NiSource Inc.: Initiation of Coverage – Renewable Energy Initiatives & Project Investments Catapulting Their Growth?

NiSource, in its Q1 2024 investor update, provided an exhaustive look into their operational and financial dynamics, reinforcing their strategic route toward realizing significant growth through diligent initiatives and regulatory alignments. The company marked the period with a robust financial upswing, posting a first-quarter 2024 adjusted earnings per share (EPS) of $0.85— showcasing a 10% rise from the previous year’s $0.77. Such fruitful results were buoyed by contributions from regulatory activities and other income sectors while being slightly offset by escalated operations and maintenance (O&M) and depreciation costs. Committed to their frost guidance for 2024, NiSource reiterated its adjusted EPS estimate range of $1.70 to $1.74. Additionally, they uphold their annual 2023 to 2028 guidance for adjusted EPS growth of 6% to 8% and rate base growth of 8% to 10%.