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NiSource (NI) Q2 Earnings Meet Estimates, Revenues Miss
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NiSource Inc. (NI - Free Report) delivered operating earnings of 5 cents per share in second-quarter 2019, in line with the Zacks Consensus Estimate. The bottom line fell 28.6% from the year-ago quarter’s earnings of 7 cents. The company’s long-term utility infrastructure modernization programs, safety enhancements across gas distribution system, electric generation strategy in Indiana and restoration in the Merrimack Valley boosted quarterly results.
On a GAAP basis, the company reported earnings of 76 cents compared with 7 cents in the prior-year quarter.
Total Revenues
NiSource generated operating revenues of $1,011.9 million in the second quarter, which missed the Zacks Consensus Estimate of $1,063 million by 4.8%. Nevertheless, the top line inched up 1.6% from $995.1 million recorded in the year-ago quarter. Operating revenues in Gas Distribution and Electric Operations drove revenues year over year.
Total operating expenses in the quarter under review increased 9.6% year over year to $627 million.
Total interest expenses in the reported quarter increased 6% from the prior-year quarter’s figure to $94.1 million.
Financial Update
NiSource's cash and cash equivalents as of Jun 30, 2019, were $23.7 million compared with $112.8 million as of Dec 31, 2018.
Long-term debts (excluding amounts due within a year) as of Jun 30 were $7,109.7 million compared with $7,105.4 million as of Dec 31, 2018.
Net cash provided from operating activities in the first six months of 2019 was $926.2 million, up from $809.5 million in the first six months of 2018.
Guidance
For 2019, NiSource reaffirmed capital investment guidance in the range of $1.6-$1.7 billion. Management projects 2019 earnings per share (EPS) in the range of $1.27-$1.33. The mid-point of $1.30 is in line with the current Zacks Consensus Estimate.
NiSource expects its earnings and dividend to increase by 5-7% annually from 2019 through 2022. The company expects to make capital investments of $1.6-$2.0 billion annually through 2022.
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2019 adjusted EPS of $1.00, which surpassed the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which beat the Zacks Consensus Estimate of $2.28 by 3.1%.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2019 adjusted EPS of 33 cents, which missed the Zacks Consensus Estimate of 44 cents by 25%.
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NiSource (NI) Q2 Earnings Meet Estimates, Revenues Miss
NiSource Inc. (NI - Free Report) delivered operating earnings of 5 cents per share in second-quarter 2019, in line with the Zacks Consensus Estimate. The bottom line fell 28.6% from the year-ago quarter’s earnings of 7 cents. The company’s long-term utility infrastructure modernization programs, safety enhancements across gas distribution system, electric generation strategy in Indiana and restoration in the Merrimack Valley boosted quarterly results.
On a GAAP basis, the company reported earnings of 76 cents compared with 7 cents in the prior-year quarter.
Total Revenues
NiSource generated operating revenues of $1,011.9 million in the second quarter, which missed the Zacks Consensus Estimate of $1,063 million by 4.8%. Nevertheless, the top line inched up 1.6% from $995.1 million recorded in the year-ago quarter. Operating revenues in Gas Distribution and Electric Operations drove revenues year over year.
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 increased 9.6% year over year to $627 million.
Total interest expenses in the reported quarter increased 6% from the prior-year quarter’s figure to $94.1 million.
Financial Update
NiSource's cash and cash equivalents as of Jun 30, 2019, were $23.7 million compared with $112.8 million as of Dec 31, 2018.
Long-term debts (excluding amounts due within a year) as of Jun 30 were $7,109.7 million compared with $7,105.4 million as of Dec 31, 2018.
Net cash provided from operating activities in the first six months of 2019 was $926.2 million, up from $809.5 million in the first six months of 2018.
Guidance
For 2019, NiSource reaffirmed capital investment guidance in the range of $1.6-$1.7 billion. Management projects 2019 earnings per share (EPS) in the range of $1.27-$1.33. The mid-point of $1.30 is in line with the current Zacks Consensus Estimate.
NiSource expects its earnings and dividend to increase by 5-7% annually from 2019 through 2022. The company expects to make capital investments of $1.6-$2.0 billion annually through 2022.
Zacks Rank
NiSource has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
American Electric Power Co., Inc (AEP - Free Report) reported second-quarter 2019 adjusted EPS of $1.00, which surpassed the Zacks Consensus Estimate of 98 cents by 2%.
NextEra Energy (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, which beat the Zacks Consensus Estimate of $2.28 by 3.1%.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2019 adjusted EPS of 33 cents, which missed the Zacks Consensus Estimate of 44 cents by 25%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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