NiSource Inc. NI reported first-quarter 2015 operating earnings of 85 cents per share, beating the Zacks Consensus Estimate by 3.7%. Quarterly earnings increased from the year-ago figure of 82 cents primarily due to improved performance at Gas Distribution Operations.
Due to the absence of adjustments, operating and GAAP earnings stood on par at 85 cents, flat with the prior-year figure.
Revenues
In the first quarter, NiSource’s gross revenues of $2127.5 million however lagged the Zacks Consensus Estimate by 10.6%. On a year-over-year basis, the reported top line decreased 7.3% primarily due to lower contribution from the Gas Distribution, Electric and Other segments. This was partially offset by higher revenues from the Gas Transportation and Storage segments.
Quarterly Operational Highlights
Sales from electric operations declined 8.4% to 4,382.7 gigawatt hours. On the other hand, total gas sales and transportation volumes increased 10.6% to 402.1 million decatherm.
Cost of sales plummeted 24.1% year over year to $806 million.
Total operating expenses came in at $808.2 million, up 10.2% year over year primarily due to higher operation and maintenance and depreciation and amortization expenses.
Interest expenses edged up 1.7% year over year to $111 million due to higher outstanding debts.
Financial Position
As of Mar 31, 2015, NiSource’s cash and cash equivalents increased significantly to $42 million from $25.4 million as of Dec 31, 2014.
Long-term debt (excluding amounts due within one year) as of Mar 31, 2015 was $7,957.9 million compared with $8,155.9 million as of Dec 31, 2014.
For the first quarter, net cash from operating activities came in at $604.3 million compared with $394.4 million in the year-ago period.
NiSource’s capital expenditure in the first quarter stood at $407.5 million compared with $386.3 million in the year-ago period.
Other Peer Releases
American Electric Power Company Inc. AEP reported first-quarter 2015 operating earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.11 by 15.3%.
NextEra Energy, Inc. NEE announced first-quarter 2015 adjusted earnings of $1.41 per share, beating the Zacks Consensus Estimate of $1.28 by 10.2%.
Xcel Energy Inc. XEL recorded operating earnings of 46 cents per share in the first quarter of 2015, missing the Zacks Consensus Estimate of 50 cents by 8%.
Zacks Rank
NiSource currently has a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment