NiSource beats Q3 profit estimates on favorable weather, lower operating expenses

NiSource

01/11/2023 11:53

Nov 1 (Reuters) - U.S. electric and gas utility company
NiSource Inc  NI.N  beat third-quarter profit estimates on
Wednesday, helped by lower operating expenses and higher demand
for electricity amid hot weather. 
        On an adjusted basis, NiSource reported operating
earnings of 19 cents per share, beating analysts' average
estimate of 16 cents per share, according to LSEG data.
    Earnings from its electric operations rose nearly 60% to
$184 million from last year. 
        The company's operating expenses were down about 15% at
$794.4 million in the quarter from a year earlier.
    The U.S. electric and gas utility companies benefited from
higher demand for electricity after July turned out to be the
hottest month on record, prompting customers to keep their air
conditioners running.
        Peers 
    CMS Energy
      CMS.N  and 
    Xcel Energy
      XEL.O  also posted a rise in third-quarter profit as
utility companies took cost-cutting measures to counter
inflation and rising interest rates.
  
    The Merrillville, Indiana-based company set its 2024
adjusted earnings guidance in the range of $1.68 per share to
$1.72 per share.
    NiSource supplies electricity to customers in the northern
part of Indiana and natural gas to six states - Indiana,
Kentucky, Maryland, Ohio, Pennsylvania and Virginia.

 (Reporting by Roshia Sabu and Tanay Dhumal; editing by Eileen
Soreng)
 ((Roshia.Sabu@thomsonreuters.com;))