NiSource Details Annual, Q4 Earnings

Posted: Updated:
(Image of Joe Hamrock courtesy of NiSource.) (Image of Joe Hamrock courtesy of NiSource.)
MERRILLVILLE -

Merrillville-based NiSource Inc. (NYSE: NI) is reporting 2017 net income of $128.5 million, compared to $331.5 million a year earlier. For the fourth quarter, the utility company is reporting a net loss of $52.4 million, compared to a profit of $88.8 million during the same period in 2016. Chief Executive Officer Joe Hamrock calls it "a year of disciplined execution." Which included, he said in a news release about the annual and quarterly results, "all aspects of our business plan - from improved safety and customer satisfaction to record infrastructure investment and strong financial results. This continued execution supported safe, reliable service to customers and improved environmental performance of our systems, while delivering a total shareholder return of more than 19 percent in 2017, once again exceeding the performance of the major utility indices."

NiSource says 2017 included a record investment total in gas and electric utilities in 2017, $1.7 billion, which includes replacing nearly 380 miles of gas pipeline, 68 miles of underground electric cable and around 1,300 electric poles. It added close to 28,000 net new customers last year.

NiSource maintains its position that recent federal tax reform will reduce customer costs and help cover critical utility infrastructure investments. The utility says it plans to make capital investments of between $1.7 billion to $1.8 billion in 2018.

You can connect to the full earnings report by clicking here.

  • Perspectives

    • Planning For Expansion or Relocation in 2019?

      Given the strength of today’s economy, business relocations and expansions that were once few and far between are now much more common. Businesses considering significant investments or relocations in 2019 will consider the cost and availability of workforce, logistics, cost of short- and long-term occupancy, and much more when looking for the ideal project site. There needs to be a good community fit as well. While these are all critically important factors to the success of a...
    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Indy Airport to Introduce New Airline

      Indianapolis International Airport will today host an event to welcome a new airline. The facility says the provider will add more routes to IND's growing roster of options. Earlier this month, the airport reported record-breaking traffic in the third quarter. IND said the more than 2.4 million passengers that passed through the airport in the third quarter of 2018 marked an 8 percent year-to-date increase over last year and the best third quarter in the facility's history.

    • Drury Hotels Adding to Indy Footprint

      Missouri-based Drury Development Corp. is looking to add to its portfolio in Indianapolis. The company plans to invest $13 million to build a seven-story, 180-room hotel on the city's northwest side by 2022 and add 30 jobs.

    • Mascot Hall of Fame Hires Executive Director

      As finishing touches are underway on the Mascot Hall of Fame an executive director and full-time staff have been hired. Orestes Hernandez will serve as executive director of the Whiting-based museum. Hernandez formerly was vice president of business development at the Coral Gables Museum near Miami. He also worked over 15 years with the Miami Marlins and the PGA Tour.  

    • Israeli Company Bringing Hundreds of Jobs to Richmond

      Israel-based Omen USA says it will expand its manufacturing operations in Richmond and create up to 200 jobs by 2022. The auto supplier plans to invest more than $15 million to boost production in Wayne County. Omen already employs about 100 in Indiana. The company says it will expand its 76,000 square-foot facility by an additional 21,000 square feet and add new production lines. It says growing demand from auto equipment manufacturers in the U.S. and Germany led to the expansion...

    • McCorkle: 'Eyes Are on Indy'

      The chief executive officer of Indiana’s newest software company believes momentum in the state’s technology sector is attracting added interest---and capital---to the state. Former Salesforce Marketing Cloud CEO Scott McCorkle last week announced that MetaCX, a Software-as-a-Service platform that helps clients and businesses organize and manage their SaaS providers, had raised $14 million, the bulk of it from Los Angeles-based early-stage venture capital firm...