NiSource Inc. Reports Strong Q3 2024 Performance Highlights
NiSource Inc. Delivers Positive Results for Q3 2024
NiSource Inc. (NYSE: NI) has recently shared its latest financial results for the third quarter of 2024. The company reported a significant increase in net income available to common shareholders, amounting to $85.7 million, or $0.19 per diluted share. This marked an improvement from last year’s figures, which showed a net income of $77.0 million, or $0.17 per diluted share.
Financial Performance Overview
For the nine months concluded at the end of September, NiSource's net income available to common shareholders reached $515.8 million, translating to earnings of $1.14 per diluted share. This has risen from $436.1 million, or $0.98 per share, during the same period the previous year. Clearly, the upward trend is a positive indicator of the company's growth and operational efficiency.
Adjusted Earnings and Guidance
Furthermore, NiSource reported a non-GAAP adjusted net income of $89.9 million for the third quarter, equating to an adjusted EPS of $0.20. This is an increase from $83.7 million, or $0.19 adjusted EPS for Q3 of last year. Over the nine months, non-GAAP adjusted net income available to common shareholders hit $567.4 million, reflecting a solid adjusted EPS of $1.26, up from $477.0 million or $1.07 adjusted EPS year-on-year.
Future Projections for Growth
Looking ahead, NiSource is maintaining its non-GAAP adjusted EPS guidance for the year at a range of $1.70 to $1.74. Anticipating continued growth, the company projects that the adjusted EPS will rise to between $1.84 and $1.88 by 2025. This plan extends to 2029, driven by a robust capital expenditure plan of $19.3 billion and an annual growth target of 6-8%.
Investments in Infrastructure
Investments made by NiSource aim to enhance infrastructure reliability and maintain affordability for customers. President and CEO Lloyd Yates emphasized the importance of construction partnerships, noting progress in various rate cases and approvals for multiple Indiana-based projects that are expected to further bolster customer satisfaction.
Non-GAAP Metrics Redefinition
NiSource has updated its approach to communicating non-GAAP results, aligning more closely with industry practices. This includes renaming net operating earnings available to common shareholders to adjusted net income, which ensures consistency in reporting.
About NiSource Inc.
NiSource Inc. stands out as one of America's leading fully-regulated utility companies, servicing approximately 3.3 million natural gas and 500,000 electric customers across six states. The firm employs about 7,400 individuals, all dedicated to providing safe, reliable energy while significantly impacting their communities. NiSource is also recognized on the Dow Jones Sustainability North America Index and has received accolades as one of America’s Best Employers for Women and Diversity.
Frequently Asked Questions
What were NiSource's earnings for Q3 2024?
NiSource reported a net income of $85.7 million or $0.19 per diluted share for Q3 2024.
How does NiSource's Q3 2024 performance compare to the previous year?
In Q3 2023, NiSource's net income available to common shareholders was $77 million or $0.17 per diluted share.
What is NiSource's EPS guidance for 2024?
NiSource has reaffirmed its non-GAAP adjusted EPS guidance for 2024 to be between $1.70 and $1.74.
What capital expenditure plans does NiSource have for future growth?
NiSource plans to invest $19.3 billion from 2025 to 2029 to support its growth and infrastructure reliability.
How does NiSource align with sustainability efforts?
NiSource is included in the Dow Jones Sustainability North America Index and emphasizes responsible energy practices in its operations.
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