NiSource(NI) - 2024 Q2 - Quarterly Results

Financial Highlights and Guidance NiSource reported strong Q2 2024 earnings, reaffirming full-year guidance and long-term capital plans with notable EPS growth Q2 2024 Financial Performance | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | GAAP Net Income | $85.8M | $39.9M | +115.0% | | GAAP Diluted EPS | $0.19 | $0.09 | +111.1% | | Non-GAAP Adjusted Net Income | $94.7M | $50.3M | +88.3% | | Non-GAAP Adjusted EPS | $0.21 | $0.11 | +90.9% | - The company reaffirmed its full-year 2024 non-GAAP adjusted EPS guidance in the range of $1.70 to $1.74[1] - NiSource maintains its long-term financial commitments, including an annual non-GAAP adjusted EPS growth of 6-8% and annual rate base growth of 8-10% for the 2023-2028 period[1] - The company's base capital expenditure plan for 2024-2028 is set at $16.4 billion[1] Management Commentary and Operational Updates Management highlighted strong execution, successful project placement, and effective storm response, underscoring operational readiness - The Cavalry Solar & Storage project was placed into service during the second quarter[2] - Management attributes strong performance to the execution of its investment plan, a superior regulatory foundation, and progress on renewable project approvals[2] - The company successfully responded to a major windstorm in its Indiana service area in July, demonstrating operational preparedness[2] GAAP to Non-GAAP Reconciliation This section reconciles GAAP to non-GAAP adjusted net income, detailing adjustments for weather and preferred dividends GAAP to Non-GAAP Net Income and EPS Reconciliation | (in millions, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | | | 2024 | 2023 | 2024 | 2023 | | GAAP Net Income Available to Common Shareholders | $85.8 | $39.9 | $430.1 | $359.1 | | Weather - compared to normal | $12.1 | $5.9 | $45.0 | $38.2 | | Tax effect of above items | ($3.2) | ($1.7) | ($11.6) | ($10.2) | | Preferred dividends redemption premium | — | $6.2 | $14.0 | $6.2 | | Total adjustments to net income | $8.9 | $10.4 | $47.4 | $34.2 | | Adjusted Net Income Available to Common Shareholders | $94.7 | $50.3 | $477.5 | $393.3 | | GAAP Diluted EPS | $0.19 | $0.09 | $0.95 | $0.80 | | Adjusted EPS | $0.21 | $0.11 | $1.06 | $0.88 | Forward-Looking Statements and Disclosures This section outlines disclaimers for forward-looking statements, highlighting potential risks from various factors - The company's guidance on adjusted EPS, capital expenditures, and growth strategies are considered forward-looking statements and are subject to various risks and uncertainties[8] - Key risk factors that could impact results include the ability to execute the business plan, operating risks, regulatory rate reviews, economic conditions, and changes in tax or environmental laws[9][11] - NiSource does not provide a GAAP equivalent for its adjusted EPS guidance due to the unpredictability of certain factors like weather fluctuations and asset sales[4]