NiSource Inc (NI) Reports Q3 2023 Earnings, Reveals Extension to Long-Term Growth Plan
NiSource Inc (NYSE:NI) reports Q3 2023 net income of $77.0 million, a significant increase from $52.0 million in the same period of 2022.
The company reaffirms 2023 non-GAAP NOEPS guidance in the upper half of the range and introduces 2024 non-GAAP NOEPS guidance.
NiSource announces an extension to its long-term growth plan, projecting 6-8% annual growth from 2023-28.
The company plans an incremental $1 billion in capital expenditures across the 5-year plan horizon.
On November 1, 2023, NiSource Inc (NYSE:NI) announced its third quarter 2023 results, revealing a significant increase in net income compared to the same period in 2022. The company also announced an extension to its long-term growth plan.
Financial Performance
For the three months ending September 30, 2023, NiSource reported a net income of $77.0 million, or $0.17 diluted earnings per share. This is a notable increase from the net income of $52.0 million, or $0.12 diluted earnings per share, reported for the same period in 2022. For the nine months ending September 30, 2023, NiSource's net income was $436.1 million, or $0.98 diluted earnings per share, compared to $518.2 million, or $1.18 diluted earnings per share, for the same period in 2022.
Future Projections
NiSource is reaffirming its 2023 non-GAAP NOEPS to be in the upper half of the $1.54-1.60 range. For 2024, non-GAAP NOEPS is expected to be in the range of $1.68-1.72. The company is extending its growth plan to 2028, with non-GAAP NOEPS growth expected to be 6-8% annually. This is driven by $16 billion 2024-28 base plan capital expenditures and 8-10% annual 2023-28 rate base growth. This increases the capital expenditures projected over the next 5-year window by $1 billion.
Company Commentary
Todays extended financial plan with 2024 guidance demonstrates strong execution since the initiation of our plan one year ago as well as the resilience and duration of NiSources fundamental drivers. Balance sheet flexibility and a superior regulatory and stakeholder foundation enable continued execution of our investment programs while maintaining our commitments through economic and market volatility." said NiSource President and CEO, Lloyd Yates.
Additional Information
Further details about NiSource Inc (NYSE:NI)'s Q3 2023 earnings can be found on the Investors section of their website. The company serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands.
Explore the complete 8-K earnings release (here) from NiSource Inc for further details.
This article first appeared on GuruFocus.
