NiSource Inc ( NI Quick Quote 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.
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 Quick Quote 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 Quick Quote 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 Quick Quote 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%. Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>