Chesterton Tribune

 

 

NiSource posts Q1 net income of $276M

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By KEVIN NEVERS

NiSource Inc. is reporting a net income in the first quarter of 2018 of $276.1 million or 82 cents basic earnings per share, compared to $211.3 million or 65 cents in the year-ago period.

“Our first quarter results reflect sustained strong execution of NiSource’s well-established plan that’s creating value for our customers, communities, and investors,” NiSource President and CEO Joe Hamrock said in a statement released today. “Our systems performed well throughout the prolonged winter heating system, and we’re on pace to deliver on our earnings, capital investment, and customer commitments in 2018.”

Q1 highlights:

* On April 20, the Northern Indiana Public Service Company filed a settlement before the Indiana Utility Regulatory Commission under which it agreed to seek a lower increase than originally proposed in its natural-gas rate case. If approved by the IURC, an average residential customer would see an overall increase of approximately $8 per month, instead of $10 as first proposed. “If the settlement is approved as filed it would result in an annual revenue increase of $107.3 million, inclusive of various tracker programs and reflecting the impact of federal tax reform,” NiSource said.

* NiSource continues to expect to invest $1.6 to $1.8 billion in its utility infrastructure programs each year through 2020.

* On Jan. 26, the company increased its quarterly dividend to an annualized 78 cents per share, an 11.4-percent increase over the 70 cents per share in 2017.

* In February, Moody’s affirmed its Baa2 rating on NiSource debt, while the company also maintains investment-grade ratings from Standard & Poor’s (BBB+) and Fitch (BBB). “All three agencies have stable outlooks for NiSource,” the company said.

Q1 Operating Income

* Gas distribution: $321.7 million ($338.8 in the year-ago). The company attributed the change to a “regulatory revenue reserve in 2018 resulting from the probable future refund of certain collections from customers as a result of the lower income tax rate from the (Tax Cut and Jobs Act) of $47.6 million.”

* Electric operations: $83.1 million ($77.8 in the year-ago).

* Corporate and other: an operating loss of $4.2 million (an operating loss of $1 million in the year-ago).

* Total: $400.6 ($415.4 in the year-ago).

 

Posted 5/2/2018

 
 
 
 

 

 

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