NiSource Inc (NI - Free Report) reported operating earnings of 10 cents per share in third-quarter 2018, beating the Zacks Consensus Estimate of 6 cents by 66.7%. Earnings increased 42.8% from the year-ago quarter’s tally.
On a GAAP basis, the company reported loss of 95 cents, including adjustments of $1.05 per share.
Highlights of the Release
NiSource's third-quarter GAAP results were adversely impacted by the gas distribution system incident that occurred on Sep 13, 2018, in the Greater Lawrence, MA. The incident includes $461.9 million of expenses.
Under the gas infrastructure modernization programs, NiSource replaced nearly 400 miles of pipelines and around 40,000 customer service lines to date in 2018 across gas distribution systems in seven states.
Guidance & Long-Term Plans
NiSource remains on track to invest $1.7 billion-$1.8 billion in its utility infrastructure capital programs and deliver operating earnings of $1.26-$1.32 per share in 2018.
The company expects to invest $1.6 billion-$1.8 billion and grow net operating earnings per share (non-GAAP) and dividend by 5-7% each year through 2020.
NiSource currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Co. (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corp. (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
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