We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
NiSource (NI) Q1 Earnings Beat Estimates, Revenues Miss
Read MoreHide Full Article
NiSource (NI - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of 85 cents, which surpassed the Zacks Consensus Estimate of 81 cents by 4.9%. The bottom line increased 10.4% from the year-ago quarter’s recorded figure of 77 cents.
On a GAAP basis, the company reported an EPS of 77 cents compared with 71 cents in the prior-year quarter.
Total Revenues
Operating revenues of $1.71 billion missed the Zacks Consensus Estimate of $2.07 billion by 17.5%. The top line also decreased 13.2% from the prior-year quarter’s figure of $1.97 billion.
Total operating expenses amounted to $1.12 billion, down 22.2% from the year-ago quarter’s level of $1.44 billion due to lower energy.
Operating income totaled $583.4 million, up 9.9% from the year-ago figure of $531 million.
Net interest expenses amounted to $116.3 million, up 6.8% from the prior-year quarter’s $108.9 million.
Total gas distribution in Sales and Transportation was recorded at 207.3 Million British Thermal Units per day (MMDth), up 6.7% from the prior-year quarter’s 194.3 MMDth.
Total electric sales were recorded at 3,648.9 gigawatt-hours (GWh), up 1.8% from the prior-year quarter’s 3,582.8 GWh.
Financial Update
NiSource's cash and cash equivalents as of Mar 31, 2024 were $0.102 billion compared with $2.24 billion as of Dec 31, 2023.
Long-term debts (excluding those due within a year) as of Mar 31, 2024 were $11.72 billion compared with $11.05 billion as of Dec 31, 2023.
Net cash flows from operating activities in the first three months of 2024 were $456.2 million compared with $683.4 million in the year-ago period.
Guidance
The company expects 2024 non-GAAP earnings in the band of $1.70-1.74 per share. The Zacks Consensus Estimate is pegged at $1.71 per share, which is lower than the midpoint of the company’s guided range.
NI expects to witness an earnings CAGR of 6-8% through 2028. It has increased its capital expenditure plan for the 2024-2028 period to $16.4 billion from the previous projection of $16 billion.
NextEra Energy, Inc.’s (NEE - Free Report) first-quarter earnings of $0.91 per share beat the Zacks Consensus Estimate of $0.80.
The company’s long-term (three to five years) earnings growth rate is 8%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.40 per share, which implies a year-over-year improvement of 7.3%.
AVANGRID, Inc. (AGR - Free Report) reported first-quarter earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings stands at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported first-quarter earnings of 15 cents per share, which beat the Zacks Consensus Estimate of a loss of 2 cents by 850%.
PNW’s long-term earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.76 per share, which suggests a year-over-year improvement of 7.9%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
NiSource (NI) Q1 Earnings Beat Estimates, Revenues Miss
NiSource (NI - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of 85 cents, which surpassed the Zacks Consensus Estimate of 81 cents by 4.9%. The bottom line increased 10.4% from the year-ago quarter’s recorded figure of 77 cents.
On a GAAP basis, the company reported an EPS of 77 cents compared with 71 cents in the prior-year quarter.
Total Revenues
Operating revenues of $1.71 billion missed the Zacks Consensus Estimate of $2.07 billion by 17.5%. The top line also decreased 13.2% from the prior-year quarter’s figure of $1.97 billion.
NiSource, Inc Price, Consensus and EPS Surprise
NiSource, Inc price-consensus-eps-surprise-chart | NiSource, Inc Quote
Highlights of the Release
Total operating expenses amounted to $1.12 billion, down 22.2% from the year-ago quarter’s level of $1.44 billion due to lower energy.
Operating income totaled $583.4 million, up 9.9% from the year-ago figure of $531 million.
Net interest expenses amounted to $116.3 million, up 6.8% from the prior-year quarter’s $108.9 million.
Total gas distribution in Sales and Transportation was recorded at 207.3 Million British Thermal Units per day (MMDth), up 6.7% from the prior-year quarter’s 194.3 MMDth.
Total electric sales were recorded at 3,648.9 gigawatt-hours (GWh), up 1.8% from the prior-year quarter’s 3,582.8 GWh.
Financial Update
NiSource's cash and cash equivalents as of Mar 31, 2024 were $0.102 billion compared with $2.24 billion as of Dec 31, 2023.
Long-term debts (excluding those due within a year) as of Mar 31, 2024 were $11.72 billion compared with $11.05 billion as of Dec 31, 2023.
Net cash flows from operating activities in the first three months of 2024 were $456.2 million compared with $683.4 million in the year-ago period.
Guidance
The company expects 2024 non-GAAP earnings in the band of $1.70-1.74 per share. The Zacks Consensus Estimate is pegged at $1.71 per share, which is lower than the midpoint of the company’s guided range.
NI expects to witness an earnings CAGR of 6-8% through 2028. It has increased its capital expenditure plan for the 2024-2028 period to $16.4 billion from the previous projection of $16 billion.
Zacks Rank
NiSource currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy, Inc.’s (NEE - Free Report) first-quarter earnings of $0.91 per share beat the Zacks Consensus Estimate of $0.80.
The company’s long-term (three to five years) earnings growth rate is 8%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.40 per share, which implies a year-over-year improvement of 7.3%.
AVANGRID, Inc. (AGR - Free Report) reported first-quarter earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings stands at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported first-quarter earnings of 15 cents per share, which beat the Zacks Consensus Estimate of a loss of 2 cents by 850%.
PNW’s long-term earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.76 per share, which suggests a year-over-year improvement of 7.9%.