NiSource Inc. is reporting a net income in the third quarter of 2013 of
$48.1 million or 16 cents basic earnings per share, compared to $19.3
million or 6 cents in the year-ago period.
The third quarter’s results reflect the company’s $340 million forward-sale
equity issuance completed on Sept. 30, which added approximately 24 million
common shares outstanding, NiSource said in a statement released today. The
year-ago’s results reflected the costs associated with Columbia Gas
Transmission’s comprehensive infrastructure modernization settlement with
“As demonstrated by our results to date in 2013, we continue to generate
sustainable shareholder and customer value through our team’s consistent
execution of NiSource’s expansive, infrastructure-focused investment and
growth strategy,” NiSource President and CEO Robert Skaggs Jr. said.
“NiSource’s operating units are delivering on an enhanced capital investment
program totaling approximately $2 billion in 2013,” the company said.
“NiSource continues to focus those investments on earnings-accretive
infrastructure replacement and modernization programs.”
In the third quarter the Northern Indiana Public Service Company filed a
petition with the Indiana Utility Regulatory Commission seeking approval of
a seven-year $1-billion natural-gas infrastructure modernization plan.
NiSource filed a similar petition this summer for an electric infrastructure
Meanwhile, NIPSCO continues work on two electric transmission projects,
involving an investment of $500 million; and on two flue gas desulfurization
projects, one at the Schahfer generating station, the other at the Michigan
City station, involving a total investment of $750 million.
“Our NIPSCO team is delivering on a broad agenda of initiatives that will
strengthen its core natural gas and electric system, while enhancing service
and providing a platform for economic growth and development across Northern
Indiana,” Skaggs said. “NIPSCO is positioned to provide sustainable value
for its customers, Northern Indiana’s economy, and NiSource shareholders for
years to come.”
3Q Operating Income
* Gas distribution: an operating loss of $5 million (an operating income of
$10.4 million in the year-ago).
* Columbia Pipeline Group: an operating income of $98.7 million (an
operating income of $38.8 million in the year-ago).
* Electric: an operating income of $87.5 million (an operating income $83.7
million in the year-ago). Net revenues increased “primarily due to an
increase in environmental investment cost recovery and higher industrial and
commercial margins,” offset “by the final reconciliation of the revenue
credit in 2012 and lower residential margins.”
* Corporate and other: an operating loss of $4.8 million (an operating loss
of $1.4 million in the year-ago).