MERRILLVILLE, Ind. - NiSource Inc. (NYSE: NYSE:NI) reported a fourth-quarter adjusted EPS of $0.53, slightly below the analyst consensus of $0.55, leading to a 1% decline in share price. Despite the quarterly earnings miss, the utility company raised its full-year 2024 adjusted EPS guidance to a range of $1.70 to $1.74, aligning with the lower end of analyst expectations.
In the fourth quarter, NiSource achieved a non-GAAP net operating earnings of $716.3 million, or $1.60 per diluted share, marking an increase from the $648.2 million, or $1.47 per diluted share, reported in the same period the previous year. This improvement reflects the company's resilience and commitment to meeting financial targets.
President and CEO Lloyd Yates commented on the results, "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." He also highlighted the strengthened balance sheet following the successful completion of the NIPSCO minority transaction in December.
Looking ahead, NiSource's 5-year $16 billion base capital expenditure plan is expected to drive annual rate base growth of 8-10% and annual adjusted NOEPS growth of 6-8% from 2023 to 2028. This strategic investment is designed to enhance the company's infrastructure and deliver value to customers.
The company's forward-looking strategy, coupled with the raised guidance for the upcoming year, suggests confidence in NiSource's ability to navigate challenges and continue its growth trajectory. However, the slight stock price decline following the earnings release indicates investors' immediate reaction to the fourth-quarter EPS miss, despite the positive outlook for 2024.
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