{"id":487461,"date":"2021-05-05T06:34:05","date_gmt":"2021-05-05T10:34:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/nisource-reports-first-quarter-2021-results\/"},"modified":"2021-05-05T06:34:05","modified_gmt":"2021-05-05T10:34:05","slug":"nisource-reports-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nisource-reports-first-quarter-2021-results\/","title":{"rendered":"NiSource Reports First Quarter 2021 Results"},"content":{"rendered":"
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– Safety & asset modernization, renewable generation transition, customer affordability remain top priorities<\/h2>\n

– Equity unit issuance significantly de-risked financing strategy<\/h2>\n

– Renewable generation advances with investments now totaling ~$2.0B<\/h2>\n

– Narrowed 2021 guidance (diluted NOEPS) to the upper half of the previous range and reaffirmed all other near- and long-term growth rates outlined at Investor Day<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n MERRILLVILLE, Ind.<\/span>, May 5, 2021<\/span> \/PRNewswire\/ — NiSource Inc. (NYSE: NI) today announced, on a GAAP basis, net income available to common shareholders for the three months ended March 31, 2021<\/span> of $281.7 million<\/span>, or $0.72<\/span> diluted earnings per share, compared to a net income available to common shareholders of $61.8 million<\/span>, or $0.16<\/span> diluted earnings per share, for the same period of 2020.\u00a0 <\/p>\n

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NiSource also reported non-GAAP net operating earnings available to common shareholders of $304.8 million<\/span>, or $0.77<\/span> diluted earnings per share, for the three months ended March 31, 2021<\/span>, compared to non-GAAP net operating earnings available to common shareholders of $290.9 million<\/span>, or $0.76<\/span> diluted earnings per share, for the same period of 2020. Schedule 1 of this press release contains a complete reconciliation of GAAP measures to non-GAAP measures.<\/p>\n

“With the successful completion of last month’s convertible issuance, NiSource is well positioned to execute the next stage of our growth plan, driven by safety and asset modernization programs, as well as our electric generation transition strategy,” said NiSource President and CEO Joe Hamrock<\/span><\/b>. “In Indiana, we kicked off our 2021 Integrated Resource Plan (IRP) process, which will inform our strategy beyond 2023, and we initiated four new renewable energy projects in 2021. We continue to expect that our infrastructure and generation investments will drive compound annual growth of 7 to 9% in diluted net operating earnings per share from 2021 through 2024 while reducing greenhouse gas emissions 90% by 2030.”<\/p>\n

\n 2021 and Long-Term Financial Commitments Reaffirmed<\/b>\n <\/p>\n

NiSource is narrowing its 2021 non-GAAP diluted net operating earnings guidance to $1.32<\/span> to $1.36<\/span> per share, which represents the upper half of the previous range. The company expects to make capital investments of $1.9 billion<\/span> to $2.1 billion<\/span> in 2021.<\/p>\n

As outlined at its 2020 Investor Day, NiSource continues to expect to grow its diluted 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. <\/p>\n

NiSource expects to make capital investments totaling approximately $10 billion<\/span> through 2024, comprised of annual investments of $1.9<\/span> to $2.2 billion<\/span> for growth, safety, and modernization, and an additional $2 billion<\/span> in total for renewable generation. These investments are expected to drive compound annual rate base growth of 10 to 12% for each of our businesses through 2024.<\/p>\n

NiSource remains committed to maintaining its current investment-grade credit ratings. The company has investment-grade ratings with Fitch Ratings (BBB), Moody’s (Baa2) and Standard & Poor’s (BBB+). As of March 31, 2021<\/span>, NiSource had approximately $1.9 billion<\/span> in net available liquidity, consisting of cash and available capacity under its credit facility and accounts receivable securitization programs.<\/p>\n

NiSource reminds investors that it does not provide a GAAP equivalent of its earnings guidance due to the impact of unpredictable factors such as fluctuations in weather, material asset sales and impairments, and other unusual and infrequent items included in GAAP results.<\/p>\n

\n System-wide Safety Enhancements Update<\/b>\n <\/p>\n

The Safety Management System (SMS) is an established operating model within NiSource. Safety milestones in the first quarter of 2021 include: <\/p>\n