NiSource 8-K Report, Financial Results (May 8, 2024)

NiSource Inc. reported first quarter 2024 results on May 8, 2024, as stated in its Form 8-K under Item 2.02, with the full press release attached as Exhibit 99.1.

On a GAAP basis, net income available to common shareholders for the three months ended March 31, 2024 was $344.3 million^a, or $0.77 per diluted share, compared with $319.2 million, or $0.71 per diluted share, in the same period of 2023. On a non-GAAP adjusted basis, net income available to common shareholders was $382.8 million, or $0.85 per share, versus $343.0 million, or $0.77 per share, a year earlier. The reconciliation adds back weather compared to normal ($32.9 million pre-tax in 2024) and a $14.0 million preferred dividend redemption premium tied to the redemption of Series B Preferred Stock.

Management reaffirmed 2024 adjusted EPS guidance of $1.70 to $1.74^b, as well as annual adjusted EPS growth of 6% to 8% and annual rate base growth of 8% to 10% for the 2023-2028 period. The 2024-2028 base capital expenditure plan was raised to $16.4 billion, a $400 million increase from the prior $16 billion. CEO Lloyd Yates stated that this increase is being funded without incremental equity issuance, which he cited as evidence of an improving balance sheet and greater financial flexibility.

The company also noted a change in its non-GAAP terminology beginning in the first quarter of 2024, replacing 'net operating earnings' and 'net operating EPS' with 'adjusted net income' and 'adjusted EPS.' The company states this is a name change only, with calculations unchanged from prior periods. The press release describes NiSource as one of the largest fully regulated utilities in the United States, serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its Columbia Gas and NIPSCO brands.