WASHINGTON (dpa-AFX) - NiSource Inc. (NI), a fully-regulated utility company, on Wednesday confirmed its fiscal 2024 earnings view, and issued forecast for fiscal 2025, after reporting higher third-quarter earnings above market estimates.
In pre-market activity on the NYSE, NiSource shares were gaining around 0.7 percent to trade at $34.65.
For fiscal 2024, NiSource continues to expect adjusted earnings per share of $1.70 to $1.74.
For fiscal 2025, adjusted earnings per share is expected to be in the range of $1.84 to $1.88.
Analysts on average expect the company to earn $1.73 per share for fiscal 2024 and $1.85 per share for fiscal 2025, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
NiSource further said it is extending its plan to 2029 with adjusted earnings per share growth expected to be 6% to 8% annually, driven by $19.3 billion 2025-2029 base plan capital expenditures and 8-10% 2025-2029 rate base growth.
The new base capital expenditure plan is approximately $2.9 billion larger than the prior 5-year plan.
In its third quarter, NiSource's profit increased from last year and beat the Street estimates.
The company's bottom line totaled $85.7 million, or $0.19 per share. This compares with $77 million, or $0.17 per share, in last year's third quarter.
Adjusted earnings were $89.9 million or $0.20 per share for the period, compared to $83.7 million, or $0.19 per share last year.
Analysts had expected the company to earn $0.16 per share.
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