Merrillville-based NiSource Inc. (NYSE: NI) is reporting second quarter net income of $23.2 million, compared to a net loss of $44.4 million during the same period last year. The utility says efforts to address cash and credit issues related to the federal Tax Cuts and Jobs Act contributed to the earnings.
In its quarterly earnings statement, NiSource is also reporting year-to-date net income of $299.3 million, compared to $166.9 million in the second quarter of 2017.
"The actions we have taken through the first half of 2018 enhance the sustainability of our long-term infrastructure investment strategy, which is driving value for our customers, communities and investors," said Joe Hamrock, chief executive officer of NiSource. "Our financing activities helped mitigate the cash flow and credit impacts arising from federal tax reform, while strengthening our credit metrics and balance sheet."
NiSource says it is on track to invest up to $1.8 billion in utility infrastructure capital programs this year. NiSource is the parent of Northern Indiana Public Service Co., which earlier this year reached a settlement for a natural gas rate increase that would be used to cover the cost of infrastructure upgrades.
You can view the full earnings report by clicking here.