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NiSource 8-K Report, Financial Results (Oct 30, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 30, 2024
Period End
October 30, 2024
Security
NI
In the record · 2016–202610-K1210-Q338-K177

NI filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed October 30, 2024. Cited figures are marked; the original filing is the authoritative source.

NiSource Inc. reported third-quarter 2024 results on October 30, 2024, in a press release attached as Exhibit 99.1.

GAAP net income available to common shareholders was $85.7 milliona, or $0.19 per diluted share, versus $77.0 million, or $0.17, in the same period of 2023. Non-GAAP adjusted net income available to common shareholders was $89.9 million, or $0.20 per share, versus $83.7 million, or $0.19, a year earlier. For the nine months ended September 30, 2024, GAAP net income available to common shareholders was $515.8 million, or $1.14 per diluted share, and adjusted net income was $567.4 million, or $1.26 per share, compared with $1.07 adjusted EPS in the prior-year period.

The company reaffirmed its 2024 non-GAAP adjusted EPS guidance of $1.70b-1.74 and introduced 2025 adjusted EPS guidance of $1.84-1.88. It extended its plan through 2029, expecting adjusted EPS growth of 6-8% annually, supported by a $19.3 billion capital expenditure base plan for 2025-2029 and 8-10% rate base growth over the same period. The new capital plan is approximately $2.9 billion larger than the prior five-year plan.

CEO Lloyd Yates cited progress in rate cases, advancing NIPSCO Integrated Resource Plan dialogue, and approvals for several Indiana investments intended to improve reliability and lower customer costs. The filing notes that the company does not provide GAAP guidance for adjusted EPS because of unpredictable factors such as weather, asset sales, impairments, and other unusual or infrequent items. Schedule 1 of the press release reconciles GAAP to non-GAAP results, showing weather-related operating revenue adjustments of $5.6 millionc for the quarter and $50.6 million for the nine months, and preferred dividend redemption premiums of $14.0 million for the nine months of 2024.

02—Key points

Key Highlights

  1. Q3 2024 GAAP net income available to common shareholders of $85.7 million ($0.19 diluted EPS), up from $77.0 million ($0.17) in Q3 2023
  2. Q3 2024 adjusted EPS of $0.20 versus $0.19 a year earlier; nine-month adjusted EPS of $1.26 versus $1.07
  3. 2024 non-GAAP adjusted EPS guidance of $1.70-1.74 reaffirmed
  4. 2025 non-GAAP adjusted EPS guidance introduced at $1.84-1.88
  5. Plan extended to 2029 with 6-8% annual adjusted EPS growth and 8-10% rate base growth for 2025-2029
  6. Updated 2025-2029 base capital expenditure plan of $19.3 billion, approximately $2.9 billion larger than the prior five-year plan
  7. Weather-related operating revenue adjustments of $5.6 million in Q3 2024 versus $9.0 million in Q3 2023

03—Questions

Frequently Asked Questions

  1. How did NiSource perform in the third quarter of 2024?

    GAAP net income available to common shareholders was $85.7 million, or $0.19 per diluted share, compared with $77.0 million, or $0.17, in Q3 2023. On a non-GAAP adjusted basis, net income was $89.9 million, or $0.20 per share, compared with $83.7 million, or $0.19, a year earlier.

  2. What is NiSource's earnings guidance?

    The company reaffirmed 2024 non-GAAP adjusted EPS guidance of $1.70-1.74 and introduced 2025 non-GAAP adjusted EPS guidance of $1.84-1.88. It expects adjusted EPS growth of 6-8% annually through 2029. The filing states it does not provide GAAP equivalent guidance for adjusted EPS due to unpredictable factors such as weather, asset sales, and impairments.

  3. What are the company's long-term investment plans?

    NiSource updated its 2025-2029 base capital expenditure plan to $19.3 billion, approximately $2.9 billion larger than the prior five-year plan. It expects 8-10% rate base growth over 2025-2029, which it cites as the driver of its adjusted EPS growth outlook.

  4. What did management highlight as drivers of the quarter?

    CEO Lloyd Yates pointed to progress in rate cases, advancing NIPSCO Integrated Resource Plan dialogue, and approvals for several Indiana investments that the company says will improve reliability and lower costs for customers. He described these stakeholder partnerships as the foundation for the updated five-year plan.

04—Continue

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