Merrillville-based NiSource Inc. (NYSE: NI) is reporting first quarter net income of $413 million, compared to $281.7 million during the same period last year. Chief Executive Officer Lloyd Yates says the company continues to execute growth and sustainability plans for the longevity of the business.
NiSource says it is preparing for delays on many of its solar projects amid the U.S. Department of Commerce’s circumvention investigation related to the import of solar components. The company expects most of its solar projects originally scheduled for completion in 2022 and 2023 will be delayed by about six to 18 months.
“Despite the expected delays in solar projects, the resiliency and flexibility of our business plan continues to support our commitment to deliver 7 – 9% compound annual growth in non-GAAP NOEPS from 2021 through 2024,” said Yates, who became president and CEO earlier this year. “I also look forward to sharing details around the extension of this growth plan at our Investor Day event this fall.”
In February, former President and CEO Joe Hamrock stepped down after 10 years with the utility.
NiSource is also reporting net operating earnings of $328.7 million for the quarter, compared to $304.8 million during the same period in 2021.
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