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NiSource (NI) Q2 Earnings Surpass Estimates, Revenues Miss
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NiSource (NI - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 21 cents, which surpassed the Zacks Consensus Estimate of 15 cents by 40%. The bottom line increased 90.9% from the year-ago quarter’s recorded figure of 11 cents.
On a GAAP basis, the company reported an EPS of 19 cents compared with 9 cents in the prior-year quarter.
Total Revenues
Operating revenues of $1.08 billion missed the Zacks Consensus Estimate of $1.16 billion by 6.8%. The top line also decreased 0.9% from the prior-year quarter’s figure of $1.09 billion.
Total operating expenses amounted to $847.7 million, down 8% from the year-ago quarter’s level of $921.1 million due to low cost of energy.
Operating income totaled $237 million, up 40.3% from the year-ago figure of $168.9 million.
Net interest expenses amounted to $129.3 million, up 17.1% from the prior-year quarter’s $110.5 million.
Total gas distribution in Sales and Transportation was recorded at 109.6 Million British Thermal Units per day (MMDth), down 5.1% from the prior-year quarter’s 115.5 MMDth.
Total electric sales were recorded at 4,018.6 gigawatt-hours (GWh), up 6.6% from the prior-year quarter’s 3,770.7 GWh.
Financial Update
NiSource's cash and cash equivalents as of Jun 30, 2024, were $0.101 billion compared with $2.25 billion as of Dec 31, 2023.
Long-term debts (excluding those due within a year) as of Jun 30, 2024, were $12.81 billion compared with $11.06 billion as of Dec 31, 2023.
Net cash flows from operating activities in the first six months of 2024 were $0.902 million compared with $1.19 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 $1.72 per share, in line with the midpoint of the company’s guided range.
NI expects to witness an earnings CAGR of 6-8% through 2028. It also continues to expect capital expenditure of $16.4 billion for the 2024-2028 period.
NextEra Energy, Inc.’s (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
The company’s long-term (three to five years) earnings growth rate is 8.12%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.39 per share, which implies a year-over-year improvement of 6.9%.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported second-quarter 2024 earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.31 by 34.4%.
PNW’s long-term earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.75 per share, which suggests a year-over-year improvement of 7.7%.
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NiSource (NI) Q2 Earnings Surpass Estimates, Revenues Miss
NiSource (NI - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of 21 cents, which surpassed the Zacks Consensus Estimate of 15 cents by 40%. The bottom line increased 90.9% from the year-ago quarter’s recorded figure of 11 cents.
On a GAAP basis, the company reported an EPS of 19 cents compared with 9 cents in the prior-year quarter.
Total Revenues
Operating revenues of $1.08 billion missed the Zacks Consensus Estimate of $1.16 billion by 6.8%. The top line also decreased 0.9% from the prior-year quarter’s figure of $1.09 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 $847.7 million, down 8% from the year-ago quarter’s level of $921.1 million due to low cost of energy.
Operating income totaled $237 million, up 40.3% from the year-ago figure of $168.9 million.
Net interest expenses amounted to $129.3 million, up 17.1% from the prior-year quarter’s $110.5 million.
Total gas distribution in Sales and Transportation was recorded at 109.6 Million British Thermal Units per day (MMDth), down 5.1% from the prior-year quarter’s 115.5 MMDth.
Total electric sales were recorded at 4,018.6 gigawatt-hours (GWh), up 6.6% from the prior-year quarter’s 3,770.7 GWh.
Financial Update
NiSource's cash and cash equivalents as of Jun 30, 2024, were $0.101 billion compared with $2.25 billion as of Dec 31, 2023.
Long-term debts (excluding those due within a year) as of Jun 30, 2024, were $12.81 billion compared with $11.06 billion as of Dec 31, 2023.
Net cash flows from operating activities in the first six months of 2024 were $0.902 million compared with $1.19 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 $1.72 per share, in line with the midpoint of the company’s guided range.
NI expects to witness an earnings CAGR of 6-8% through 2028. It also continues to expect capital expenditure of $16.4 billion for the 2024-2028 period.
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.
Recent Releases
NextEra Energy, Inc.’s (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
The company’s long-term (three to five years) earnings growth rate is 8.12%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.39 per share, which implies a year-over-year improvement of 6.9%.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported second-quarter 2024 earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.31 by 34.4%.
PNW’s long-term earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.75 per share, which suggests a year-over-year improvement of 7.7%.