NiSource Swings to Profit

The electric unit turns in another strong performance.
Author:
Publish date:

NiSource(NI) - Get Report reported an 80% increase in earnings for the third quarter, supported by strong results in the electric business.

The Merriville, Ind.-based utility company earned $29.5 million, or 11 cents a share, from continuing operations for the quarter, compared with $16.4 million, or 6 cents a share, for the year-ago quarter. Analysts polled by Thomson First Call expected 7 cents a share.

Third-quarter revenue remained almost unchanged at $1.2 billion from the year-ago quarter as against analysts' expectation of $1.05 billion.

Operating income rose 12% to $142.8 million from a year ago.

Segmentwise, gas-distribution revenue rose 5% to $396.7 million; gas transportation was up 13% to $202.7 million. Electric revenue was down 1% at $377.4 million and other revenue was down 17.5% to $183.5 million.

While electric and gas transmission operations resulted in positive earnings, gas distribution and other segments incurred operating losses, the company said.

"Our core businesses produced a solid third quarter," the company said. "Our electric unit turned in another strong performance, our gas distribution operations held the line on expenses while continuing to make progress on a number of key regulatory initiatives, and our gas transmission and storage team continued to deliver the revenue growth projected for the year."

Shares were trading up 40 cents, or 1.7%, at 23.68 Thursday.

This story was created through a joint venture between TheStreet.com and IRIS.