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NiSource (NI) Q1 Earnings Miss Estimates, Revenues Beat
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NiSource Inc. (NI - Free Report) reported first-quarter 2022 operating earnings per share (EPS) of 75 cents, which lagged the Zacks Consensus Estimate by a penny. The bottom line also declined 2.6% from the year-ago quarter’s earnings of 77 cents per share.
On a GAAP basis, NiSource reported first-quarter 2022 EPS of 94 cents, up 30.6% from 72 cents in the year-ago quarter.
Total Revenues
Operating revenues of $1,873.3 million surpassed the Zacks Consensus Estimate of $1,872 million by 0.06%. The top line improved 21.2% from $1,545.6 million in the prior-year quarter.
Total operating expenses for the first quarter amounted to $1,273 million, up 14.4% from the year-ago quarter’s $1112.4 million, due to the higher cost of energy, operating and maintenance trackers and taxes.
Operating income was $600.3 million, up 38.6% from the year-ago figure of $433.2 million.
Net interest expenses in the reported quarter were down 1.1% from the prior-year quarter’s figure to $83.7 million.
Financial Update
NiSource's cash and cash equivalents as of Mar 31, 2022 were $114.5 million, up from $84.2 million as of Dec 31, 2021.
Long-term debts (excluding amounts due within a year) as of Mar 31, 2022 were $9,179.8 million compared with $9,183.4 million as of Dec 31, 2021.
Net cash flows from operating activities in first three months of 2022 were $579.8 million compared with $448.3 million in first three months of 2021.
Guidance
NiSource reiterated the 2022 non-GAAP net operating earnings guidance in the range of $1.42-$1.48 per share and expects earnings to witness a CAGR of 7-9% from 2021 through 2024, including a near-term annual growth rate of 5-7% through 2023.
NiSource plans to make capital investments of nearly $10 billion during the 2021-2024 period. From 2022, through 2024, NiSource plans to invest $2 billion in renewable projects.
Dominion Energy (D - Free Report) is scheduled to announce first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings is pegged at $1.19 per share.
Dominion’s long-term (three to five years) earnings growth is projected at 6.1%. The Zacks Consensus Estimate for D’s 2022 EPS suggests year-over-year growth of 6.7%.
Duke Energy (DUK - Free Report) is set to release first-quarter 2022 results on May 9 before market open. The Zacks Consensus Estimate for EPS is pegged at $1.37.
Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.2%.
Algonquin Power & Utilities (AQN - Free Report) is set to release first-quarter 2022 results on May 12. The Zacks Consensus Estimate for EPS is pegged at 23 cents.
Algonquin Power & Utilities’ long-term earnings growth is projected at 8.1%. The Zacks Consensus Estimate for AQN’s 2022 EPS indicates year-over-year growth of 5.6%.
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NiSource (NI) Q1 Earnings Miss Estimates, Revenues Beat
NiSource Inc. (NI - Free Report) reported first-quarter 2022 operating earnings per share (EPS) of 75 cents, which lagged the Zacks Consensus Estimate by a penny. The bottom line also declined 2.6% from the year-ago quarter’s earnings of 77 cents per share.
On a GAAP basis, NiSource reported first-quarter 2022 EPS of 94 cents, up 30.6% from 72 cents in the year-ago quarter.
Total Revenues
Operating revenues of $1,873.3 million surpassed the Zacks Consensus Estimate of $1,872 million by 0.06%. The top line improved 21.2% from $1,545.6 million in the prior-year 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 for the first quarter amounted to $1,273 million, up 14.4% from the year-ago quarter’s $1112.4 million, due to the higher cost of energy, operating and maintenance trackers and taxes.
Operating income was $600.3 million, up 38.6% from the year-ago figure of $433.2 million.
Net interest expenses in the reported quarter were down 1.1% from the prior-year quarter’s figure to $83.7 million.
Financial Update
NiSource's cash and cash equivalents as of Mar 31, 2022 were $114.5 million, up from $84.2 million as of Dec 31, 2021.
Long-term debts (excluding amounts due within a year) as of Mar 31, 2022 were $9,179.8 million compared with $9,183.4 million as of Dec 31, 2021.
Net cash flows from operating activities in first three months of 2022 were $579.8 million compared with $448.3 million in first three months of 2021.
Guidance
NiSource reiterated the 2022 non-GAAP net operating earnings guidance in the range of $1.42-$1.48 per share and expects earnings to witness a CAGR of 7-9% from 2021 through 2024, including a near-term annual growth rate of 5-7% through 2023.
NiSource plans to make capital investments of nearly $10 billion during the 2021-2024 period. From 2022, through 2024, NiSource plans to invest $2 billion in renewable projects.
Zacks Rank
NiSource currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Dominion Energy (D - Free Report) is scheduled to announce first-quarter 2022 results on May 5. The Zacks Consensus Estimate for earnings is pegged at $1.19 per share.
Dominion’s long-term (three to five years) earnings growth is projected at 6.1%. The Zacks Consensus Estimate for D’s 2022 EPS suggests year-over-year growth of 6.7%.
Duke Energy (DUK - Free Report) is set to release first-quarter 2022 results on May 9 before market open. The Zacks Consensus Estimate for EPS is pegged at $1.37.
Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.2%.
Algonquin Power & Utilities (AQN - Free Report) is set to release first-quarter 2022 results on May 12. The Zacks Consensus Estimate for EPS is pegged at 23 cents.
Algonquin Power & Utilities’ long-term earnings growth is projected at 8.1%. The Zacks Consensus Estimate for AQN’s 2022 EPS indicates year-over-year growth of 5.6%.