NiSource beats Q3 profit estimates on favorable weather, lower operating expenses
Nov 1 (Reuters) - U.S. electric and gas utility company NiSource Inc beat third-quarter profit estimates on Wednesday, helped by lower operating expenses and higher demand for electricity amid hot weather.
On an adjusted basis, NiSource reported operating earnings of 19 cents per share, beating analysts' average estimate of 16 cents per share, according to LSEG data.
Earnings from its electric operations rose nearly 60% to $184 million from last year.
The company's operating expenses were down about 15% at $794.4 million in the quarter from a year earlier.
The U.S. electric and gas utility companies benefited from higher demand for electricity after July turned out to be the hottest month on record, prompting customers to keep their air conditioners running.
Peers
CMS Energy
and
Xcel Energy
also posted a rise in third-quarter profit as utility companies took cost-cutting measures to counter inflation and rising interest rates.
The Merrillville, Indiana-based company set its 2024 adjusted earnings guidance in the range of $1.68 per share to $1.72 per share.
NiSource supplies electricity to customers in the northern part of Indiana and natural gas to six states - Indiana, Kentucky, Maryland, Ohio, Pennsylvania and Virginia. (Reporting by Roshia Sabu and Tanay Dhumal; editing by Eileen Soreng)
