NiSource Posts 3Q Loss On Higher Pension Expenses

MERRILLVILLE, Ind. (AP) — Gas and electric utility NiSource Inc. posted a third-quarter net loss on higher pension expenses, although revenue rose 10 percent as gas distribution, transmission and storage businesses improved.

For the July-September period, NiSource said its net loss from continuing operations was $9.7 million, or 3 cents a share, compared with net income from continuing operations of $31.1 million, or 11 cents a share, in the year-ago quarter.

Excluding special items, NiSource said net operating earnings were $18.8 million, or 7 cents a share.

The company said pension expenses increased $13 million and interest expenses rose $10.2 million in the quarter.

Gross revenue totaled $884.8 million, down from $1.18 billion a year ago.

Analysts surveyed by Thomson Reuters had forecast a loss of 1 cent per share. Such estimates typically exclude one-time gains and charges.

For 2009, NiSource reaffirmed net operating earnings of $1 per share to $1.10 per share. Wall Street analysts have estimated 2009 earnings at $1.03 a share.