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