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NiSource Inc.
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The company’s 2009 earnings were solidly in line with its guidance range of $1.00 to $1.10 per share announced early last year. The results reflect increased net revenues in NiSource’s Gas Distribution and Gas Transmission & Storage businesses, as well as the effects of open market debt repurchases and lower short-term interest rates.
According to segments, earnings at the company’s Gas Distribution segment declined 15% in the fourth quarter, while it improved 0.3% for fiscal 2009. Gas Transmission and Storage segment’s earnings in the quarter remained flat compared to a year ago, while full year segment earnings rose 9% from 2008 levels. Electrical Operations segment reported a 26% decline in earnings for both the fourth quarter and the full year 2009.
Net revenue in the reported quarter declined 37% year over year to $1.5 billion. In 2009, the company’s revenue declined 32% from 2008 levels to $5.8 billion.
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In December, Moody’s Investors Service reaffirmed its investment grade credit rating of “Baa3" and raised its outlook to stable for the company, citing a successful resolution of a variety of rate proceedings by NiSource's gas utilities and its strong liquidity position.
Going forward, NiSource will continue to aggressively focus on its core business strategy of synchronizing infrastructure investment with appropriate regulatory and commercial activities. The company expects its earnings to grow 3% to 5% on a long-term basis.
For 2010, the company has guided net operating earnings in the range of $1.10 to $1.20 per share. Given its improved liquidity and deep inventory of investment opportunities, the company is projecting capex of $900 million for 2010, up 12.5% from 2009 capex levels.
Read the full analyst report on "NI"
Zacks Investment Research
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.