- Reaffirming 2024 non-GAAP adjusted EPS guidance
- Reaffirming 2023-2028 annual non-GAAP adjusted EPS growth of
6-8%
NiSource Inc. (NYSE: NI) today announced, on a GAAP basis, net
income available to common shareholders for the three months ended
June 30, 2024, of $85.8 million, or $0.19 of earnings per diluted
share, compared to net income available to common shareholders of
$39.9 million, or $0.09 of earnings per diluted share, for the same
period of 2023.
NiSource also reported second quarter 2024 non-GAAP adjusted net
income available to common shareholders of $94.7 million, or $0.21
of adjusted earnings per share ("EPS") compared to non-GAAP
adjusted net income available to common shareholders of $50.3
million, or $0.11 of adjusted EPS, for the same period of 2023.
Schedule 1 of this press release contains a complete reconciliation
of GAAP measures to non-GAAP measures. **
NiSource is reaffirming 2024 adjusted EPS guidance of $1.70-1.74
as well as annual 6-8% adjusted EPS growth and annual 8-10% rate
base growth* for the 2023-2028 period. The 2024-2028 base capital
expenditure plan is $16.4 billion.
"During the second quarter NiSource placed the Cavalry Solar
& Storage project into service and reported strong earnings
results, executing our investment plan and delivering consistent
shareholder returns,” said NiSource President and CEO, Lloyd Yates.
“Implementation of capital trackers as well as progress on
renewable project approvals and our integrated resource planning
process are continuing evidence of the superior regulatory and
stakeholder foundation that make this possible. In July, our team
was put to the test in responding to a major windstorm in our
Indiana service area. I want to thank our employees and contractors
for their preparation and around-the-clock response in restoring
service to our communities.”
*core business rate base growth; select years may exceed
range
**Non-GAAP Disclosure Statement
Beginning with the first quarter of 2024, NiSource Inc. changed
its disclosure of non-GAAP results and guidance for net operating
earnings available to common shareholders to adjusted net income
available to common shareholders and for net operating EPS to
adjusted EPS to better align with the presentation used by many
companies to report their non-GAAP results. The change reflects a
name change only and the calculations of each of these non-GAAP
metrics remains consistent with the historical calculations.
This press release includes financial results and guidance for
NiSource with respect to adjusted net income available to common
shareholders and adjusted EPS, which are non-GAAP financial
measures as defined by the SEC. The company includes these measures
because management believes they permit investors to view the
company’s performance using the same tools that management uses and
to better evaluate the company’s ongoing business performance. With
respect to guidance on adjusted EPS, NiSource reminds investors
that it does not provide a GAAP equivalent of its guidance on
adjusted net income available to commons shareholders due to the
impact of unpredictable factors such as fluctuations in weather,
impact of asset sales and impairments and other unusual or
infrequent items included in the comparable GAAP measures. The
company is not able to estimate the impact of such factors on the
comparable GAAP measures and, as such, is not providing guidance on
a GAAP basis. In addition, the company is not able to provide a
reconciliation of its non-GAAP adjusted EPS guidance to the
comparable GAAP equivalents without unreasonable efforts.
Additional Information
Additional information for the quarter ended June 30, 2024, is
available on the Investors section of www.nisource.com, including
segment and financial information and a presentation, as well as
NiSource’s social media channels. The company alerts investors that
it intends to use the Investors section of its website
www.nisource.com and as well as the company’s social media channels
to disseminate important information about the company to its
investors. Investors are advised to look at NiSource’s website and
its social media channels for future important information about
the company.
About NiSource
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated
utility companies in the United States, serving approximately 3.3
million natural gas customers and 500,000 electric customers across
six states through its local Columbia Gas and NIPSCO brands. The
mission of our approximately 7,400 employees is to deliver safe,
reliable energy that drives value to our customers. NiSource is a
member of the Dow Jones Sustainability - North America Index and is
on Forbes lists of America’s Best Employers for Women and
Diversity. Learn more about NiSource’s record of leadership in
sustainability, investments in the communities it serves and how we
live our vision to be an innovative and trusted energy partner at
www.NiSource.com. NI-F
The content of our website is not incorporated by reference into
this document or any other report or document NiSource files with
the Securities and Exchange Commission (“SEC”).
Forward-Looking Statements
This Press Release contains "forward-looking statements," within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Investors
and prospective investors should understand that many factors
govern whether any forward-looking statement contained herein will
be or can be realized. Any one of those factors could cause actual
results to differ materially from those projected. Forward-looking
statements in this press release include, but are not limited to,
statements concerning our 2024 guidance on adjusted EPS, plans,
strategies, objectives, expected performance, expenditures,
recovery of expenditures through rates, stated on either a
consolidated or segment basis, and any and all underlying
assumptions and other statements that are other than statements of
historical fact. Expressions of future goals and expectations and
similar expressions, including "may," "will," "should," "could,"
"would," "aims," "seeks," "expects," "plans," "anticipates,"
"intends," "believes," "estimates," "predicts," "potential,"
"targets," "forecast," and "continue," reflecting something other
than historical fact are intended to identify forward-looking
statements. All forward-looking statements are based on assumptions
that management believes to be reasonable; however, there can be no
assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially
from the projections, forecasts, estimates and expectations
discussed in this Press Release include, among other things: our
ability to execute our business plan or growth strategy, including
utility infrastructure investments; potential incidents and other
operating risks associated with our business; our ability to work
successfully with our third-party investors; our ability to adapt
to, and manage costs related to, advances in technology, including
alternative energy sources and changes in laws and regulations; our
increased dependency on technology; impacts related to our aging
infrastructure; our ability to obtain sufficient insurance coverage
and whether such coverage will protect us against significant
losses; the success of our electric generation strategy;
construction risks and supply risks; fluctuations in demand from
residential and commercial customers; fluctuations in the price of
energy commodities and related transportation costs or an inability
to obtain an adequate, reliable and cost-effective fuel supply to
meet customer demand; our ability to attract, retain or re-skill a
qualified, diverse workforce and maintain good labor relations; our
ability to manage new initiatives and organizational changes; the
actions of activist stockholders; the performance and quality of
third-party suppliers and service providers; potential
cybersecurity attacks or security breaches; increased requirements
and costs related to cybersecurity; any damage to our reputation;
the impacts of natural disasters, potential terrorist attacks or
other catastrophic events; the physical impacts of climate change
and the transition to a lower carbon future; our ability to manage
the financial and operational risks related to achieving our carbon
emission reduction goals, including our Net Zero Goal; our debt
obligations; any changes to our credit rating or the credit rating
of certain of our subsidiaries; adverse economic and capital market
conditions, including increases in inflation or interest rates,
recession, or changes in investor sentiment; economic regulation
and the impact of regulatory rate reviews; our ability to obtain
expected financial or regulatory outcomes; economic conditions in
certain industries; the reliability of customers and suppliers to
fulfill their payment and contractual obligations; the ability of
our subsidiaries to generate cash; pension funding obligations;
potential impairments of goodwill; the outcome of legal and
regulatory proceedings, investigations, incidents, claims and
litigation; compliance with changes in, or new interpretations of
applicable laws, regulations and tariffs; the cost of compliance
with environmental laws and regulations and the costs of associated
liabilities; changes in tax laws or the interpretation thereof; and
other matters set forth in Item 1, "Business," Item 1A, "Risk
Factors" and Part II, Item 7, "Management’s Discussion and Analysis
of Financial Condition and Results of Operations," of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023 and
matters set forth in our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2024, some of which risks are beyond our
control. In addition, the relative contributions to profitability
by each business segment, and the assumptions underlying the
forward-looking statements relating thereto, may change over
time.
All forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. We undertake no
obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events
or changes to the future results over time or otherwise, except as
required by law.
Schedule 1 - Reconciliation of
Consolidated Net Income Available to Common Shareholders to
Adjusted Net Income Available to Common Shareholders (Non-GAAP)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share
amounts)
2024
2023
2024
2023
GAAP Net Income Available to Common
Shareholders
$
85.8
$
39.9
$
430.1
$
359.1
Adjustments to Operating Income
:
Operating Revenues:
Weather - compared to normal
12.1
5.9
45.0
38.2
Total adjustments to operating income
12.1
5.9
45.0
38.2
Income Taxes:
Tax effect of above items(1)
(3.2
)
(1.7
)
(11.6
)
(10.2
)
Preferred Dividends:
Preferred dividends redemption
premium(2)
—
6.2
14.0
6.2
Total adjustments to net income
8.9
10.4
47.4
34.2
Adjusted Net Income Available to Common
Shareholders
$
94.7
$
50.3
$
477.5
$
393.3
Diluted Average Common Shares
450.2
446.8
449.8
446.9
GAAP Diluted Earnings Per
Share(3)
$
0.19
$
0.09
$
0.95
$
0.80
Adjustments to diluted earnings per
share
0.02
0.02
0.11
0.08
Adjusted Earnings Per Share
$
0.21
$
0.11
$
1.06
$
0.88
(1)Represents income tax expense
calculated using the statutory tax rates for legal entity.
(2)Represents the difference between the
carrying value on the redemption date of the Series B Preferred
Stock and the total amount of consideration paid to redeem, net of
the fair value of common shares issued during 2024.
(3) GAAP Diluted Earnings Per Share
includes the effects of income allocated to participating
securities and adds back the dilutive effect of Equity Units in the
prior year. Please refer to Note 5, "Earnings Per Share," within
the Company's Quarterly Report on Form 10-Q for the period ended
June 30, 2024.
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version on businesswire.com: https://www.businesswire.com/news/home/20240807616991/en/
Media Christopher Beard
Corporate Media Relations (224) 399-5705 cbeard@nisource.com
Investors Christopher
Turnure Investor Relations (614) 404-9426 cturnure@nisource.com
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