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NiSource announces second quarter 2024 results

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NiSource Inc. (NYSE: NI) reported strong Q2 2024 results, with net income of $85.8 million ($0.19 EPS) on a GAAP basis, up from $39.9 million ($0.09 EPS) in Q2 2023. Non-GAAP adjusted net income was $94.7 million ($0.21 EPS), compared to $50.3 million ($0.11 EPS) in Q2 2023. The company reaffirmed its 2024 adjusted EPS guidance of $1.70-1.74 and maintained its 2023-2028 outlook of 6-8% annual adjusted EPS growth and 8-10% annual rate base growth. NiSource's 2024-2028 capital expenditure plan is set at $16.4 billion. The Cavalry Solar & Storage project was placed into service during Q2, demonstrating progress in the company's investment plan.

NiSource Inc. (NYSE: NI) ha riportato risultati solidi per il secondo trimestre del 2024, con un utile netto di 85,8 milioni di dollari (0,19 USD di EPS) secondo i principi contabili GAAP, in aumento rispetto ai 39,9 milioni di dollari (0,09 USD di EPS) del secondo trimestre del 2023. L'utile netto rettificato non-GAAP è stato di 94,7 milioni di dollari (0,21 USD di EPS), rispetto ai 50,3 milioni di dollari (0,11 USD di EPS) nel secondo trimestre del 2023. L'azienda ha confermato la sua stima di EPS rettificato per il 2024 tra 1,70 e 1,74 USD e ha mantenuto la sua prospettiva 2023-2028 di crescita annuale del 6-8% dell'EPS rettificato e del 8-10% della base patrimoniale annuale. Il piano di spese in conto capitale per il 2024-2028 di NiSource è fissato a 16,4 miliardi di dollari. Il progetto Cavalry Solar & Storage è stato attivato durante il secondo trimestre, dimostrando progressi nel piano di investimento dell'azienda.

NiSource Inc. (NYSE: NI) reportó resultados sólidos en el segundo trimestre de 2024, con un ingreso neto de 85,8 millones de dólares (0,19 USD de EPS) según los principios de contabilidad GAAP, frente a los 39,9 millones de dólares (0,09 USD de EPS) en el segundo trimestre de 2023. El ingreso neto ajustado no-GAAP fue de 94,7 millones de dólares (0,21 USD de EPS), en comparación con los 50,3 millones de dólares (0,11 USD de EPS) en el segundo trimestre de 2023. La empresa reafirmó su guía de EPS ajustado para 2024 de 1,70 a 1,74 USD y mantuvo su perspectiva 2023-2028 de crecimiento anual del EPS ajustado del 6-8% y de la base tarifaria anual del 8-10%. El plan de gastos de capital para 2024-2028 de NiSource está establecido en 16,4 mil millones de dólares. El proyecto Cavalry Solar & Storage se puso en marcha durante el segundo trimestre, mostrando avances en el plan de inversión de la empresa.

NiSource Inc. (NYSE: NI)는 2024년 2분기 실적을 발표했으며, 순이익이 8,580만 달러(주당 EPS 0.19달러)로 GAAP 기준으로 기재되어 있으며, 이는 2023년 2분기의 3,990만 달러(주당 EPS 0.09달러)에서 증가한 수치입니다. 비-GAAP 조정 순이익은 9,470만 달러(주당 EPS 0.21달러)로 2023년 2분기의 5,030만 달러(주당 EPS 0.11달러)보다 증가했습니다. 이 회사는 2024년 조정 EPS 가이던스를 1.70에서 1.74로 재확인하고, 2023-2028년 전망으로 6-8%의 연간 조정 EPS 성장률과 8-10%의 연간 요금 기본 성장률을 유지했습니다. NiSource의 2024-2028년 자본 지출 계획은 164억 달러로 설정되었습니다. Cavalry Solar & Storage 프로젝트가 2분기에 서비스에 들어가면서 회사의 투자 계획에 대한 진전을 보여주었습니다.

NiSource Inc. (NYSE: NI) a annoncé des résultats solides pour le deuxième trimestre 2024, avec un résultat net de 85,8 millions de dollars (0,19 USD par action) selon les principes comptables GAAP, en hausse par rapport aux 39,9 millions de dollars (0,09 USD par action) du deuxième trimestre 2023. Le résultat net ajusté hors GAAP s'élevait à 94,7 millions de dollars (0,21 USD par action), contre 50,3 millions de dollars (0,11 USD par action) au deuxième trimestre 2023. L'entreprise a confirmé son objectif de BPA ajusté pour 2024 d'un montant de 1,70 à 1,74 USD et a maintenu ses perspectives 2023-2028 de croissance annuelle du BPA ajusté de 6 à 8 % et de croissance de la base tarifaire annuelle de 8 à 10 %. Le plan de dépenses en capital pour 2024-2028 de NiSource est fixé à 16,4 milliards de dollars. Le projet Cavalry Solar & Storage a été mis en service au cours du deuxième trimestre, montrant des progrès dans le plan d'investissement de l'entreprise.

NiSource Inc. (NYSE: NI) berichtete von starken Ergebnissen im zweiten Quartal 2024, mit einem Nettoeinkommen von 85,8 Millionen USD (0,19 USD EPS) auf GAAP-Basis, im Vergleich zu 39,9 Millionen USD (0,09 USD EPS) im zweiten Quartal 2023. Das bereinigte Nettoeinkommen nach Non-GAAP betrug 94,7 Millionen USD (0,21 USD EPS), verglichen mit 50,3 Millionen USD (0,11 USD EPS) im zweiten Quartal 2023. Das Unternehmen bekräftigte seine Prognose für das bereinigte EPS 2024 von 1,70 bis 1,74 USD und bestätigte seine Prognose 2023-2028 von 6-8% jährlichem bereinigtem EPS-Wachstum und 8-10% Wachstum der Ertragsbasis pro Jahr. Der Investitionsplan für 2024-2028 von NiSource beträgt 16,4 Milliarden USD. Das Projekt Cavalry Solar & Storage wurde im zweiten Quartal in Betrieb genommen und zeigt Fortschritte im Investitionsplan des Unternehmens.

Positive
  • Net income increased to $85.8 million in Q2 2024 from $39.9 million in Q2 2023
  • Non-GAAP adjusted net income rose to $94.7 million in Q2 2024 from $50.3 million in Q2 2023
  • Reaffirmed 2024 adjusted EPS guidance of $1.70-1.74
  • Maintained 2023-2028 outlook of 6-8% annual adjusted EPS growth
  • Cavalry Solar & Storage project placed into service in Q2 2024
Negative
  • None.

Insights

NiSource's Q2 2024 results show significant improvement, with GAAP net income rising to $85.8 million ($0.19 per share) from $39.9 million ($0.09 per share) in Q2 2023. The non-GAAP adjusted net income also increased to $94.7 million ($0.21 per share) from $50.3 million ($0.11 per share). This 90.9% year-over-year growth in adjusted EPS is impressive.

The company's reaffirmation of its 2024 adjusted EPS guidance of $1.70-1.74 and 6-8% annual adjusted EPS growth for 2023-2028 demonstrates confidence in its long-term strategy. The $16.4 billion capital expenditure plan for 2024-2028 suggests continued investment in growth initiatives. The 8-10% annual rate base growth projection is particularly noteworthy, as it could drive future earnings expansion.

NiSource's performance reflects robust execution of its utility-focused strategy. The successful implementation of capital trackers is crucial, as it allows for timely recovery of infrastructure investments. Progress on renewable project approvals and integrated resource planning underscores the company's commitment to clean energy transition, which is increasingly important in the utility sector.

The Cavalry Solar & Storage project coming online is a significant milestone, enhancing NiSource's renewable energy portfolio. This aligns with industry trends towards cleaner energy sources and could positively impact the company's environmental profile and regulatory relationships. The effective response to the major windstorm in Indiana demonstrates operational resilience, a critical factor for utilities in maintaining customer satisfaction and regulatory goodwill.

  • Reaffirming 2024 non-GAAP adjusted EPS guidance
  • Reaffirming 2023-2028 annual non-GAAP adjusted EPS growth of 6-8%

MERRILLVILLE, Ind.--(BUSINESS WIRE)-- NiSource Inc. (NYSE: NI) today announced, on a GAAP basis, net income available to common shareholders for the three months ended June 30, 2024, of $85.8 million, or $0.19 of earnings per diluted share, compared to net income available to common shareholders of $39.9 million, or $0.09 of earnings per diluted share, for the same period of 2023.

NiSource also reported second quarter 2024 non-GAAP adjusted net income available to common shareholders of $94.7 million, or $0.21 of adjusted earnings per share ("EPS") compared to non-GAAP adjusted net income available to common shareholders of $50.3 million, or $0.11 of adjusted EPS, for the same period of 2023. Schedule 1 of this press release contains a complete reconciliation of GAAP measures to non-GAAP measures. **

NiSource is reaffirming 2024 adjusted EPS guidance of $1.70-1.74 as well as annual 6-8% adjusted EPS growth and annual 8-10% rate base growth* for the 2023-2028 period. The 2024-2028 base capital expenditure plan is $16.4 billion.

"During the second quarter NiSource placed the Cavalry Solar & Storage project into service and reported strong earnings results, executing our investment plan and delivering consistent shareholder returns,” said NiSource President and CEO, Lloyd Yates. “Implementation of capital trackers as well as progress on renewable project approvals and our integrated resource planning process are continuing evidence of the superior regulatory and stakeholder foundation that make this possible. In July, our team was put to the test in responding to a major windstorm in our Indiana service area. I want to thank our employees and contractors for their preparation and around-the-clock response in restoring service to our communities.”

*core business rate base growth; select years may exceed range

**Non-GAAP Disclosure Statement

Beginning with the first quarter of 2024, NiSource Inc. changed its disclosure of non-GAAP results and guidance for net operating earnings available to common shareholders to adjusted net income available to common shareholders and for net operating EPS to adjusted EPS to better align with the presentation used by many companies to report their non-GAAP results. The change reflects a name change only and the calculations of each of these non-GAAP metrics remains consistent with the historical calculations.

This press release includes financial results and guidance for NiSource with respect to adjusted net income available to common shareholders and adjusted EPS, which are non-GAAP financial measures as defined by the SEC. The company includes these measures because management believes they permit investors to view the company’s performance using the same tools that management uses and to better evaluate the company’s ongoing business performance. With respect to guidance on adjusted EPS, NiSource reminds investors that it does not provide a GAAP equivalent of its guidance on adjusted net income available to commons shareholders due to the impact of unpredictable factors such as fluctuations in weather, impact of asset sales and impairments and other unusual or infrequent items included in the comparable GAAP measures. The company is not able to estimate the impact of such factors on the comparable GAAP measures and, as such, is not providing guidance on a GAAP basis. In addition, the company is not able to provide a reconciliation of its non-GAAP adjusted EPS guidance to the comparable GAAP equivalents without unreasonable efforts.

Additional Information

Additional information for the quarter ended June 30, 2024, is available on the Investors section of www.nisource.com, including segment and financial information and a presentation, as well as NiSource’s social media channels. The company alerts investors that it intends to use the Investors section of its website www.nisource.com and as well as the company’s social media channels to disseminate important information about the company to its investors. Investors are advised to look at NiSource’s website and its social media channels for future important information about the company.

About NiSource

NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The mission of our approximately 7,400 employees is to deliver safe, reliable energy that drives value to our customers. NiSource is a member of the Dow Jones Sustainability - North America Index and is on Forbes lists of America’s Best Employers for Women and Diversity. Learn more about NiSource’s record of leadership in sustainability, investments in the communities it serves and how we live our vision to be an innovative and trusted energy partner at www.NiSource.com. NI-F

The content of our website is not incorporated by reference into this document or any other report or document NiSource files with the Securities and Exchange Commission (“SEC”).

Forward-Looking Statements

This Press Release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. Forward-looking statements in this press release include, but are not limited to, statements concerning our 2024 guidance on adjusted EPS, plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.

Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this Press Release include, among other things: our ability to execute our business plan or growth strategy, including utility infrastructure investments; potential incidents and other operating risks associated with our business; our ability to work successfully with our third-party investors; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in laws and regulations; our increased dependency on technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demand; our ability to attract, retain or re-skill a qualified, diverse workforce and maintain good labor relations; our ability to manage new initiatives and organizational changes; the actions of activist stockholders; the performance and quality of third-party suppliers and service providers; potential cybersecurity attacks or security breaches; increased requirements and costs related to cybersecurity; any damage to our reputation; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals, including our Net Zero Goal; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor sentiment; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; compliance with changes in, or new interpretations of applicable laws, regulations and tariffs; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws or the interpretation thereof; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and matters set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, some of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time.

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.

Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

(in millions, except per share amounts)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

GAAP Net Income Available to Common Shareholders

$

85.8

 

 

$

39.9

 

 

$

430.1

 

 

$

359.1

 

Adjustments to Operating Income :

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

Weather - compared to normal

 

12.1

 

 

 

5.9

 

 

 

45.0

 

 

 

38.2

 

Total adjustments to operating income

 

12.1

 

 

 

5.9

 

 

 

45.0

 

 

 

38.2

 

Income Taxes:

 

 

 

 

 

 

 

Tax effect of above items(1)

 

(3.2

)

 

 

(1.7

)

 

 

(11.6

)

 

 

(10.2

)

Preferred Dividends:

 

 

 

 

 

 

 

Preferred dividends redemption premium(2)

 

 

 

 

6.2

 

 

 

14.0

 

 

 

6.2

 

Total adjustments to net income

 

8.9

 

 

 

10.4

 

 

 

47.4

 

 

 

34.2

 

Adjusted Net Income Available to Common Shareholders

$

94.7

 

 

$

50.3

 

 

$

477.5

 

 

$

393.3

 

Diluted Average Common Shares

 

450.2

 

 

 

446.8

 

 

 

449.8

 

 

 

446.9

 

GAAP Diluted Earnings Per Share(3)

$

0.19

 

 

$

0.09

 

 

$

0.95

 

 

$

0.80

 

Adjustments to diluted earnings per share

 

0.02

 

 

 

0.02

 

 

 

0.11

 

 

 

0.08

 

Adjusted Earnings Per Share

$

0.21

 

 

$

0.11

 

 

$

1.06

 

 

$

0.88

 

(1)Represents income tax expense calculated using the statutory tax rates for legal entity.

(2)Represents the difference between the carrying value on the redemption date of the Series B Preferred Stock and the total amount of consideration paid to redeem, net of the fair value of common shares issued during 2024.

(3) GAAP Diluted Earnings Per Share includes the effects of income allocated to participating securities and adds back the dilutive effect of Equity Units in the prior year. Please refer to Note 5, "Earnings Per Share," within the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2024.

 

Media

Christopher Beard

Corporate Media Relations

(224) 399-5705

cbeard@nisource.com

Investors

Christopher Turnure

Investor Relations

(614) 404-9426

cturnure@nisource.com

Source: NiSource Inc.

FAQ

What were NiSource's Q2 2024 earnings results?

NiSource reported Q2 2024 GAAP net income of $85.8 million ($0.19 EPS) and non-GAAP adjusted net income of $94.7 million ($0.21 EPS).

Has NiSource (NI) changed its 2024 earnings guidance?

No, NiSource reaffirmed its 2024 adjusted EPS guidance of $1.70-1.74.

What is NiSource's (NI) projected EPS growth rate for 2023-2028?

NiSource maintains its projected annual adjusted EPS growth rate of 6-8% for the 2023-2028 period.

What major project did NiSource complete in Q2 2024?

NiSource placed the Cavalry Solar & Storage project into service during Q2 2024.

NiSource Inc.

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