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NiSource Inc. (NI - Free Report) reported third-quarter 2022 operating earnings per share (EPS) of 10 cents, lagging the Zacks Consensus Estimate and the year-ago quarter’s earnings by a penny, respectively.
On a GAAP basis, NiSource reported third-quarter 2022 EPS of 12 cents, on par with the year-ago quarter’s levels.
Total Revenues
Operating revenues of $1,089.5 million surpassed the Zacks Consensus Estimate of $997 million by 9.3%. The top line increased 13.6% from $959.4 million in the prior-year quarter.
Total operating expenses in the third quarter amounted to $932.8 million, up 14.8% from the year-ago quarter’s $812.3 million due to higher energy costs.
The operating income was $156.7 million, up 6.5% from the year-ago quarter’s figure of $147.1 million.
Net interest expenses in the reported quarter were $91.6 million, up 8.5% from the prior-year quarter’s figure of $84.4 million.
Financial Update
NiSource's cash and cash equivalents as of Sep 30, 2022, were $35.8 million, down from $84.2 million as of Dec 31, 2021. NiSource had $0.9 billion in net available liquidity as of Sep 30, 2022.
Long-term debts (excluding amounts due within a year) as of Sep 30, 2022, were $9,521.2 million compared with $9,183.4 million as of Dec 31, 2021.
Net cash flows from operating activities in the first nine months of 2022 were $1,523 million compared with $1,292.8 million in the same period of 2021.
Guidance
NiSource narrowed its 2022 non-GAAP net operating earnings guidance to the range of $1.44-$1.46 from the earlier range of $1.42-$1.48 per share. The company expects earnings to witness a CAGR of 6-8% from 2021 through 2027, including a near-term annual growth rate of 5-7% through 2023. NiSource initiated 2023 non-GAAP EPS guidance in the range of $1.50-$1.57.
NiSource expects its 2022 and 2023 capital expenditure to be in the range of $2.4-$2.7 billion and $2.8-$3.1 billion, respectively,
NiSource remains on track to make capital investments totaling nearly $15 billion in 2023-2027. Capital investments for renewable projects of $2.2 billion are expected.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2022 operating earnings of $1.18 per share, lagging the Zacks Consensus Estimate by 1.7%.
The Zacks Consensus Estimate for XEL’s fourth-quarter earnings per share is 67 cents, suggesting growth of 15.5% from the year-ago quarter’s actuals.
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NiSource (NI) Lags Q3 Earnings Estimates, Narrows 2022 View
NiSource Inc. (NI - Free Report) reported third-quarter 2022 operating earnings per share (EPS) of 10 cents, lagging the Zacks Consensus Estimate and the year-ago quarter’s earnings by a penny, respectively.
On a GAAP basis, NiSource reported third-quarter 2022 EPS of 12 cents, on par with the year-ago quarter’s levels.
Total Revenues
Operating revenues of $1,089.5 million surpassed the Zacks Consensus Estimate of $997 million by 9.3%. The top line increased 13.6% from $959.4 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 in the third quarter amounted to $932.8 million, up 14.8% from the year-ago quarter’s $812.3 million due to higher energy costs.
The operating income was $156.7 million, up 6.5% from the year-ago quarter’s figure of $147.1 million.
Net interest expenses in the reported quarter were $91.6 million, up 8.5% from the prior-year quarter’s figure of $84.4 million.
Financial Update
NiSource's cash and cash equivalents as of Sep 30, 2022, were $35.8 million, down from $84.2 million as of Dec 31, 2021. NiSource had $0.9 billion in net available liquidity as of Sep 30, 2022.
Long-term debts (excluding amounts due within a year) as of Sep 30, 2022, were $9,521.2 million compared with $9,183.4 million as of Dec 31, 2021.
Net cash flows from operating activities in the first nine months of 2022 were $1,523 million compared with $1,292.8 million in the same period of 2021.
Guidance
NiSource narrowed its 2022 non-GAAP net operating earnings guidance to the range of $1.44-$1.46 from the earlier range of $1.42-$1.48 per share. The company expects earnings to witness a CAGR of 6-8% from 2021 through 2027, including a near-term annual growth rate of 5-7% through 2023. NiSource initiated 2023 non-GAAP EPS guidance in the range of $1.50-$1.57.
NiSource expects its 2022 and 2023 capital expenditure to be in the range of $2.4-$2.7 billion and $2.8-$3.1 billion, respectively,
NiSource remains on track to make capital investments totaling nearly $15 billion in 2023-2027. Capital investments for renewable projects of $2.2 billion are expected.
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.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2022 operating earnings of $1.18 per share, lagging the Zacks Consensus Estimate by 1.7%.
The Zacks Consensus Estimate for XEL’s fourth-quarter earnings per share is 67 cents, suggesting growth of 15.5% from the year-ago quarter’s actuals.