Energy holding company Nisource Inc. (NI) is scheduled to announce its fourth-quarter results before the market opens Monday. Analysts expect lower quarterly earnings per share and revenues compared with those reported by the company in the same period last year.
On average, seven analysts polled by Thomson Reuters expect a profit of $0.36 per share for the fourth quarter on revenues of $1.48 billion. Analysts' estimate typically excludes one-time items. In the year-ago fourth quarter, Nisource earned $0.46 per share with revenues totaling $2.39 billion.
Energy was one of the worst-hit sectors by the economic downturn, which forced consumers to curtail their power consumption and save money. The credit crisis also has affected energy companies' investment decisions.
Based in Merrillville, Indiana, NiSource is a Fortune 500 company engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. NiSource's operating companies deliver energy to 3.8 million customers located within the high-demand energy corridor stretching from the Gulf Coast through the Midwest to New England.
On October 30, 2009, the company affirmed its fiscal 2009 earnings outlook. The company then said its 2009 earnings outlook remains consistent with its previously announced net operating earnings guidance range of $1.00 - $1.10 per share. Meanwhile, Wall Street analysts project full-year earnings of $1.06 per share.
For the sequential third quarter, NiSource reported a loss, compared with a profit last year. The Merrillville, Indiana-based company's net loss for the quarter was $15.4 million or $0.05 per share, compared to a net income of $20 million or $0.07 per share in the previous year. Total net revenues increased to $657.5 million from $613.4 million in the same quarter last year.
At the time of the third-quarter results announcement, Robert Skaggs, Jr., president and chief executive officer of Nisource said, "Despite continued economic challenges - particularly in northwest Indiana - the company's underlying business performance has been strong, our liquidity position is solid, and we are producing tangible results from our core business strategy for delivering long-term, sustainable earnings growth."
In last November, Moody's Investors Service affirmed its investment grade credit rating of Baa3 to Nisource and raised its outlook to stable. Baa3 rating signifies moderate credit risk and is better than a junk grade.
Moody's cited the successful resolution of a variety of rate proceedings by NiSource's gas utilities and the management of the company's liquidity position as the major influencing factors for raising NiSource's outlook to stable.
"Over the past year, our balanced business and liquidity strategies have helped us weather the financial crisis and the severe economic downturn, greatly strengthen our liquidity position, and also advance our aggressive agenda of infrastructure improvements, regulatory initiatives and pipeline and storage growth opportunities. These efforts have allowed us to successfully implement a plan that fully addresses NiSource's debt refinancing requirements through 2010," Skaggs had said earlier.
Among others in the sector, Dominion Resources Inc. (D) last week reported a decline in its fourth-quarter earnings, on a substantial drop in revenues. Earnings for the fourth quarter were $165 million or $0.28 per share, compared with $348 million or $0.60 per share last year.
Dominion's quarterly operating earnings of $374 million were lower, primarily due to higher outage costs, unfavorable weather in the regulated electric service territory and higher depreciation and amortization expenses. These negatives were partially offset by higher contributions from the regulated electric utility and gas transmission businesses, higher contributions from unregulated retail energy marketing operations and lower income taxes. The Richmond, Virginia-based company's operating revenue declined to $3.26 billion from $4.17 billion in the prior-year quarter. Dominion also affirmed its fiscal 2010 earnings outlook.
Another peer, Allegheny Energy Inc. (AYE) is slated to announce its fourth-quarter results on February 5. Analysts are of the view that Allegheny will report earnings of $0.50 per share on revenues of $912.70 million.
NI closed Friday's trading at $14.25, down $0.06, on a volume of 3.48 million shares. The company's 52-week period trading range has been $7.79 - $15.82.
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