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NiSource's (NI) Q1 Earnings Meet Estimates, Revenues Miss

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NiSource Inc (NI - Free Report) delivered net operating earnings of 77 cents per share in first-quarter 2021, in line with the Zacks Consensus Estimate. Meanwhile, the same improved 1.3% from the year-ago quarter’s figure.

On a GAAP basis, the company reported earnings of 72 cents per share, increasing 350% from the year-ago quarter.

Total Revenues

NiSource generated total net revenues of $1,554.6 million in the first quarter, which missed the Zacks Consensus Estimate of $1,919 million by 19%. Further, the top line dipped 4.7% from $1,631.8 million reported in the year-ago quarter.

NiSource, Inc Price, Consensus and EPS Surprise

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 6.8% year over year to $1,090 million.

Net interest expenses in the reported quarter decreased 8.9% from the prior-year quarter’s figure to $84.6 million.

Financial Update

NiSource's cash and cash equivalents as of Mar 31, 2021 were $89.1 million, down from $116.5 million as of Dec 31, 2020.

Long-term debts (excluding amounts due within a year) as of Mar 31, 2021 were $9,202.3 million compared with $9,219.8 million as of Dec 31, 2020.

Net cash flows from operating activities in first-quarter 2021 were $448.3 million compared with $369.9 million in the comparable period of 2020.

Outlook

NiSource narrowed its 2021 non-GAAP net operating earnings to the range of $1.32-$1.36 from the previous guidance of $1.28-$1.36 per share. Also, it expects earnings 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 investing $1.9-$2.2 billion annually in growth, safety and modernization. Also, it plans to invest $2 billion in renewable-generation assets through 2024.

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

American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.

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