- Achieved 2023 non-GAAP NOEPS at top end of guidance range
- Raising 2024 non-GAAP NOEPS guidance to $1.70-1.74 from
$1.68-1.72
- Reaffirming 6-8% annual 2023-2028 non-GAAP NOEPS growth
- Successfully closed NIPSCO minority interest transaction in
December
NiSource Inc. (NYSE: NI) today announced, on a GAAP basis, 2023
net income available to common shareholders of $661.7 million, or
$1.48 diluted earnings per share, compared to net income available
to common shareholders of $749.0 million, or $1.70 diluted earnings
per share, for the same period of 2022.
NiSource also reported 2023 non-GAAP net operating earnings
available to common shareholders of $716.3 million, or $1.60
diluted earnings per share, compared to non-GAAP net operating
earnings available to common shareholders of $648.2 million, or
$1.47 diluted earnings per share, for the same period of 2022.
Schedule 1 of this press release contains a complete reconciliation
of GAAP measures to non-GAAP measures.**
NiSource is raising 2024 non-GAAP NOEPS guidance to $1.70-1.74
from $1.68-1.72. The 5-year $16 billion base capital expenditure
plan drives 2023-2028 annual rate base growth* of 8-10% and annual
non-GAAP NOEPS growth of 6-8%.
"Today’s 2023 earnings achievement and increased 2024 NOEPS
guidance range are a testament to the resiliency of our financial
commitments and our superior regulatory and stakeholder
foundation,” said NiSource President and CEO, Lloyd Yates.
“Meanwhile, the company’s balance sheet is now strengthened and
more flexible following the successful completion of the NIPSCO
minority transaction in December. As we move through the winter
season our more than 11,000 employees and contractors should be
proud of their work providing safe and reliable service to our
nearly four million customers.”
*core business rate base growth; select years may exceed
range
**Non-GAAP Disclosure Statement
This press release includes financial results and guidance for
NiSource with respect to net operating earnings available to common
shareholders and diluted earnings per share (NOEPS), which is a
non-GAAP financial measure as defined by the SEC. The company
includes this measure because management believes they permit
investors to view the company’s performance using the same tools
that management uses and to better evaluate the company’s ongoing
business performance. With respect to guidance on NOEPS, NiSource
reminds investors that it does not provide a GAAP equivalent of its
guidance on net operating earnings due to the impact of
unpredictable factors such as fluctuations in weather, impact of
asset sales and impairments and other unusual or infrequent items
included in the comparable GAAP measures. The company is not able
to estimate the impact of such factors on the comparable GAAP
measures and, as such, is not providing guidance on a GAAP basis.
In addition, the company is not able to provide a reconciliation of
its non-GAAP NOEPS guidance to the comparable GAAP equivalents
without unreasonable efforts.
Additional Information
Additional information for the quarter ended December 31, 2023,
is available on the Investors section of www.nisource.com,
including segment and financial information and a presentation, as
well as NiSource’s social media channels. The company alerts
investors that it intends to use the Investors section of its
website www.nisource.com and as well as the company’s social media
channels to disseminate important information about the company to
its investors. Investors are advised to look at NiSource’s website
and its social media channels for future important information
about the company.
About NiSource
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated
utility companies in the United States, serving approximately 3.3
million natural gas customers and 500,000 electric customers across
six states through its local Columbia Gas and NIPSCO brands. The
mission of our approximately 7,400 employees is to deliver safe,
reliable energy that drives value to our customers. NiSource is a
member of the Dow Jones Sustainability - North America Index and is
on Forbes lists of America’s Best Employers for Women and
Diversity. Learn more about NiSource’s record of leadership in
sustainability, investments in the communities it serves and how we
live our vision to be an innovative and trusted energy partner at
www.NiSource.com. NI-F
The content of our website is not incorporated by reference into
this document or any other report or document NiSource files with
the Securities and Exchange Commission (“SEC”).
Forward-Looking Statements
This Press Release contains "forward-looking statements," within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Investors
and prospective investors should understand that many factors
govern whether any forward-looking statement contained herein will
be or can be realized. Any one of those factors could cause actual
results to differ materially from those projected. Forward-looking
statements in this press release include, but are not limited to,
statements concerning our 2024 guidance on NOEPS, plans,
strategies, objectives, expected performance, expenditures,
recovery of expenditures through rates, stated on either a
consolidated or segment basis, and any and all underlying
assumptions and other statements that are other than statements of
historical fact. Expressions of future goals and expectations and
similar expressions, including "may," "will," "should," "could,"
"would," "aims," "seeks," "expects," "plans," "anticipates,"
"intends," "believes," "estimates," "predicts," "potential,"
"targets," "forecast," and "continue," reflecting something other
than historical fact are intended to identify forward-looking
statements. All forward-looking statements are based on assumptions
that management believes to be reasonable; however, there can be no
assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially
from the projections, forecasts, estimates and expectations
discussed in this Press Release include, among other things: our
ability to execute our business plan or growth strategy, including
utility infrastructure investments; potential incidents and other
operating risks associated with our business; our ability to work
successfully with our third-party investors; our ability to adapt
to, and manage costs related to, advances in technology, including
alternative energy sources and changes in laws and regulations; our
increased dependency on technology; impacts related to our aging
infrastructure; our ability to obtain sufficient insurance coverage
and whether such coverage will protect us against significant
losses; the success of our electric generation strategy;
construction risks and supply risks; fluctuations in demand from
residential and commercial customers; fluctuations in the price of
energy commodities and related transportation costs or an inability
to obtain an adequate, reliable and cost-effective fuel supply to
meet customer demand; our ability to attract, retain or re-skill a
qualified, diverse workforce and maintain good labor relations; our
ability to manage new initiatives and organizational changes; the
actions of activist stockholders; the performance and quality of
third-party suppliers and service providers; potential
cybersecurity attacks or security breaches; increased requirements
and costs related to cybersecurity; any damage to our reputation;
the impacts of natural disasters, potential terrorist attacks or
other catastrophic events; the physical impacts of climate change
and the transition to a lower carbon future; our ability to manage
the financial and operational risks related to achieving our carbon
emission reduction goals, including our Net Zero Goal; our debt
obligations; any changes to our credit rating or the credit rating
of certain of our subsidiaries; adverse economic and capital market
conditions, including increases in inflation or interest rates,
recession, or changes in investor sentiment; economic regulation
and the impact of regulatory rate reviews; our ability to obtain
expected financial or regulatory outcomes; economic conditions in
certain industries; the reliability of customers and suppliers to
fulfill their payment and contractual obligations; the ability of
our subsidiaries to generate cash; pension funding obligations;
potential impairments of goodwill; the outcome of legal and
regulatory proceedings, investigations, incidents, claims and
litigation; compliance with changes in, or new interpretations of
applicable laws, regulations and tariffs; the cost of compliance
with environmental laws and regulations and the costs of associated
liabilities; changes in tax laws or the interpretation thereof; and
other matters set forth in Item 1, "Business," Item 1A, "Risk
Factors" and Part II, Item 7, "Management’s Discussion and Analysis
of Financial Condition and Results of Operations," of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023,
some of which risks are beyond our control. In addition, the
relative contributions to profitability by each business segment,
and the assumptions underlying the forward-looking statements
relating thereto, may change over time.
All forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. We undertake no
obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events
or changes to the future results over time or otherwise, except as
required by law.
Schedule 1 - Reconciliation of
Consolidated Net Income Available to Common Shareholders to Net
Operating Earnings Available to Common Shareholders (Non-GAAP)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions, except per share
amounts)
2023
2022
2021
2023
2022
2021
GAAP Net Income Available to Common
Shareholders
$
225.6
$
230.8
$
152.2
$
661.7
$
749.0
$
529.8
Adjustments to Operating Income
:
Operating Revenues:
Weather - compared to normal
13.4
(3.2
)
13.7
60.6
(24.9
)
1.2
FAC adjustment(1)
—
—
—
—
8.0
—
Greater Lawrence Incident
—
—
1.2
—
—
9.2
Plant retirement costs
—
—
1.9
—
—
14.1
Operating Expenses:
NiSource Next initiative(2)
—
—
2.6
—
3.3
24.7
Massachusetts Business related
amounts(3)
—
—
—
—
(105.0
)
6.8
Total adjustments to operating income
13.4
(3.2
)
19.4
60.6
(118.6
)
56.0
Other Income (Deductions):
Interest rate swap settlement gain
—
(10.0
)
—
—
(10.0
)
—
Income Taxes:
Tax effect of above items(4)
(3.3
)
3.4
(4.9
)
(15.8
)
27.8
(14.6
)
Preferred Dividends:
Preferred dividends redemption
premium(5)
3.6
—
—
9.8
—
—
Total adjustments to net income (loss)
13.7
(9.8
)
14.5
54.6
(100.8
)
41.4
Net Operating Earnings Available to
Common Shareholders (Non-GAAP)
$
239.3
$
221.0
$
166.7
$
716.3
$
648.2
$
571.2
Diluted Average Common Shares
449.3
445.9
428.8
447.9
442.7
417.3
GAAP Diluted Earnings Per
Share(6)
$
0.50
$
0.52
$
0.36
$
1.48
$
1.70
$
1.27
Adjustments to diluted earnings (loss) per
share
0.03
(0.02
)
0.03
0.12
(0.23
)
0.10
Non-GAAP Diluted Net Operating Earnings
Per Share
$
0.53
$
0.50
$
0.39
$
1.60
$
1.47
$
1.37
(1)Represents fuel costs deemed
over-collected from customers through the FAC mechanism and ordered
to be refunded to customers.
(2)Represents incremental severance and
third-party consulting costs incurred in connection with the
NiSource Next initiative.
(3)Represents proceeds from a property
insurance settlement related to the Greater Lawrence Incident. 2021
primarily represents final net working capital adjustments to the
purchase price for the loss incurred on the sale of the
Massachusetts Business.
(4)Represents income tax expense
calculated using the statutory tax rates for legal entity.
(5)Represents the difference between the
carrying value on the redemption date of the Series A Preferred
Stock and the total amount of consideration paid to redeem plus an
excise tax liability incurred under the IRA, net of the fair value
of common shares issued during 2023.
(6)The GAAP Diluted Earnings Per Share
numerator is equal to Net Operating Earnings Available to Common
Shareholders adjusted for income allocated to participating
securities plus add-backs for interest expense incurred, net of
tax, related to Series A Equity Unit purchase contracts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221574324/en/
Media Lynne Evosevich
Corporate Media Relations (724) 288-1611
levosevich@nisource.com
Investors Christopher
Turnure Investor Relations (614) 404-9426 cturnure@nisource.com
Michael Weisenburger Investor Relations (614) 202-2595
mweisenburger@nisource.com
Nisource (NYSE:NI)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Nisource (NYSE:NI)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024