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Sep 30, 2021
Nisource Q3 2021 Earnings Report
NiSource's Q3 2021 results were reported, showing an increase in net income and non-GAAP earnings compared to the same period in 2020. The company expects 2021 results to be at the top end of the guidance range and initiates 2022 guidance consistent with growth commitments. The preferred plan from the 2021 Integrated Resource Plan advances the transition toward lower-cost, cleaner, and reliable generation.
Key Takeaways
NiSource reported a net income of $49.4 million, or $0.12 diluted earnings per share, for Q3 2021, compared to a net loss of $186.7 million, or $0.49 diluted loss per share, for the same period in 2020. Non-GAAP net operating earnings were $47.1 million, or $0.11 diluted earnings per share, compared to $36.3 million, or $0.09 diluted earnings per share, for the same period in 2020. The company expects to achieve the top end of its 2021 non-GAAP diluted net operating earnings guidance.
NiSource expects 2021 results to be at the top end of the guidance range.
The company initiates 2022 guidance that is consistent with 5 to 7 percent near-term and 7 to 9 percent long-term growth commitments.
The preferred plan from the 2021 Integrated Resource Plan advances the transition toward lower-cost, cleaner and reliable generation.
NIPSCO announced the preferred plan from its latest IRP on October 21, 2021, which is expected to be submitted to the Indiana Utility Regulatory Commission (IURC) by mid-November.
Nisource
Nisource
Forward Guidance
NiSource introduced 2022 non-GAAP diluted net operating EPS guidance of $1.42 to $1.48, consistent with its near and long-term growth commitments. NiSource now expects to achieve the top end of its 2021 non-GAAP diluted net operating earnings guidance of $1.32 to $1.36 per share. The Company also expects to make capital investments of approximately $2 billion in 2021, and $2.4 to $2.7 billion in 2022.
Positive Outlook
- 2022 non-GAAP diluted net operating EPS guidance of $1.42 to $1.48.
- Consistent with near and long-term growth commitments.
- Achieve the top end of its 2021 non-GAAP diluted net operating earnings guidance of $1.32 to $1.36 per share.
- Capital investments of approximately $2 billion in 2021.
- Capital investments of $2.4 to $2.7 billion in 2022.
Challenges Ahead
- The company does not provide a GAAP equivalent of its earnings guidance due to the impact of unpredictable factors such as fluctuations in weather.
- Impact of asset sales and impairments
- Other unusual and infrequent items included in GAAP results.
- The company is not able to estimate the impact of such factors on GAAP earnings
- The company is not able to provide a reconciliation of its non-GAAP net operating earnings guidance to its GAAP equivalent without unreasonable efforts.