Utility NiSource beats second-quarter profit estimate on lower costs

NiSource

07/08/2024 14:23

Aug 7 (Reuters) - Electric and gas utility NiSource
 NI.N  beat second-quarter profit estimates on Wednesday as
lower costs helped counter the impact of weak gas sales.
    U.S. natural gas futures  NGc1  have fallen about 17% so far
this year, helping utilities such as NiSource reduce their fuel
costs.
    Lower fuel costs helped bring down the company's overall
operating expenses by nearly 8% in the second quarter.
    NiSource serves nearly 4 million natural gas and electric
customers across six U.S. states through subsidiaries Columbia
Gas and NIPSCO.
    Operating revenue from its Columbia Gas operations fell
nearly 7% to $490.5 million for the quarter from a year ago.
This included a $6.9 million weather-related hit.
    The company posted an adjusted profit of 21 cents per share
in the second quarter, exceeding analysts' average estimate of
16 cents, according to LSEG data.
    NiSource reaffirmed its full-year adjusted profit forecast
of $1.70 to $1.74 per share, compared with expectations of
$1.72.

 (Reporting by Vallari Srivastava in Bengaluru; Editing by
Shreya Biswas)
 ((Srivastava.Vallari@thomsonreuters.com;))