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NiSource Q3 Earnings Surpass Estimates, Revenues Miss
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NiSource (NI - Free Report) reported third-quarter 2024 operating earnings per share (EPS) of 20 cents, which surpassed the Zacks Consensus Estimate of 14 cents by 42.9%. The bottom line increased 5.3% from the year-ago recorded figure of 19 cents.
On a GAAP basis, the company reported an EPS of 19 cents compared with 17 cents in the prior-year quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Total Revenues
Operating revenues of $1.08 billion missed the Zacks Consensus Estimate of $1.094 billion by 1.6%. However, the top line increased 3.8% from the prior-year figure of $1.04 billion.
Total operating expenses amounted to $858 million, up 8% from the year-ago level of $794.4 million.
Operating income totaled $218.3 million, down 6.3% from the year-ago figure of $233 million.
Total gas distribution in Sales and Transportation was recorded at 96 Million British Thermal Units per day (MMDth), up 3.2% from the prior-year quarter’s 93 MMDth.
Total electric sales were recorded at 4,558.1 gigawatt-hours (GWh), up 4.2% from the prior-year quarter’s 4,375.4 GWh.
Financial Update
NiSource's cash and cash equivalents as of Sept. 30, 2024, were $0.126 billion compared with $2.25 billion as of Dec. 31, 2023.
Long-term debts (excluding those due within a year) as of Sept. 30, 2024, were $12.09 billion compared with $11.06 billion as of Dec. 31, 2023.
Net cash flows from operating activities in the first nine months of 2024 were $1.24 billion compared with $1.54 billion in the year-ago period.
Guidance
The company continues to expect 2024 non-GAAP earnings in the band of $1.70-1.74 per share. The Zacks Consensus Estimate is pegged at $1.73 per share, higher than the midpoint of the company’s guided range.
NI expects to witness a CAGR of 6-8% for earnings through 2029. It expects capital expenditures of $19.3 billion for the 2025-2029 period. The new base capital expenditure plan is nearly $2.9 billion bigger than the prior five-year plan.
Xcel Energy (XEL - Free Report) is scheduled to report third-quarter results on Oct. 31, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.29 per share, which suggests a year-over-year increase of 4.9%.
XEL’s long-term (three to five years) earnings growth rate is 6.39%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.55 per share, which implies a year-over-year improvement of 6%.
Alliant Energy (LNT - Free Report) is scheduled to report third-quarter results on Oct. 31, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.10 per share, which suggests a year-over-year increase of 4.8%.
LNT’s long-term earnings growth rate is 6.84%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.06 per share, which implies a year-over-year improvement of 8.5%.
Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to report third-quarter results on Nov. 6, before market open. The Zacks Consensus Estimate for earnings is pegged at $3.33 per share.
PNW’s long-term earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.88 per share, which implies a year-over-year improvement of 10.7%.
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NiSource Q3 Earnings Surpass Estimates, Revenues Miss
NiSource (NI - Free Report) reported third-quarter 2024 operating earnings per share (EPS) of 20 cents, which surpassed the Zacks Consensus Estimate of 14 cents by 42.9%. The bottom line increased 5.3% from the year-ago recorded figure of 19 cents.
On a GAAP basis, the company reported an EPS of 19 cents compared with 17 cents in the prior-year quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Total Revenues
Operating revenues of $1.08 billion missed the Zacks Consensus Estimate of $1.094 billion by 1.6%. However, the top line increased 3.8% from the prior-year figure of $1.04 billion.
NiSource, Inc Price, Consensus and EPS Surprise
NiSource, Inc price-consensus-eps-surprise-chart | NiSource, Inc Quote
Highlights of the Release
Total operating expenses amounted to $858 million, up 8% from the year-ago level of $794.4 million.
Operating income totaled $218.3 million, down 6.3% from the year-ago figure of $233 million.
Total gas distribution in Sales and Transportation was recorded at 96 Million British Thermal Units per day (MMDth), up 3.2% from the prior-year quarter’s 93 MMDth.
Total electric sales were recorded at 4,558.1 gigawatt-hours (GWh), up 4.2% from the prior-year quarter’s 4,375.4 GWh.
Financial Update
NiSource's cash and cash equivalents as of Sept. 30, 2024, were $0.126 billion compared with $2.25 billion as of Dec. 31, 2023.
Long-term debts (excluding those due within a year) as of Sept. 30, 2024, were $12.09 billion compared with $11.06 billion as of Dec. 31, 2023.
Net cash flows from operating activities in the first nine months of 2024 were $1.24 billion compared with $1.54 billion in the year-ago period.
Guidance
The company continues to expect 2024 non-GAAP earnings in the band of $1.70-1.74 per share. The Zacks Consensus Estimate is pegged at $1.73 per share, higher than the midpoint of the company’s guided range.
NI expects to witness a CAGR of 6-8% for earnings through 2029. It expects capital expenditures of $19.3 billion for the 2025-2029 period. The new base capital expenditure plan is nearly $2.9 billion bigger than the prior five-year plan.
Zacks Rank
NiSource currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to report third-quarter results on Oct. 31, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.29 per share, which suggests a year-over-year increase of 4.9%.
XEL’s long-term (three to five years) earnings growth rate is 6.39%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.55 per share, which implies a year-over-year improvement of 6%.
Alliant Energy (LNT - Free Report) is scheduled to report third-quarter results on Oct. 31, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.10 per share, which suggests a year-over-year increase of 4.8%.
LNT’s long-term earnings growth rate is 6.84%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.06 per share, which implies a year-over-year improvement of 8.5%.
Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to report third-quarter results on Nov. 6, before market open. The Zacks Consensus Estimate for earnings is pegged at $3.33 per share.
PNW’s long-term earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.88 per share, which implies a year-over-year improvement of 10.7%.