By Will Feuer

NiSource raised its 2024 adjusted operating earnings guidance after completing its deal to sell a minority stake in a subsidiary to private-equity firm Blackstone.

The Merrillville, Ind.-based utility company reported a fourth-quarter profit of $225.6 million, or 50 cents a share, down from $230.8 million, or 52 cents a share, in the same period a year earlier.

Stripping out one-time items, adjusted operating earnings were 53 cents a share. Analysts surveyed by FactSet were expecting 55 cents a share.

For 2024, the company raised its adjusted operating earnings guidance to $1.70 to $1.74 a share, up from $1.68 to $1.72 a share.

The company said it has closed its deal to sell a minority stake in its Northern Indiana Public Service Company subsidiary to Blackstone in December, bolstering its balance sheet.

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(END) Dow Jones Newswires

02-21-24 0658ET