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NiSource Inc (NI - Free Report) delivered net operating earnings of 11 cents per share in third-quarter 2021, surpassing the Zacks Consensus Estimate of 10 cents by a penny. The same improved 22.2% from the year-ago quarter’s figure.
On a GAAP basis, the company reported earnings of 12 cents per share against the loss figure of 49 cents in the year-ago quarter.
Total Revenues
Total operating revenues of $959.4 million generated in the third quarter lagged the Zacks Consensus Estimate of $990 million by 3.1%. However, the top line improved 6.3% from $902.5 million reported in the year-ago quarter.
Total operating expenses in the quarter under review rose 0.3% year over year to $812.3 million.
Net interest expenses in the reported quarter decreased 11.3% from the prior-year quarter’s figure to $84.4 million.
In the reported quarter, the company reached a settlement for the Columbia Gas of Pennsylvania 2021 base rate case while it filed another such case for the Northern Indiana Public Service Company.
Financial Update
NiSource's cash and cash equivalents as of Sep 30, 2021 were $38.5 million, down from $116.5 million as of Dec 31, 2020.
Long-term debts (excluding amounts due within a year) as of Sep 30, 2021 were $9,188.2 million compared with $9,219.8 million as of Dec 31, 2020.
Net cash flows from operating activities in the first three quarters of 2021 were $939.3 million compared with $858.6 million in the comparable period of 2020.
Outlook
NiSource reaffirmed its prior 2021 non-GAAP net operating earnings guidance in the range of $1.32-$1.36 and initiated the same for 2022 in the range of $1.42-$1.48 per share. It expects earnings to see a CAGR of 7-9% from 2021 through 2024 including a near-term annual growth rate of 5-7% through 2023.
For the ongoing year, it plans to spend $2 billion and for 2022, it intends to invest in the band of $2.4-$2.7 billion. Through 2024, the utility anticipates investing $1.9-$2.2 billion, annually, in growth, safety and modernization along with $2 billion in renewable-generation assets. These investments are likely to improve the rate base, which is likely to witness a CAGR of 10-12% for each of the company’s businesses until 2024.
Zacks Rank
NiSource currently carries a Zacks Rank #4 (Sell).
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.
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NiSource's (NI) Q3 Earnings Beat Estimates, Revenues Rise Y/Y
NiSource Inc (NI - Free Report) delivered net operating earnings of 11 cents per share in third-quarter 2021, surpassing the Zacks Consensus Estimate of 10 cents by a penny. The same improved 22.2% from the year-ago quarter’s figure.
On a GAAP basis, the company reported earnings of 12 cents per share against the loss figure of 49 cents in the year-ago quarter.
Total Revenues
Total operating revenues of $959.4 million generated in the third quarter lagged the Zacks Consensus Estimate of $990 million by 3.1%. However, the top line improved 6.3% from $902.5 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 rose 0.3% year over year to $812.3 million.
Net interest expenses in the reported quarter decreased 11.3% from the prior-year quarter’s figure to $84.4 million.
In the reported quarter, the company reached a settlement for the Columbia Gas of Pennsylvania 2021 base rate case while it filed another such case for the Northern Indiana Public Service Company.
Financial Update
NiSource's cash and cash equivalents as of Sep 30, 2021 were $38.5 million, down from $116.5 million as of Dec 31, 2020.
Long-term debts (excluding amounts due within a year) as of Sep 30, 2021 were $9,188.2 million compared with $9,219.8 million as of Dec 31, 2020.
Net cash flows from operating activities in the first three quarters of 2021 were $939.3 million compared with $858.6 million in the comparable period of 2020.
Outlook
NiSource reaffirmed its prior 2021 non-GAAP net operating earnings guidance in the range of $1.32-$1.36 and initiated the same for 2022 in the range of $1.42-$1.48 per share. It expects earnings to see a CAGR of 7-9% from 2021 through 2024 including a near-term annual growth rate of 5-7% through 2023.
For the ongoing year, it plans to spend $2 billion and for 2022, it intends to invest in the band of $2.4-$2.7 billion. Through 2024, the utility anticipates investing $1.9-$2.2 billion, annually, in growth, safety and modernization along with $2 billion in renewable-generation assets. These investments are likely to improve the rate base, which is likely to witness a CAGR of 10-12% for each of the company’s businesses until 2024.
Zacks Rank
NiSource currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.