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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
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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