NiSource (NI) Q1 Earning Miss Estimates, Revenue Beat – May 4, 2022

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NiSource Inc. (NEITHER Free Report) reported first-quarter 2022 operating earnings per share (EPS) of 75 cents, which lags Zacks’ consensus estimate by a penny. Net income also fell 2.6% from year-earlier quarter earnings of 77 cents per share.

On a GAAP basis, NiSource reported first quarter 2022 EPS of 94 cents, up 30.6% from 72 cents in the prior year quarter.

Total revenue

Operating revenue of $1,873.3 million beat Zacks’ consensus estimate of $1,872 million by 0.06%. Revenue improved 21.2% from $1,545.6 million in the prior year quarter.

Release Highlights

Total operating expenses for the first quarter were $1,273 million, up 14.4% from $1,112.4 million in the prior year quarter, due to higher the cost of energy, operation and maintenance trackers and taxes.

Operating profit was $600.3 million, up 38.6% from $433.2 million a year earlier.

Net interest expense in the reported quarter decreased 1.1% from the prior year quarter figure to $83.7 million.

Financial update

NiSource’s cash and cash equivalents as of March 31, 2022 were $114.5 million, compared to $84.2 million as of December 31, 2021.

Long-term debt (excluding amounts due within one year) as at March 31, 2022 amounted to $9,179.8 million, compared to $9,183.4 million as at December 31, 2021.

Free cash flow from operating activities in the first three months of 2022 was $579.8 million, compared to $448.3 million in the first three months of 2021.

Orientation

NiSource reiterated non-GAAP net operating income guidance for 2022 in the range of $1.42 to $1.48 per share and expects earnings to see a CAGR of 7-9% from 2021 to 2024, including a short-term annual growth rate of 5-7% through 2023.

NiSource expects to make capital investments of nearly $10 billion over the 2021-2024 period. From 2022 to 2024, NiSource plans to invest $2 billion in renewable projects.

Zacks Rank

NiSource currently has a Zacks rank of #3 (Hold). You can see tA complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming releases

Dominion Energy (D Free Report) is expected to announce first quarter 2022 results on May 5. The Zacks consensus estimate for earnings is pegged at $1.19 per share.

Dominion’s long-term (three to five years) earnings growth is projected at 6.1%. The Zacks consensus estimate for D’s 2022 EPS suggests 6.7% year-over-year growth.

duke energy (duke Free Report) is expected to release Q1 2022 results on May 9 before market open. The Zacks consensus estimate for EPS is pegged at $1.37.

Duke Energy’s long-term earnings growth is projected at 6.2%. The Zacks consensus estimate for DUK’s 2022 EPS points to 4.2% year-over-year growth.

Algonquin Power & Utilities (AQN Free report) is expected to release first quarter 2022 results on May 12. The Zacks consensus estimate for BPA is pegged at 23 cents.

Long-term earnings growth for Algonquin Power & Utilities is projected at 8.1%. The Zacks consensus estimate for AQN’s 2022 EPS points to 5.6% year-over-year growth.

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