Nisource Inc. has released its third-quarter 2024 results, revealing a notable increase in its net income available to common shareholders on both GAAP and non-GAAP bases compared to the same period in 2023. On a GAAP basis, the company reported net income available to common shareholders of $85.7 million, or $0.19 of earnings per diluted share, for the three months ended September 30, 2024, compared to $77.0 million, or $0.17 of earnings per diluted share, for the same period in 2023. For the nine months ended September 30, 2024, Nisource's net income available to common shareholders stood at $515.8 million, or $1.14 diluted earnings per share, compared to $436.1 million, or $0.98 diluted earnings per share, for the same period in 2023.
Nisource also reported third-quarter 2024 non-GAAP adjusted net income available to common shareholders of $89.9 million, or $0.20 of adjusted earnings per share ("EPS"), compared to non-GAAP adjusted net income available to common shareholders of $83.7 million, or $0.19 of adjusted EPS, for the same period in 2023. For the nine months ended September 30, 2024, Nisource's non-GAAP adjusted net income available to common shareholders was $567.4 million, or $1.26 adjusted EPS, compared to $477.0 million, or $1.07 adjusted EPS, for the same period in 2023.
Additionally, the company reaffirmed its 2024 non-GAAP adjusted EPS guidance of $1.70-$1.74 and introduced 2025 non-GAAP adjusted EPS guidance in the range of $1.84-$1.88. Nisource also extended its expected annual 6-8% growth in non-GAAP adjusted EPS to 2025-2029, driven by a $19.3 billion 2025-2029 base plan for capital expenditures and an 8-10% 2025-2029 rate base growth. Notably, the new base capital expenditure plan is approximately $2.9 billion larger than the prior 5-year plan.
Nisource's President and CEO, Lloyd Yates, expressed pride in the company's employees and contractors for their outstanding execution, attributing the constructive stakeholder partnerships as the foundation for the updated 5-year financial plan and the extension of the elevated investment opportunity.
Nisource Inc. (NYSE: NI) serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states. The company's mission is to deliver safe, reliable energy that drives value to its customers. Nisource is a member of the Dow Jones Sustainability * North America Index and is on Forbes lists of America’s best employers for women and diversity. Today the company's shares have moved 1.6% to a price of $34.98. Check out the company's full 8-K submission here.
