Utility NiSource beats second-quarter profit estimate on lower costs
Aug 7 (Reuters) - Electric and gas utility NiSource beat second-quarter profit estimates on Wednesday as lower costs helped counter the impact of weak gas sales.
U.S. natural gas futures have fallen about 17% so far this year, helping utilities such as NiSource reduce their fuel costs.
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Lower fuel costs helped bring down the company's overall operating expenses by nearly 8% in the second quarter.
NiSource serves nearly 4 million natural gas and electric customers across six U.S. states through subsidiaries Columbia Gas and NIPSCO.
Operating revenue from its Columbia Gas operations fell nearly 7% to $490.5 million for the quarter from a year ago. This included a $6.9 million weather-related hit.
The company posted an adjusted profit of 21 cents per share in the second quarter, exceeding analysts' average estimate of 16 cents, according to LSEG data.
NiSource reaffirmed its full-year adjusted profit forecast of $1.70 to $1.74 per share, compared with expectations of $1.72.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shreya Biswas)