NiSource (NI) Q2 2024 earnings summary

Executive summary

• Q2 2024 adjusted EPS was $0.21, up from $0.11 in Q2 2023, and net income available to common shareholders rose to $85.8 million from $39.9 million; 2024 adjusted EPS guidance of $1.70–$1.74 reaffirmed, with expectations to reach the upper half of the range.

• Five-year adjusted EPS growth guidance of 6%–8% and rate base growth of 8%–10% annually reaffirmed through 2028.

• Strong operational execution, including safety, reliability, and technology investments, is delivering efficiencies and supporting financial commitments.

• Customer load growth, especially from data centers and economic development, is driving upside potential not yet included in base financial plans.

• The Cavalry Solar & Storage project was placed into service, supporting earnings and investment execution.

Financial highlights

• Q2 2024 adjusted EPS was $0.21, up from $0.11 in Q2 2023; GAAP diluted EPS was $0.19, up from $0.09.

• Net income available to common shareholders for Q2 2024 was $85.8 million, up from $39.9 million; adjusted net income was $94.7 million, up from $50.3 million.

• Six-month 2024 net income was $430.1 million, up from $359.1 million; adjusted net income was $477.5 million, up from $393.3 million.

• Consolidated adjusted operating income for Q2 2024 was $249.1 million, up $74.3 million year-over-year.

• Cash from operations for the first half of 2024 was $901.7 million, down from $1,191.0 million, as capital expenditures and renewable project payments increased.

Outlook and guidance

• 2024 adjusted EPS guidance of $1.70–$1.74 reaffirmed, with expectations to reach the upper half.

• Five-year plan targets 6%–8% annual adjusted EPS growth and 8%–10% rate base growth.

• Capital expenditures planned at $16.4 billion for 2024–2028, with an additional $1.6 billion upside opportunity.

• FFO to debt targeted at 14%–16% throughout the plan period.

• Average annual residential bill growth expected at or below 4% through 2028.