News

NiSource NI is scheduled to release first-quarter 2024 results on May 8, before market open. The company delivered an earnings surprise of 1.9% in the last reported quarter.

Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.

Factors to Consider

NiSource’s Sugar Creek facility added an additional generating capacity in January 2024, which is expected to have boosted the total electricity generation outcome. This must have positively impacted the first-quarter earnings.

The company’s revenues are also likely to have benefited from the new natural gas and electric rates that were implemented during the previous quarters in its service territories and capital programs. Flat operation and maintenance expenses are expected to have boosted the company’s earnings.

However, higher depreciation & amortization expenses and operating costs might have offset some of these positives.

Q1 Expectations

The Zacks Consensus Estimate for earnings is pegged at 81 cents per share, implying a year-over-year increase of 5.2%. The Zacks Consensus Estimate for revenues is pinned at $2.07 billion, indicating an increase of 5.1% from the year-ago reported number.

The Zacks Consensus Estimate for total gas distribution sales and transportation is pegged at 322 million dekatherms (MMDth), up 3.2% year over year. The consensus estimate for total electric sales is pinned at 3,670 gigawatt-hour, up 2.4% from the year-earlier figure.

What Our Quantitative Model Predicts

Our proven model predicts an earnings beat for NiSource this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here as you will see below.

NiSource, Inc Price and EPS Surprise

Earnings ESP: The company’s Earnings ESP is +1.24%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Currently, NiSource carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.

Other Stocks to Consider

Investors may also consider the following players from the same sector as these too have the right combination of elements to post an earnings beat this reporting cycle.

Clean Energy Fuels CLNE is likely to come up with an earnings beat when it reports first-quarter earnings on May 9. It has an Earnings ESP of +6.25% and a Zacks Rank #3 at present.

The Zacks Consensus Estimate for first-quarter earnings remained unchanged in the past 60 days. The Zacks Consensus Estimate for sales is pinned at $106.63 million.

Algonquin Power & Utilities AQN is likely to come up with an earnings beat when it reports first-quarter 2024 results on May 10. It has an Earnings ESP of +2.27% and a Zacks Rank #3 at present.

The Zacks Consensus Estimate for first-quarter earnings has decreased 21% in the past 60 days. The Zacks Consensus Estimate for sales is pinned at $807 million.

Consolidated Water CWCO is likely to come up with an earnings beat when it reports first-quarter 2024 earnings on May 15. It has an Earnings ESP of +2.56% and a Zacks Rank #3 at present.

CWCO’s long-term (three to five years) earnings growth rate is 8%. The Zacks Consensus Estimate for earnings has decreased 2.5% in the past 30 days.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.