NiSource(NI) - 2025 Q1 - Quarterly Results

First Quarter 2025 Earnings Release NiSource reported robust first-quarter 2025 financial performance, reaffirming its full-year guidance and providing essential disclosures on non-GAAP measures and forward-looking statements Financial Highlights and Outlook NiSource reported strong first-quarter 2025 results with significant year-over-year growth in both GAAP and non-GAAP earnings per share, reaffirming full-year 2025 EPS guidance and long-term growth targets Q1 2025 vs Q1 2024 Financial Performance | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | GAAP Net Income | $474.8 million | $344.3 million | +37.9% | | GAAP Diluted EPS | $1.00 | $0.77 | +29.9% | | Non-GAAP Adjusted Net Income | $462.3 million | $382.8 million | +20.8% | | Non-GAAP Adjusted EPS | $0.98 | $0.85 | +15.3% | - NiSource reaffirmed its financial guidance, signaling confidence in its long-term strategy[3][5] Company Guidance | Period | Metric | Guidance | | :--- | :--- | :--- | | 2025 | Non-GAAP Adjusted EPS | $1.85 - $1.89 | | 2025-2029 | Annual Rate Base Growth | 8% - 10% | | 2025-2029 | Annual Non-GAAP Adjusted EPS Growth | 6% - 8% | - CEO Lloyd Yates attributed the strong Q1 results to the team's execution on growth and sustainability plans, highlighting the enduring and resilient nature of the company's investments despite market conditions[4] Reconciliation of GAAP to Non-GAAP Measures The company provided a detailed reconciliation of its GAAP net income to non-GAAP adjusted net income for the first quarter, with primary adjustments related to weather impacts and a preferred dividends redemption premium Reconciliation of GAAP to Non-GAAP Net Income (in millions) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Net Income Available to Common Shareholders | $474.8 | $344.3 | | Weather impact (compared to normal) | $(16.8) | $32.9 | | Tax effect of adjustments | $4.3 | $(8.4) | | Preferred dividends redemption premium | — | $14.0 | | Total adjustments | $(12.5) | $38.5 | | Adjusted Net Income Available to Common Shareholders | $462.3 | $382.8 | Reconciliation of GAAP to Non-GAAP Diluted EPS | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Diluted EPS | $1.00 | $0.77 | | Adjustments to diluted EPS | $(0.02) | $0.08 | | Adjusted EPS | $0.98 | $0.85 | Disclosures and Company Information This section contains important disclosures regarding the use of non-GAAP financial measures, a detailed safe harbor statement on forward-looking information and associated risks, and general information about NiSource's business operations and corporate profile Non-GAAP Disclosure Statement NiSource explains its use of non-GAAP measures to help investors evaluate ongoing business performance, noting the unpredictability of certain factors prevents GAAP reconciliation for guidance - Management uses non-GAAP financial measures because they believe it allows investors to evaluate the company's ongoing business performance with the same tools management uses[6] - NiSource does not provide a reconciliation of its non-GAAP adjusted EPS guidance to the comparable GAAP measure without unreasonable efforts due to the impact of unpredictable factors[6] Forward-Looking Statements This section cautions investors that the press release contains forward-looking statements subject to numerous risks and uncertainties, where actual results could differ materially from projections - Statements concerning guidance, plans, strategies, and expected performance are forward-looking and based on assumptions that may not be realized[10] - Material risks that could cause actual results to differ include the ability to execute on business plans like data center development, manage infrastructure and technology risks, regulatory changes, adverse economic conditions, and cybersecurity attacks[11] About NiSource NiSource is one of the largest fully-regulated utility companies in the U.S., serving approximately 3.3 million natural gas and 500,000 electric customers across six states - Serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states[8] - Employs approximately 7,700 people and is a member of the Dow Jones Sustainability - North America Index[8]