NiSource Inc. is
reporting a net loss of $44.4 million or 14 cents basic earnings per share
in the second quarter of 2017, compared to a net income of $28.9 million or
9 cents in the year-ago period.
For the first six
months of the year NiSource is reporting a net income of $166.9 million or
51 cents basic earnings per share, compared to $215.5 million or 67 cents in
reflect a $111.5 million loss on early extinguishment of higher-coupon
long-term debt, the company said in a statement released today. “This $990.7
refinancing will result in significant interest expense savings over the
next several years.”
continued to execute on our long-term infrastructure investment strategy
benefiting customers through enhanced safety, reliability, and service,”
NiSource President and CEO Joe Hamrock said.
its commitment to maintaining investment-grade credit ratings,” the company
added. “Standard & Poore’s rates NiSource at BBB+, Moody’s at Baa2, and
Fitch at BBB, all with stable outlooks.”
As of June 30,
NiSource maintained $1.25 billion in net available liquidity, consisting of
cash and available capacity under its credit facility.
NiSource’s subsidiary, the Northern Indiana Public Service Company,
continues to execute on its seven-year electric infrastructure program, with
$1.25 billion in investments expected to be made through 2022, NiSource
said. On June 30, NIPSCO filed its latest tracker update request with the
Indiana Utility Regulatory Commission, covering $133.6 million in
investments from May 2016 to April 2017.
Earnings Non-GAAP by Segment
* Gas distribution
operations: $55.7 million ($73.3 million in year-ago).
operations: $84.3 million ($64 million in year-ago).
* Corporate and
other operations: an operating loss of $5.6 million (a loss of $3 million in
* Total operating
earnings: $134.4 million ($134.3 million in the year-ago).