NiSource Reports Mixed Q3 2024 Results, Net Income Up for Nine Months

NiSource Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing mixed performance compared to the same periods in 2023.

For Q3 2024, operating revenues increased to $1,076.3 million from $1,027.4 million in Q3 2023, driven by higher customer revenues, which rose to $1,046.1 million from $1,002.6 million. However, operating expenses also increased significantly, reaching $858.0 million compared to $794.4 million in the prior year. This led to a decrease in operating income to $218.3 million from $233.0 million. Net income for the quarter was $97.0 million, slightly down from $98.4 million in Q3 2023, while net income attributable to NiSource increased marginally to $85.7 million from $85.1 million.

For the nine months ended September 30, 2024, total operating revenues decreased to $3,867.3 million from $4,083.4 million in 2023. Despite this decline, net income rose significantly to $600.4 million from $482.5 million, reflecting improved profitability over the period. Basic earnings per share for the nine months increased to $1.15 from $1.05 in the previous year.

The company’s strategic focus has shifted to its Columbia and NIPSCO operations, with revenue segments restructured as of January 1, 2024. Columbia Operations reported Q3 revenues of $423.4 million, up from $411.0 million, while NIPSCO Operations saw revenues increase to $652.9 million from $616.6 million. However, for the nine-month period, Columbia revenues fell to $1,864.5 million from $1,981.5 million, while NIPSCO revenues decreased to $2,003.0 million from $2,102.1 million.

NiSource's total assets as of September 30, 2024, were $30,828.1 million, a slight decrease from $31,077.2 million at the end of 2023. The company reported a significant increase in long-term debt, which rose to $12,086.3 million from $11,055.5 million. The total stockholders' equity increased to $10,328.8 million from $10,136.3 million.

In terms of strategic developments, NiSource executed several forward sale agreements under its ATM program, raising substantial capital. The company also plans to invest between $3.3 billion and $3.5 billion in capital projects during 2024, focusing on infrastructure improvements and transitioning to low- or zero-emission energy sources.

Overall, while NiSource experienced revenue growth in Q3 2024, the nine-month results reflected challenges in maintaining revenue levels compared to the previous year, alongside significant increases in operating expenses and long-term debt.