NiSource, Inc. (NI) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 2, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today.

At this time, I would like to welcome everyone to the Second Quarter 2023 NiSource Earnings Conference Call. [Operator Instructions]. Thank you.

It's now my pleasure to turn today's call over to Chris Turnure, Director of Investor Relations.

Christopher Turnure

Good morning, and welcome to the NiSource Second Quarter 2023 Earnings Call. Joining me today are President and Chief Executive Officer, Lloyd Yates; Executive Vice President and Chief Financial Officer, Shawn Anderson; Executive Vice President of Strategy and Risk and Chief Commercial Officer; Michael Luhrs, Executive Vice President and Group President, NiSource Utilities, Melody Birmingham; and Vice President of Investor Relations and Treasurer, Randy Hulen. The purpose of this presentation is to review NiSource's financial performance for the second quarter of 2023 as well as provide an update on our operations and growth drivers. Following our prepared remarks, we'll open the call to your questions. Slides for today's call are available in the Investor Relations section of our website.

We would like to remind you that 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 risk factors and MD&A sections of our periodic SEC filings. Additionally, some of the statements made on this call relate to non-GAAP measures. Please refer to the supplemental slides, segment information and full financial schedules for information on the most directly comparable GAAP measure and a reconciliation of these measures.

I'd now like to turn the call over to Lloyd.

Lloyd Yates

Thanks, Chris. Good morning, everyone, and thank you for joining us. Hopefully, you've all had a chance to read our second quarter earnings release issued earlier today.

I'll begin on Slide 6 to provide you with an update on our 3 key priorities. First, we are raising our 2023 non-GAAP NOEPS guidance the upper half of $1.54 to $1.60. We are also reaffirming our annual non-GAAP NOEPS growth of 6% to 8% through 2027, an annual rate base growth of 8% to 10%. Meanwhile, our non-tracked O&M target is to remain flat in 2023 as well as throughout the duration of the plan.