) posted fourth-quarter 2013 net operating earnings from
continuing operations of 47 cents per share, surpassing the Zacks
Consensus Estimate by a penny. Quarterly earnings jumped 6.8%
year over year, primarily due to improvement in top-line
The company recorded quarterly GAAP earnings of 49 cents per
share compared with 42 cents per share in the prior year.
For 2013, NiSource's net operating earnings from continuing
operations were $1.58 per share, beating the Zacks Consensus
Estimate by 1.9%. Annual earnings were 8.2% higher than the
On a GAAP basis, the company reported earnings of $1.57 per share
compared with the prior-year figure of $1.40 per share.
NiSource's gross revenues during the quarter increased 13.8% year
over year to $1.6 billion. The top-line rise came on the back of
higher contributions across the company's segments, comprising
Gas Transportation and Storage
The company's annual gross revenues were $5.7 billion, surpassing
the Zacks Consensus Estimate by 2.1%. Reported revenues increased
11.7% from the prior-year top line figure.
Highlights of the Release
In the quarter under review, NiSource's total operating expenses
increased 7.1% to $715.8 million from $668.3 million a year ago.
The surge in expense was primarily due to a 6.2% spike in
operating and maintenance expenses and a 3.6% increase in
depreciation and amortization expenses.
However, the company's operating income climbed 8.8% year over
year to $340 million.
Interest expenses increased 6.4% year over year to $110.5
million, primarily owing to an increase in debt level.
As of Dec 31, 2013, NiSource had cash and cash equivalents of
$26.8 million, down from $36.3 million as of Dec 31, 2012.
Long-term debt (excluding amounts due within one year) as of Dec
31, 2013 was $7,593.2 million versus $6,819.1 million as of Dec
For 2013, net cash flows provided by operating activities were
$1,436.8 million versus $1,275.5 million in the year-ago
NiSource's capital expenditure was $1,879.9 million in 2013
compared with $1,498.8 million a year ago.
NiSource provided its 2014 net operating earnings expectation of
$1.61 - $1.71 per share. The company remains focused on
earnings-accretive infrastructure replacement and modernization
programs with long-term earnings growth expectation in range of
5% - 7%.
At the Peer
) announced fourth-quarter 2013 adjusted earnings of 57 cents per
share, missing the Zacks Consensus Estimate by a penny.
NiSource currently has a Zacks Rank #4 (Sell). However, some
better-ranked stocks in the same sector include
Wisconsin Energy Corp.
), each with a Zacks Rank #2 (Buy).
EXELON CORP (EXC): Free Stock Analysis Report
NISOURCE INC (NI): Free Stock Analysis Report
NORTHEAST UTIL (NU): Free Stock Analysis
WISC ENERGY CP (WEC): Free Stock Analysis
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