NiSource earnings jump 20.7 percent

The NiSource Inc. headquarters is shown on 86th Avenue in Merrillville.

Jonathan Miano, The Times

Merrillville-based NiSource, the parent company of NIPSCO, reported net operating earnings of $23.3 million, up 20.7 percent from $19.3 million during the same period the previous year.

The utility company earned $0.07 per share in the third quarter, up from $0.06 per share during the third quarter of 2017. The company expects to make $1.17 to $1.20 per share this year, and $1.26 to $1.32 per share in 2018.

“Our teams continue delivering value for our customers, communities and investors through successful execution of our utility infrastructure investment programs," NiSource President and CEO Joe Hamrock said. "We continue to expect to deliver non-GAAP net operating earnings of $1.17 to $1.20 per share for 2017, and for 2018 we are initiating non-GAAP net operating earnings guidance of $1.26 to $1.32 per share. Consistent with the multiyear capital plan we previously announced, our 2017 capital program is on track for investments of $1.6 to $1.7 billion, and our 2018 capital investments are projected to be $1.7 to $1.8 billion."

NiSource, which employs around 8,000 workers, has earned $287.2 million, or $0.88 per share, for the first nine months of the year, as compared to $243.6 million, or $0.76 per share, for the first nine months of 2016.

NIPSCO has filed a rate case with the Indiana Utility Regulatory Commission that would raise natural base rates to raise up to $143.5 million in additional revenue. The company continues work on its sweeping seven-year, $850 million gas infrastructure modernization project. 

The utility made an estimated $58 million in investments to its gas infrastructure during the first half of the year.

NIPSCO also is investing $1.25 billion in electric infrastructure upgrades through 2022.

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Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.