Chesterton Tribune

 

 

NiSource reports solid 1Q net income

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By KEVIN NEVERS

NiSource Inc. is reporting a net income in the first quarter of 2017 of $211.3 million or 65 cents per share, compared to $186.6 million or 58 cents in the year-ago period.

“Our strong first-quarter performance reflects continued execution of our infrastructure investment strategy focused on delivering sustained value for our customers and communities,” NiSource President and CEO Joseph Hamrock said in a statement released today.

NiSource is projecting to grow its dividend and net operating earnings per share--a non-Generally Accepting Accounting Practice measure which excludes, among other things, the impact of weather on revenues--at 5 to 7 percent annually through 2020, the company said.

NiSource also expects to continue to invest $1.6 to 1.8 billion annually--$1.6 to 1.7 billion in 2017--on utility infrastructure programs through 2020.

“With this robust investment and steady earnings and dividend growth projected, NiSource is committed to maintaining its investment-grade credit ratings,” the company added. “Standard & Poor’s rates NiSource at BBB+, Moody’s at Baa2, and Fitch at BBB, all with stable outlooks.”

As of March 31, NiSource had $789 million in net available liquidity, consisting of cash and available credit capacity.

Meanwhile, NiSource’s subsidiary, the Northern Indiana Public Service Company, continues to execute on its seven-year electric infrastructure modernization program, with $1.25 billion in investments anticipated to be made through 2022, NiSource said. NIPSCO, through a tracker approved by the Indiana Utility Regulatory Commission, began recovering on approximately $46 million of these investments in February.

1Q Operating Income

* Gas distribution: $340.7 million ($314.9 million in the year-ago).

* Electrical operations: $77 million ($70.3 million in the year-ago).

* Corporate and other operations: an operating loss of $1.2 million (an operating loss of $3.8 million in the year-ago).

* Total operating income: $416.5 ($318.4 in the year-ago).

 

Posted 5/3/2017

 
 
 
 

 

 

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