NiSource Inc. (NYSE:NI) reported first-quarter 2017 operating earnings of 71 cents per share, surpassing the Zacks Consensus Estimate of 65 cents by 9.2%. Earnings also increased 14.5% year over year.
The company reported GAAP earnings of 65 cents per share compared with 58 cents in the year-ago period. The difference between the GAAP and operating earnings was due to a 6 cent impact of one-time non-recurring items.
Revenues
In first-quarter 2017, NiSource’s gross revenues of $1,598.6 million surpassed the Zacks Consensus Estimate of $1,508 million by 6%. Revenues also increased 11.3% year over year from $1,436.6 million.
Quarterly Highlights
NiSource’s Gas Distribution sales decreased 5.2% year over year to 326.4 Million dekatherms (MMDth). The company’s sales from Electric Operations also declined nearly 2.5% to 4,064.5 gigawatt hours.
Cost of sales increased 11.2% year over year to $552.3 million.
Total operating expenses were $629.8 million, reflecting an increase of 12.7% year over year primarily due to higher operation and maintenance expenses.
Interest expenses were $85.2 million, decreased 5.9% from the year-ago figure.
NiSource, Inc Price, Consensus and EPS Surprise
NiSource, Inc Price, Consensus and EPS Surprise | NiSource, Inc Quote
Financial Position
As of Mar 31, 2017, NiSource’s cash and cash equivalents were $28.4 million compared with $23.7 million as of Dec 31, 2016.
In the first quarter of 2017, net cash from operating activities (continuing operation) was $411.1 million compared with $302.9 million in the year-ago period.
NiSource’s capital expenditure in the first quarter of 2017 was $312 million compared with $301 million in the year-ago period.
Guidance
NiSource reiterated the 2017 earnings guidance of $1.12 to $1.18 per share and expects to deliver results at the upper half of the guided range.
The company remains on track to complete $1.6–$1.7 billion of planned utility infrastructure investments in 2017.
Zacks Rank
NiSource has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Release
American Electric Power Co., Inc. (NYSE:AEP) reported first-quarter 2017 operating earnings per share of 96 cents, missing the Zacks Consensus Estimate of 97 cents by 1%.
DTE Energy Company (NYSE:DTE) reported first-quarter 2017 operating EPS of $1.79, which surpassed the Zacks Consensus Estimate of $1.57 by 14%.
CMS Energy Corporation (NYSE:CMS) reported first-quarter 2017 adjusted EPS of 71 cents, scoring above the Zacks Consensus Estimate of 65 cents by 9.2%.
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