Utility firm NiSource raises 2023 earnings outlook

Feb 22 (Reuters) - NiSource Inc raised its earnings forecast for 2023, after the U.S. electric and gas utility firm beat estimates for quarterly profit on Wednesday.

The company now expects adjusted earnings of $1.54 to $1.60 per share, compared with $1.50 to $1.57 per share projected earlier. Analysts on average estimate full-year earnings of $1.54 per share, according to Refinitiv data.

NiSource also said it has launched the process to sell a minority interest in its electric utility unit, Northern Indiana Public Service Company.

Regulated energy companies are looking to strengthen their financial position and meet capital needs as the United States transitions to clean energy. Minority stake sales of utility units are part of that initiative.

NiSource also reported a fourth-quarter profit that beat analysts' expectations, helped by higher electricity demand.

The Merrillville, Indiana-based company's adjusted net earnings of 50 cents per share in the quarter ended Dec. 31 topped the average analysts' estimate of 48 cents per share.

Demand for gas and electricity soared in December as the Winter storm Elliott lowered temperatures across the United States.

NiSource also said construction of its Indiana Crossroads Solar and Dunns Bridge Solar I projects are nearing completion, with both projects expected to be in service in the first half of 2023. (Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi Majumdar)