On February 12, 2025, NiSource Inc (NI, Financial) released its 8-K filing detailing the company's financial performance for the fiscal year ending December 31, 2024. NiSource, a leading natural gas distribution company serving approximately 3.3 million customers across six states, also operates an electric utility in northern Indiana. The company reported a GAAP net income of $739.7 million, or $1.62 per diluted share, marking an increase from the previous year's $661.7 million, or $1.48 per diluted share.
NiSource's performance in 2024 was marked by a notable achievement in non-GAAP adjusted earnings per share (EPS), which reached $1.75, surpassing the analyst estimate of $1.74. This performance underscores the company's ability to deliver consistent growth, evidenced by an 8.5% three-year compound annual growth rate in non-GAAP EPS. However, the company faces challenges such as managing infrastructure investments and adapting to technological advancements, which are crucial for maintaining its growth trajectory.
NiSource's financial achievements are significant within the regulated utilities sector. The company reported a non-GAAP adjusted net income of $798.6 million, up from $716.3 million in 2023. This growth is vital for a utility company, as it reflects the ability to manage costs and investments effectively while delivering value to shareholders. The increase in the base capital expenditure plan to $19.4 billion is expected to drive an 8%-10% rate base growth, supporting the company's long-term financial health.
The income statement reveals a GAAP diluted EPS of $1.62, which is below the estimated EPS of $1.74. However, the non-GAAP adjusted EPS of $1.75 exceeds the estimate, highlighting the company's operational efficiency. The balance sheet and cash flow statements indicate robust financial management, with strategic investments aimed at enhancing infrastructure and service delivery.
“We continue our track record of strong financial growth achieving 2024 non-GAAP EPS of $1.75, delivering an 8.5% 3-year compound annualized growth rate,” said NiSource President and CEO, Lloyd Yates.
| Metric | 2024 | 2023 |
|---|---|---|
| GAAP Net Income (in millions) | $739.7 | $661.7 |
| Non-GAAP Adjusted Net Income (in millions) | $798.6 | $716.3 |
| GAAP EPS | $1.62 | $1.48 |
| Non-GAAP Adjusted EPS | $1.75 | $1.60 |
NiSource's performance in 2024 demonstrates its resilience and strategic focus on growth. The company's ability to exceed non-GAAP EPS estimates is a positive indicator for investors, reflecting strong operational management. The increase in capital expenditure and the reaffirmation of a 6%-8% annual non-GAAP adjusted EPS growth from 2025 to 2029 positions NiSource well for future challenges and opportunities in the utilities sector.
For more detailed insights and analysis, visit GuruFocus.com to explore how NiSource's strategic initiatives and financial performance align with value investing principles.
Explore the complete 8-K earnings release (here) from NiSource Inc for further details.
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