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Hibbing utility reports higher revenue, approves May interim financials
Summary
At its June 24 meeting the Hibbing Public Utilities Commission approved interim financial statements for the five months ended May 31, 2025, showing higher year‑to‑date revenue and net income and staff warned margins typically decline in summer months.
On June 24 the Hibbing Public Utilities Commission approved the May 2025 interim financial report, which showed year‑to‑date revenue of $16,200,000 compared with $14,900,000 in the same period last year.
The report, presented by Mr. Peterson, noted that a colder-than-normal winter drove higher energy use and revenues and that the utility reported net income of $2,100,000 for the five months ended May 31, compared with $1,100,000 a year earlier.
Mr. Peterson said the packet includes performance metrics comparing Hibbing Public Utilities with American Public Power Association averages. He reported a debt ratio of about 7.08% versus an APPA average of 27.5%, a current ratio of 7.6 versus 3.1, a return on assets of 2.8% (below a 5% target) and a profit margin of about 23% versus an industry average of 9.3%.
Mr. Peterson cautioned commissioners that the reported profit margin is likely to deteriorate as the year moves into lower‑revenue summer months and asked the commission to continue monitoring results.
Commissioner Babich moved to approve the interim financials; Commissioner Sandstedt seconded. The motion carried on a voice vote.
