NiSource (NI) Q4 2024 earnings summary

Executive summary

• Achieved 2024 adjusted EPS of $1.75, a 9.4% year-over-year increase, exceeding guidance and reflecting an 8.5% three-year CAGR.

• Raised 2025 adjusted EPS guidance to $1.85–$1.89, targeting 6%–8% annual growth through 2029.

• $19.4 billion capital plan for 2025–2029 supports 8%–10% rate base growth and robust investment in regulated infrastructure.

• Continued focus on operational excellence, safety, stakeholder engagement, and customer affordability.

• Constructive regulatory outcomes with multiple rate case settlements and approvals across key jurisdictions.

Financial highlights

• 2024 adjusted net income was $798.6 million, up $82.3 million year-over-year; GAAP net income was $739.7 million.

• Adjusted EPS for 2024 was $1.75, up from $1.60 in 2023.

• FFO to debt improved to 14.6% in 2024 from 14.1% in 2023.

• Annualized dividend target increased to $1.12 per share, with payout ratio at the low end of 60%–70% guidance.

• Consolidated adjusted operating income for 2024 was $1,515.9 million, up $159.8 million year-over-year.

Outlook and guidance

• 2025 adjusted EPS guidance raised to $1.85–$1.89, with 6%–8% annual adjusted EPS growth and 8%–10% rate base growth targeted through 2029.

• $19.4 billion base capital plan for 2025–2029, with an additional $2.2 billion upside opportunity.

• Less than 5% average annual bill increases projected through 2029.

• Plan assumes 0%–1.5% customer growth per year and realistic interest rate assumptions.

• FFO/Debt targeted at 14%–16% annually through 2029.