Chesterton Tribune



NiSource posts 2017 net income of $128M

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NiSource Inc. is reporting a net income for 2017 of $128.5 million or 39 cents basic earnings per share, compared to a net income in 2016 of $331.5 million or $1.02.

NiSource is also reporting a net loss in 4Q 2017 of $52.4 million or 16 cents per share, compared to a net income in the year-ago period of $88.8 million.

Although total operating income in 2017 was $901.6 million ($858.2 million in 2016), NiSource also paid $314.5 million in income taxes last year ($182.1 in 2016).

By the same token, total operating income in the 4Q was $270 million ($224.9 in the year-ago), but income taxes were $217.4 million ($51.5 million in the year-ago).

“NiSource believes the comprehensive federal income tax reform signed into law will lower costs for customers and supports continued investment in critical utility infrastructure that benefits our customers and communities,” NiSource said in a statement released today.

“NiSource’s focus on delivering value to customers in 2017 was unwavering,” NiSource President and CEO Joe Hamrock said. “It was a year of disciplined execution across all aspects of our business plan--from improved safety and customer satisfaction to record infrastructure investment and strong financial results.”

“This continued execution supported safe, reliable service to customers and improved environmental performance of our systems, while delivering a total shareholder return of more than 19 percent in 2017, once again exceeding the performance of the major utility indices.”

“We’re confident in our ability to meet our commitments to our customers and the financial community while also managing through changes which will result from tax reform,” Hamrock also said.

2017 Highlights

* A record $1.7 billion investment in gas and electric infrastructure, including the replacement of 377 miles of priority natural-gas pipeline, 68 miles of underground electric cable, and 1,300 poles.

* The addition of 28,000 net new customers, “driven by increased conversions to natural gas from other fuels and a healthy housing market.”

* The refinancing of $1 billion in long-term debt at more favorable rates, “which is expected to result in significant interest expense savings over the next several years.”

* The establishment of “aggressive environmental targets supported by NiSource’s business strategy, including a 50-percent reduction of greenhouse gas emissions from 2005 levels by 2025.”

* The filing of a natural-gas base rate case with the Indiana Utility Regulatory Commission, the first such case in more than 25 years. That case remains pending.

Operating Income 2017

* Gas distribution: $546.6 million ($574 million in 2016).

* Electric: $364.8 million ($291.4 million in 2016).

* Corporate and other: $200,000 ($7.2 million in 2016).

* Total operating income: $910.6 million ($858.2 million in 2016).

Operating Income 4Q

* Gas distribution: $183.5 million ($181.3 million year-ago).

* Electric: $78.5 million ($39.9 million year-ago).

* Corporate and other: $8 million ($3.7 million year-ago).

* Total operating income: $270 million ($224.9 million year-ago).


Posted 2/20/2018




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