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
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.
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.
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.
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).
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).