NiSource beats quarterly profit estimates on strong natgas demand

NiSource

03/05/2023 12:16

May 3 (Reuters) - NiSource Inc  NI.N  beat Wall Street
estimates for first-quarter profit on Wednesday, as more
customer additions helped drive natural gas demand higher in its
key operating regions. 
    The U.S. electric and gas utility company supplies natural
gas to nearly four million customers across the six U.S. states,
including Kentucky, Maryland, Ohio, Pennsylvania and Virginia.
    Even though U.S. gas futures saw a massive drop in the
quarter on rising output and mostly mild weather so far this
winter, NiSource benefited from the addition of new customers
and favorable rates for gas distribution.
    On an adjusted basis, the company reported a profit of 77
cents per share in the quarter ended March 31, compared with
analysts' average estimate of 75 cents per share.  
    The Merrillville, Indiana-based company also reaffirmed its
annual adjusted earnings forecast. 
    Sale of minority interest in its electric utility unit,
Northern Indiana Public Service Company (NIPSCO), remains on
track, it said. 
    
    

 (Reporting by Ankit Kumar; Editing by Shweta Agarwal)
 ((Ankit.Kumar2@thomsonreuters.com;))