NiSource on Tuesday reported third-quarter income from continuing operations of $14.8 million ($0.05/share), a reversal from the Merrillville, Ind., company’s 2014 third-quarter loss of $17.2 million (-$0.05/share).
NiSource CEO John Hamrock said results for the company’s first quarter as a “pure-play” utility were “solidly” in line with expectations and indicate that the company is primed for growth. On July 1, NiSource separated itself from Columbia Pipeline Group, distributing all of the NiSource-held common stock of CPG to NiSource shareholders.
The company said it continued to plan spending $1.3 billion on infrastructure improvements in 2015, part of its $30 billion long-term investment plan.
“During the quarter, we continued our disciplined execution of infrastructure and environmental investments complemented by regulatory initiatives, which are providing long-term safety and reliability and environmental benefits,” Hamrock said in a conference call.
Northern Indiana Public Service Co. filed its first electric rate case in five years on Oct. 1. A decision by the Indiana Utility Regulatory Commission is expected in the third quarter of 2016.
– Amanda Durish Cook
