NiSourceInc. on May 3 posted first-quarter 2016 net operating earnings fromcontinuing operations of $190.8 million, or 60 cents per share, beating theS&P Global Market Intelligence consensus normalized EPS estimate by 3 cents.
The result is also up year over year from $179.3 million, or57 cents per share in the same quarter of 2015.
The company booked $399.3 million in non-GAAP operatingearnings during the most recent quarter, an increase from $364.7 million a yearago.
"Our first quarter results reflect the strength of ourregulated business strategy and sustained track record of delivering value toour customers through our investment programs," NiSource President and CEOJoseph Hamrock said. "We're on track to execute on our robust capitalinvestment plans and well positioned to deliver non-GAAP net operating earningswithin our guidancerange of $1.00 per share to $1.10 per share for the year."
NiSource expects to make approximately $1.4billion in planned infrastructure enhancement investments this year.
The company's gas distribution operations contributed $330.2million in operating earnings for the first quarter, compared with $305.8million for the prior-year period. Its electric operations reported operatingearnings of $72.2 million, up from $67.2 million for the corresponding quarterof 2015.
On a GAAP basis, NiSource reported income from continuingoperations of $179.7 million, or 56 cents per share, compared with $192.5million, or 61 cents per share, for the same period in 2015.First-quarter operating income dropped to $381.4 million in 2016 from $386.3million in 2015.
The company's total net revenues were down to $957.3 millionfrom $981.8 million in the same quarter of 2015.
NiSource also announced the of Pablo Vegas as executive vicepresident and president of Columbia Gas Group. Meanwhile, Carl Levander assumedthe expanded role of executive vice president of regulatory policy andcorporate affairs, effective May 3. The appointments were announced in March.