NiSource Inc. (NI - Free Report) reported second-quarter 2016 operating earnings of 8 cents per share, surpassing the Zacks Consensus Estimate of 7 cents by 14.3%.
The company reported GAAP earnings of 9 cents per share. In the year-ago period, it had incurred a loss of 23 cents per share on a GAAP basis.
The difference between GAAP and operating earnings was due to the impact of a penny related to one-time non-recurring items.
Revenues
In the second quarter of 2016, NiSource's gross revenues of $893 million lagged the Zacks Consensus Estimate of $928 million by 3.8%.
However, revenues were up from $891.4 million reported in the prior-year quarter.
Quarterly Highlights
NiSource's Gas Distribution sales increased 5.4% year over year to 193 million dekatherms (MMDth). Electric Operation sales grew 2.1% to 4,061 gigawatt hours.
Total operating expenses were $523.8 million, down 2.8%, primarily due to lower operation and maintenance expenses, and other taxes.
Interest expenses were $86 million, down 12.4% from the year-ago figure of $98.2 million.
Financial Position
As of Jun 30, 2016, NiSource's cash and cash equivalents were $15.7 million, compared with $15.5 million as of Dec 31, 2015.
In the first six months of 2016, net cash from operating activities (continuing operation) was $487.1 million, compared with $1,115.5 million in the year-ago period.
NiSource's capital expenditure in the first six months of 2016 was $672.5 million, up 21.2% from $554.7 million in the year-ago period.
Guidance
NiSource narrowed its 2016 earnings guidance of $1.00 to $1.10 per share to therange of $1.05 to $1.10.The company projects long-term annual earnings and dividend growth of 4–6%.
Management expects to invest nearly $1.5 billion in 2016 to strengthen and modernize existing infrastructure in all seven states of operation.
Upcoming Peer Releases
Spark Energy, Inc. is scheduled to report second-quarter 2016 results on Aug 11 before the market opens. The Zacks Consensus Estimate stands at 29 cents.
Avista Corp. (AVA - Free Report) is scheduled to report second-quarter 2016 results on Aug 3 before the market opens. The Zacks Consensus Estimate stands at 43 cents.
CenterPoint Energy, Inc. (CNP - Free Report) is scheduled to report second-quarter 2016 results on Aug 5 before the market opens. The Zacks Consensus Estimate stands at 20 cents.
Zacks Rank
NiSource currently has a Zacks Rank #3 (Hold).
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NiSource Inc. (NI - Free Report) reported second-quarter 2016 operating earnings of 8 cents per share, surpassing the Zacks Consensus Estimate of 7 cents by 14.3%.
The company reported GAAP earnings of 9 cents per share. In the year-ago period, it had incurred a loss of 23 cents per share on a GAAP basis.
The difference between GAAP and operating earnings was due to the impact of a penny related to one-time non-recurring items.
Revenues
In the second quarter of 2016, NiSource's gross revenues of $893 million lagged the Zacks Consensus Estimate of $928 million by 3.8%.
However, revenues were up from $891.4 million reported in the prior-year quarter.
Quarterly Highlights
NiSource's Gas Distribution sales increased 5.4% year over year to 193 million dekatherms (MMDth). Electric Operation sales grew 2.1% to 4,061 gigawatt hours.
Total operating expenses were $523.8 million, down 2.8%, primarily due to lower operation and maintenance expenses, and other taxes.
Interest expenses were $86 million, down 12.4% from the year-ago figure of $98.2 million.
Financial Position
As of Jun 30, 2016, NiSource's cash and cash equivalents were $15.7 million, compared with $15.5 million as of Dec 31, 2015.
In the first six months of 2016, net cash from operating activities (continuing operation) was $487.1 million, compared with $1,115.5 million in the year-ago period.
NiSource's capital expenditure in the first six months of 2016 was $672.5 million, up 21.2% from $554.7 million in the year-ago period.
Guidance
NiSource narrowed its 2016 earnings guidance of $1.00 to $1.10 per share to therange of $1.05 to $1.10.The company projects long-term annual earnings and dividend growth of 4–6%.
Management expects to invest nearly $1.5 billion in 2016 to strengthen and modernize existing infrastructure in all seven states of operation.
Upcoming Peer Releases
Spark Energy, Inc. is scheduled to report second-quarter 2016 results on Aug 11 before the market opens. The Zacks Consensus Estimate stands at 29 cents.
Avista Corp. (AVA - Free Report) is scheduled to report second-quarter 2016 results on Aug 3 before the market opens. The Zacks Consensus Estimate stands at 43 cents.
CenterPoint Energy, Inc. (CNP - Free Report) is scheduled to report second-quarter 2016 results on Aug 5 before the market opens. The Zacks Consensus Estimate stands at 20 cents.
Zacks Rank
NiSource currently has a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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