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Sep 30, 2020
Nisource Q3 2020 Earnings Report
NiSource reported a net loss on a GAAP basis, but reaffirmed 2020 capital expenditure and 2021 non-GAAP NOEPS guidance.
Key Takeaways
NiSource reported a GAAP net loss of $186.7 million, or $0.49 per share, for the three months ended September 30, 2020. However, the company reaffirmed its 2020 capital investment forecast of $1.7 to $1.8 billion and its 2021 non-GAAP net operating earnings guidance in the range of $1.28 to $1.36 per share.
Safety & asset modernization, renewable generation transition and continued customer affordability remain top priorities
2020 CapEx and 2021 non-GAAP NOEPS guidance reaffirmed
Additional renewable generation projects announced in Indiana
Sale of Columbia Gas of Massachusetts closed in October
Nisource
Nisource
Forward Guidance
NiSource reaffirmed its 2020 capital investment forecast of $1.7 to $1.8 billion, and its 2021 non-GAAP net operating earnings guidance in the range of $1.28 to $1.36 per share. The company continues to expect to grow its net operating earnings per share by 7 to 9% on a compound annual growth rate basis from 2021 through 2024, including near-term annual growth of 5 to 7% through 2023.
Positive Outlook
- Reaffirmed 2020 capital investment forecast
- Reaffirmed 2021 non-GAAP net operating earnings guidance
- Expects 7-9% net operating earnings per share growth from 2021-2024
- Expects $1.9 to $2.2 billion annual growth, safety, and modernization investments
- Expects $1.8 to $2.0 billion of investments in renewable generation assets
Challenges Ahead
- Modest commercial and industrial load impacts due to COVID-19
- Impacts on revenues are being mitigated by cost management measures
- Pennsylvania base rate case order expected in Q1 2021, creating uncertainty
- Maryland base rate case order expected in November 2020, creating uncertainty
- NIPSCO tracker update request order expected by year-end, creating uncertainty