Nisource Inc. (NI) reported that its fourth-quarter net income was $89.5 million or $0.32 per share, compared to $162.0 million or $0.59 per share in the same quarter last year.
On a GAAP basis, income from continuing operations was $88.5 million, or $0.32 per share, compared to $127.5 million, or $0.46 per share for the fourth quarter of 2008.
Net operating earnings (Non-GAAP) were $98.9 million or $0.35 per share, compared to $126.2 million or $0.46 per share, for the same period in 2008. Analysts expect the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
Gross revenues for the quarter were $1.68 billion, down from $2.39 billion in the year ago quarter. Three analysts had consensus revenue estimate of $1.48 billion for the quarter.
For 2010, net operating earnings (non-GAAP) are projected to fall within a range of $1.10 to $1.20 per share. NiSource expects its earnings to grow by 3 to 5 percent on a long-term basis. Analysts expect the company to report earnings of $1.10 per share for fiscal 2010.
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