NiSource Inc. (NYSE:NI) Q3 2019 Earnings Conference Call - Final Transcript

Oct 30, 2019 • 09:00 am ET


NiSource Inc. (NYSE:NI) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the NiSource Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Randy Hulen, Vice President of Investor Relations and Treasurer. Please go ahead, sir.

Randy Hulen

Thanks, Skyler and good morning everyone and welcome to the NiSource third quarter 2019 investor call. Joining me today are Joe Hamrock, Chief Executive Officer, and Donald Brown, Chief Financial Officer. The purpose of this presentation is to review NiSource's financial performance for the third quarter of 2019, as well as provide an update on our operations, growth drivers, and financing plans.

Following our prepared remarks, we'll open the call to your questions. Slides for today's call are available on Before turning the floor over to Joe and Donald, just a quick reminder, some of the statements made during this presentation will be forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements. Information concerning such risks and uncertainties is included in the MD&A and Risk Factors sections of our periodic SEC filings. Additionally, some of the statements made on this recording relate to non-GAAP measures. For additional information on the most directly comparable GAAP measure and a reconciliation of these measures, please refer to the supplemental slides and segment information, including our full financial schedules available at

With all that out of the way, I'd like to turn the call over to Joe.

Joe Hamrock

Thanks, Randy. Good morning everyone and thank you for joining us. Our NiSource teams continue their relentless focus on our core commitments of safety and customer satisfaction and our long-term utility modernization programs that enhance safety and reliability while driving our financial results. We've also made significant progress on our electric generation strategy in Indiana with the approval of the Rosewater wind project and the filing of a second joint venture wind project Indiana Crossroads. Our execution through the third quarter has positioned NiSource to meet our financial commitments for 2019 and today we're initiating guidance for 2020.

There is much to cover, so let's turn to Slide 3, which summarizes our key accomplishments through the third quarter and early fourth quarter. Consistent with our long-term growth commitments, we expect to deliver non-GAAP net operating earnings per share in the range of $1.36 to $1.40 and to make capital investments of $1.7 billion to $1.8 billion in 2020. As we've stated before, we expect to grow our non-GAAP earnings per share and dividend by 5% to 7% annually and to make capital investments of $1.7 billion to $2 billion each year through 2022.

Our third quarter 2019 non-GAAP net operating earnings were $0.00 per share versus $0.10 in 2018. Donald will address the drivers for the quarter in a few minutes, but I will emphasize that NiSource remains well positioned to deliver net operating