Chesterton Tribune

 

 

NiSource reports $44M net loss in 2Q

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By KEVIN NEVERS

NiSource Inc. is reporting a net loss of $44.4 million or 14 cents basic earnings per share in the second quarter of 2017, compared to a net income of $28.9 million or 9 cents in the year-ago period.

For the first six months of the year NiSource is reporting a net income of $166.9 million or 51 cents basic earnings per share, compared to $215.5 million or 67 cents in the year-ago.

Those results reflect a $111.5 million loss on early extinguishment of higher-coupon long-term debt, the company said in a statement released today. “This $990.7 refinancing will result in significant interest expense savings over the next several years.”

“NiSource’s team continued to execute on our long-term infrastructure investment strategy benefiting customers through enhanced safety, reliability, and service,” NiSource President and CEO Joe Hamrock said.

“NiSource continues its commitment to maintaining investment-grade credit ratings,” the company added. “Standard & Poore’s rates NiSource at BBB+, Moody’s at Baa2, and Fitch at BBB, all with stable outlooks.”

As of June 30, NiSource maintained $1.25 billion in net available liquidity, consisting of cash and available capacity under its credit facility.

Meanwhile, NiSource’s subsidiary, the Northern Indiana Public Service Company, continues to execute on its seven-year electric infrastructure program, with $1.25 billion in investments expected to be made through 2022, NiSource said. On June 30, NIPSCO filed its latest tracker update request with the Indiana Utility Regulatory Commission, covering $133.6 million in investments from May 2016 to April 2017.

2Q Operating Earnings Non-GAAP by Segment

* Gas distribution operations: $55.7 million ($73.3 million in year-ago).

* Electric operations: $84.3 million ($64 million in year-ago).

* Corporate and other operations: an operating loss of $5.6 million (a loss of $3 million in the year-ago).

* Total operating earnings: $134.4 million ($134.3 million in the year-ago).

 

Posted 8/2/2017

 


 

 
 
 

 

 

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