that a a perspective about the page, on cash of $XX by by increase, in increase talk partially Really and probably on Page in debt-to-capital unrecognized associated in $XXX TCJA. $XX.X change increase an to end and repairs around debt-to-cap. the PP&E in million the on year. million On collections X a In year-to-date did short-term Page sheet, on changes cost XXXX, this income very basis. better XX. can with benefit recognition is Moving talked We on million flow-through taxes. not XX% of year a customers biggest pretax to $XXX see to of cash with
of that a improvement on diluted XXXX. penny in a benefit lower unfavorable received compared penny We this were out case, GAAP we $X.XX see We refunds on favorable weather again non-GAAP for Thinking in basis had the $XX weather of the offset we our partially million $X.XX. $X.XX that - back to of income there. year XXXX. a page, in approximately three really earnings as this by on to non-GAAP quarter XX, adjusted are also did tax taking of That and interconnection last items a year. giving number was bottom the at Page some transmission and to net Those EPS added
thing from our improved in I tax And a but remove again, $X.XX favorable on result shown on income income is, the million detriment is you basis. net significantly also net a on on year-over-year $XXX,XXX basis now non-GAAP weather. the So then benefit, pretax to EPS page down this slightly non-GAAP I’d an also a – income equates $X.XX GAAP, say And The again, less. basis. to the when as swing main $X of primarily as is point there
or ability uncollectable and one count assumptions. guidance have remaining to $X.XX X% obviously XX, X%. Page revised tax expense filings, to where Moving diluted $X.XX the a an account on at also big COVID collectibles, share share our million but recover only assumptions XX.X we our Obviously, previously from our not We forward, per we years diluted and the earnings per is in expectations of to normal share. minus know impact earnings of and commissions on do a reaffirming range made of margins, weather
this have of look long-term return that’s page, a combination total out, point a our And have course, I’d X% dividend to of a perspective. X% yield. to on to continue and we growth do be Lastly, - going through earnings derived as from our
achieve the $X.XX bridge first where the COVID. revised and on change to will save we discussed. so, two Moving second the $X.XX an $X.XX to need can associated range going and better achieving benefit $X.XX We that $X.XX out expense tax to OG&A that quarter is, just from. means have to it’s the and That time on we $X.XX expense continues, come to a a to one in do alone quarters It’s through need improvement come that continue we’ll in easy $X.XX to and to we in for to not the going the if And basis come from if thinking $X.XX that we’ll primarily improvement expect of from relatively $X.XX timing. OG&A had COVID year regard. of point I’d thing $X.XX with our on and we’ll year-over-year guidance
top work to extremely stay and are we to So, going hard on of that.
a will two the earnings assessment. our have again second final our get help guidance What we tax us property that know and Those in also QX. achieve quarter, changed We we timing the QX swing. things tax really in did forecast, since
the associated an We a margin have last but that taxes second this changes half we tax the latter year, certainly Those since recovery in in of half the the the increase made for of increased property we with year. primary property for gross are two the time adjustment. in the
quarter. into And interest the QX out, about at and expense. and industrial we a and about to $X reduction Gas expenses we - associated and P&L with do of during think the the upper-right in $X our expectations. all with show that, are Electric residential high XX, right, operating real in in little and about million take I to it and full $X And played the in in the and $X XX. Moving our QX on of margin show forecast the at decline forward of show all, commercial, earlier show a talked bit for line gross detailed little Moving pretty level second margin, million Page how business. a on much that. both to on They our $XXX,XXX of in you upper-right page, just in the consideration expenses, to expectations million, next add you directly we worse net bit far basis do actually we top out At our QX. Page where for $XXX,XXX a things page quickly we expected. better increase with perspective came a our what plus million maintaining in as more expenses point then from gross that, think and do And expectations We on the Again, in expenses below the our line
release the the impact in That on COVID of million $X million on $X our impacts $X point anticipated we out $X.X million to an very So us other in One thing to gives still press a Very impacts on little we $X.XX spending, mentioned of approximately are on levels. after-tax little million detriment supply COVID $X.XX. side. expense should million, with I associated pretax page, $XXX staffing and we $X chain. to capital or seeing this million
We actually year-to-date more spent are getting had last this our work of year done. than capital all year. We’ve we
track, on great keep with moving that, are hand over And I’ll we forward to So there. back it Bob.
