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NiSource's (NI) Q3 Earnings Beat Estimates, Revenues Miss
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NiSource Inc (NI - Free Report) delivered net operating earnings of 9 cents per share in third-quarter 2020, which surpassed the Zacks Consensus Estimate of 2 cents by 85.7%. On a GAAP basis, the company reported a loss of 49 cents per share compared witha loss of 2 cents in the year-ago quarter.
Total Revenues
NiSource generated total net revenues of $897.5 million in the third quarter, which missed the Zacks Consensus Estimate of $971.7 million by 7.6%. Further, the top line dipped 3.3% from $927.9 million reported in the year-ago quarter.
Total operating expenses in the quarter under review fell 8.7% year over year to $749.2 million.
Total interest expenses in the reported quarter decreased 0.7% from the prior-year quarter’s figure to $95.2 million.
Financial Update
NiSource's cash and cash equivalents as of Sep 30, 2020 were $58.6 million, down from $139.3 million as of Dec 31, 2019.
Long-term debts (excluding amounts due within a year) as of Sep 30 were $9,208.9 million compared with $7,856.2 million as of Dec 31, 2019.
Net cash flows from operating activities for the first nine months of 2020 were $858.6 million compared with $1,231.8 million for the first nine months of 2019.
Outlook
NiSource reaffirmed its 2020 CapEx guidance at $1.7-$1.8 billion and also retained its 2021 non GAAP net operating earnings in the range of $1.28-$1.36 per share. Also, it expects net operating earnings per share to see a CAGR of 7-9% from 2021 through 2024 including near-term annual growth of 5-7% through 2023.
During the same time frame, the utility anticipates to invest $1.9-$2.2 billion annually in growth, safety and modernization along with $1.8-$2.0 billion investments in renewable generation assets.
Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2020 operating earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 5%.
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NiSource's (NI) Q3 Earnings Beat Estimates, Revenues Miss
NiSource Inc (NI - Free Report) delivered net operating earnings of 9 cents per share in third-quarter 2020, which surpassed the Zacks Consensus Estimate of 2 cents by 85.7%. On a GAAP basis, the company reported a loss of 49 cents per share compared witha loss of 2 cents in the year-ago quarter.
Total Revenues
NiSource generated total net revenues of $897.5 million in the third quarter, which missed the Zacks Consensus Estimate of $971.7 million by 7.6%. Further, the top line dipped 3.3% from $927.9 million reported in the year-ago quarter.
NiSource, Inc Price, Consensus and EPS Surprise
NiSource, Inc price-consensus-eps-surprise-chart | NiSource, Inc Quote
Highlights of the Release
Total operating expenses in the quarter under review fell 8.7% year over year to $749.2 million.
Total interest expenses in the reported quarter decreased 0.7% from the prior-year quarter’s figure to $95.2 million.
Financial Update
NiSource's cash and cash equivalents as of Sep 30, 2020 were $58.6 million, down from $139.3 million as of Dec 31, 2019.
Long-term debts (excluding amounts due within a year) as of Sep 30 were $9,208.9 million compared with $7,856.2 million as of Dec 31, 2019.
Net cash flows from operating activities for the first nine months of 2020 were $858.6 million compared with $1,231.8 million for the first nine months of 2019.
Outlook
NiSource reaffirmed its 2020 CapEx guidance at $1.7-$1.8 billion and also retained its 2021 non GAAP net operating earnings in the range of $1.28-$1.36 per share. Also, it expects net operating earnings per share to see a CAGR of 7-9% from 2021 through 2024 including near-term annual growth of 5-7% through 2023.
During the same time frame, the utility anticipates to invest $1.9-$2.2 billion annually in growth, safety and modernization along with $1.8-$2.0 billion investments in renewable generation assets.
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.
Other Utility Releases
Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2020 operating earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 5%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>