01—Abstract
Summary
Summary of the 8-K filed February 12, 2025. Cited figures are marked; the original filing is the authoritative source.
NiSource Inc. reported full-year 2024 results on February 12, 2025, furnished via Item 2.02 with a press release attached as Exhibit 99.1.
On a GAAP basis, net income available to common shareholders was $739.7 milliona, or $1.62 per diluted share, compared with $661.7 million, or $1.48 per diluted share, in 2023. Non-GAAP adjusted net income available to common shareholders was $798.6 million, or $1.75 adjusted EPS, versus $716.3 million, or $1.60, in the prior year, and the company states 2024 adjusted EPS was above its guidance range. Management raised its 2025 non-GAAP adjusted EPS guidance to $1.85-$1.89 and reaffirmed expected annual 6%-8% non-GAAP adjusted EPS growth for 2025-2029.
The base capital expenditure plan was increased to $19.4 billionb, a $100 million increase from the prior $19.3 billion, which the company expects to drive 8%-10% rate base growth. The CEO cited an 8.5% three-year compound annualized growth rate in 2024 adjusted EPS. The press release notes that weather variance compared to normal contributed $60.4 million to 2024 operating revenue adjustments (versus $60.6 million in 2023), and that the company does not provide GAAP guidance for adjusted EPS because of unpredictable factors such as weather, asset sales and impairments.
02—Key points
Key Highlights
- 2024 GAAP net income available to common shareholders of $739.7 million ($1.62 diluted EPS), up from $661.7 million ($1.48) in 2023
- 2024 non-GAAP adjusted EPS of $1.75, above the company's guidance range, versus $1.60 in 2023
- 2025 non-GAAP adjusted EPS guidance raised to $1.85-$1.89
- Reaffirmed 2025-2029 non-GAAP adjusted EPS growth of 6%-8% annually
- Base capital expenditure plan increased to $19.4 billion from $19.3 billion, expected to support 8%-10% rate base growth
- Weather variance versus normal added $60.4 million to 2024 adjusted operating revenue, nearly unchanged from $60.6 million in 2023
- Q4 2024 GAAP net income available to common shareholders of $223.9 million ($0.47 diluted EPS) versus $225.6 million ($0.50) in Q4 2023
03—Questions
Frequently Asked Questions
How did NiSource perform in 2024 compared with 2023?
GAAP net income available to common shareholders rose to $739.7 million, or $1.62 per diluted share, from $661.7 million, or $1.48, in 2023. On a non-GAAP adjusted basis, net income was $798.6 million, or $1.75 per share, compared with $716.3 million, or $1.60, a year earlier.
What is the new 2025 earnings guidance?
NiSource raised its 2025 non-GAAP adjusted EPS guidance to $1.85-$1.89, up from its prior guidance as stated in the release.
What are the long-term growth expectations?
The company reaffirmed expected annual non-GAAP adjusted EPS growth of 6%-8% for 2025-2029 and projects 8%-10% rate base growth, supported by a base capital expenditure plan of $19.4 billion.
Why does the company use non-GAAP measures and not provide GAAP guidance?
Management says adjusted measures let investors evaluate ongoing performance using the same tools management uses. The company does not provide a GAAP equivalent for its adjusted EPS guidance because of unpredictable factors such as weather fluctuations, asset sales, impairments and other unusual or infrequent items.
How much did weather affect 2024 results?
Weather compared to normal was adjusted upward by $60.4 million in 2024 operating revenues, a figure nearly identical to the $60.6 million adjustment in 2023, according to the reconciliation schedule in the release.
04—Continue