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Sep 30, 2023
Nisource Q3 2023 Earnings Report
NiSource announced third quarter 2023 results and extension to long-term growth plan.
Key Takeaways
NiSource reported a GAAP net income of $77.0 million, or $0.17 diluted earnings per share, and a non-GAAP net operating earnings of $83.7 million, or $0.19 diluted earnings per share. The company reaffirmed its 2023 non-GAAP NOEPS guidance in the upper half of the range and introduced 2024 non-GAAP NOEPS guidance, extending annual growth of 6-8% from 2023-28. An incremental $1 billion in capital expenditures was incorporated across the 5-year plan horizon.
Reaffirmed 2023 non-GAAP NOEPS guidance in upper half of the range.
Introduced 2024 non-GAAP NOEPS guidance and extending annual 6-8% growth from 2023-28.
NIPSCO minority interest transaction with Blackstone Infrastructure Partners on-track for closing by the end of 2023.
Incorporated an incremental $1 billion in capital expenditures across 5-year plan horizon.
Forward Guidance
NiSource is reiterating 2023 non-GAAP NOEPS to be in the upper half of the $1.54-1.60 range. In 2024 non-GAAP NOEPS is expected to be in the range of $1.68-1.72. NiSource is extending its plan to 2028 with non-GAAP NOEPS growth expected to be 6-8% annually, driven by $16 billion 2024-28 base plan capital expenditures and 8-10% annual 2023-28 rate base growth.
Positive Outlook
- 2023 non-GAAP NOEPS to be in the upper half of the $1.54-1.60 range.
- 2024 non-GAAP NOEPS is expected to be in the range of $1.68-1.72.
- Plan extended to 2028 with non-GAAP NOEPS growth expected to be 6-8% annually.
- $16 billion 2024-28 base plan capital expenditures.
- 8-10% annual 2023-28 rate base growth.
Historical Earnings Impact
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