NISOURCE INC
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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FY2024 · Filed Feb 12, 2025
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Summary of Consolidated Financial Results
A summary of our consolidated financial results for the years ended December 31, 2024, 2023 and 2022, are presented below:
| Favorable (Unfavorable) | |||||
|---|---|---|---|---|---|
| Year Ended December 31, (in millions, except per share amounts) | 2024 | 2023 | 2022 | 2024 vs. 2023 | 2023 vs. 2022 |
| Operating Revenues | $5,455.1 | $5,505.4 | $5,850.6 | $(50.3) | $(345.2) |
| Operating Expenses | |||||
| Cost of energy | 1,132.2 | 1,533.3 | 2,110.5 | 401.1 | 577.2 |
| Other Operating Expenses | 2,867.4 | 2,676.6 | 2,474.3 | (190.8) | (202.3) |
| Total Operating Expenses | 3,999.6 | 4,209.9 | 4,584.8 | 210.3 | 374.9 |
| Operating Income | 1,455.5 | 1,295.5 | 1,265.8 | 160.0 | 29.7 |
| Total Other Deductions, Net | (452.7) | (481.6) | (309.4) | 28.9 | (172.2) |
| Income Taxes | 158.1 | 139.5 | 164.6 | (18.6) | 25.1 |
| Net Income | 844.7 | 674.4 | 791.8 | 170.3 | (117.4) |
| Net (loss) income attributable to noncontrolling interest | 84.3 | (39.9) | (12.3) | (124.2) | 27.6 |
| Net Income attributable to NiSource | 760.4 | 714.3 | 804.1 | 46.1 | (89.8) |
| Preferred dividends and redemption premium | (20.7) | (52.6) | (55.1) | 31.9 | 2.5 |
| Net Income Available to Common Shareholders | 739.7 | 661.7 | 749.0 | 78.0 | (87.3) |
| Basic Earnings Per Share | $1.63 | $1.59 | $1.84 | $0.04 | $(0.25) |
| Diluted Earnings Per Share | $1.62 | $1.48 | $1.70 | $0.14 | $(0.22) |
The majority of the costs of energy in both segments are tracked costs that are passed through directly to the customer, resulting in an equal and offsetting amount reflected in operating revenues.
The increase in net income available to common shareholders during 2024 was primarily due to higher revenues, net of cost of energy, driven by our continued investment in safety, reliability and low- or zero-emission generation as well as increased AFUDC, reported in Other Deductions, Net, primarily related to NIPSCO's wholly owned Cavalry and Dunns Bridge II projects. The increase in net income available to common shareholders is partially offset by higher depreciation expense attributed to our planned capital expenditures, higher interest expense and higher net income attributable to noncontrolling interest following the consummation of the NIPSCO Minority Interest Transaction. See Note 6, "Equity," for additional information.
For additional information on operating income variance drivers see "Results and Discussion of Operations" for Columbia Operations and NIPSCO Operations in this Management's Discussion.
Other Deductions, Net
The change in Other deductions, net in 2024 compared to 2023 is primarily driven by higher long-term debt interest in 2024 offset by increases in AFUDC. See Note 7, "Short-Term Borrowings,"and Note 8, "Long-Term Debt," in the Notes to Consolidated Financial Statements for additional information.
Income Taxes
The increase in income tax expense in 2024 compared to the same period in 2023 is primarily due to higher pre-tax income, partially offset by the tax effect of non-controlling interest. Refer to Note 15, "Income Taxes," in the Notes to Consolidated Financial Statements for additional information on income taxes and the change in the effective tax rate.
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