Financial Performance - Eversource earned $550.8 million, or $1.50 per share, in Q1 2025, compared to $521.8 million, or $1.49 per share, in Q1 2024, reflecting a slight increase in earnings per share [185]. - The company reaffirmed its 2025 earnings guidance range of $4.67 to $4.82 per share and projected a long-term EPS growth rate of 5% to 7% through 2029, using 2024 non-GAAP EPS of $4.57 as the base year [185]. - Eversource reported operating revenues of $4,118.4 million for Q1 2025, an increase of $785.8 million (23.6%) compared to $3,332.6 million in Q1 2024 [243]. - Net income attributable to common shareholders for Q1 2025 was $550.8 million, a rise of $29.0 million (5.6%) compared to $521.8 million in Q1 2024 [243]. - Operating income increased to $926.4 million in Q1 2025, reflecting an increase of $80.4 million (9.5%) from $846.0 million in Q1 2024 [243]. Cash Flow and Debt Management - Cash flows from operating activities totaled $1.04 billion in Q1 2025, significantly higher than $291.3 million in Q1 2024 [185]. - Eversource issued $1.20 billion of new long-term debt in Q1 2025 and repaid $300 million of long-term debt [185]. - As of March 31, 2025, Eversource Parent's commercial paper borrowings outstanding were $1,381.6 million, down from $1,538.0 million as of December 31, 2024, with available borrowing capacity increasing to $618.4 million from $462.0 million [200]. - Eversource's cash and cash equivalents increased to $111.4 million as of March 31, 2025, compared to $26.7 million as of December 31, 2024 [197]. Investments and Capital Expenditures - Eversource's total investments in property, plant, and equipment were $1.01 billion in Q1 2025, down from $1.15 billion in Q1 2024 [185]. - Eversource's total capital expenditures in Q1 2025 were $1.04 billion, slightly down from $1.09 billion in Q1 2024, with investments primarily focused on infrastructure improvements [213]. - The Greater Cambridge Energy Program, with a total project cost of approximately $1.84 billion, aims to enhance the resiliency of the transmission system and is expected to be completed by 2031 [215]. Segment Performance - The regulated companies segment reported net income of $609.8 million, or $1.66 per share, in Q1 2025, up from $540.8 million, or $1.53 per share, in Q1 2024 [187]. - The electric distribution segment's earnings increased by $20.3 million in Q1 2025, primarily due to higher revenues from base distribution rate increases [188]. - The natural gas distribution segment's earnings rose by $27.8 million in Q1 2025, driven by higher revenues from base distribution rate increases effective November 1, 2024 [190]. Regulatory and Compliance - Eversource has recorded a reserve of $39.1 million for the second complaint period as of March 31, 2025, reflecting the difference between billed rates and the established base ROE of 10.57% [222]. - A change of 10 basis points to the base ROE would impact Eversource's after-tax earnings by approximately $3 million for each of the four 15-month complaint periods [233]. - The company continues to monitor regulatory developments, particularly regarding performance-based regulation (PBR) in Connecticut, with final decisions expected in 2025 [237]. - Eversource cannot predict the ultimate outcome of pending matters before FERC, which could materially impact its financial condition and results of operations [235]. Revenue and Sales Volumes - Total sales volumes for electric distribution increased by 3.5% to 12,972 GWh, while firm natural gas sales volumes increased by 11.0% to 68,286 MMcf [244]. - Electric distribution revenues increased by $35.5 million primarily due to a temporary base distribution rate increase at PSNH effective August 1, 2024 [255]. - Natural gas distribution revenues increased by $55.7 million due to base distribution rate increases effective November 1, 2024 at EGMA and NSTAR Gas [255]. - Electric transmission revenues increased by $40.0 million for the three-month period due to a higher transmission rate base from continued investment in infrastructure [259]. Operating Expenses - Total operating expenses for Q1 2025 were $3,192.0 million, up $705.4 million (28.4%) from $2,486.6 million in Q1 2024 [243]. - Eversource's operating expenses included $1,340.3 million for purchased power, natural gas, and transmission, which increased by $104.3 million (8.5%) from the previous year [243]. - Operations and maintenance expenses increased by $24.5 million for the three-month period, driven by higher uncollectible expenses [265]. - Interest expense decreased to $50.0 million from $54.8 million, primarily due to lower long-term debt costs [272]. Dividend and Shareholder Returns - In Q1 2025, Eversource paid cash dividends totaling $270.2 million, compared to $244.8 million in Q1 2024, reflecting a year-over-year increase in shareholder returns [208].

Core Insights - Eversource Energy (ES) reported first-quarter 2025 adjusted earnings of $1.50 per share, matching the Zacks Consensus Estimate, with a slight increase of 0.7% from the previous year's $1.49 [1] - Total revenues reached $4.12 billion, exceeding the Zacks Consensus Estimate of $3.65 billion by 12.7%, and reflecting a year-over-year increase of 23.7% from $3.33 billion [1] Financial Performance - Total operating expenses were $3.19 billion, up 28.1% year over year, driven by higher costs in purchased power, natural gas, transmission, operations, maintenance, and depreciation [2] - Operating income was reported at $926.4 million, an increase of 9.5% year over year [2] - Interest expenses rose to $300.8 million, marking a 20% increase compared to the prior year [2] Segment Performance - Electric Transmission segment earnings totaled $199.4 million, up 12.8% year over year, attributed to increased investment in the transmission system [3] - Electric Distribution segment earnings were $188.4 million, up 12.1% year over year, due to higher revenues from base distribution rate increases in New Hampshire and Massachusetts [3] - Natural Gas Distribution reported earnings of $218.4 million, an increase from $190.6 million in the previous year [4] - Water Distribution earnings decreased to $3.6 million from $5.4 million in the year-ago quarter [4] - The Eversource Parent & Other Companies segment reported a loss of $59 million, wider than the previous year's loss of $19 million, primarily due to higher interest expenses [5] Guidance and Future Outlook - Eversource Energy expects 2025 earnings in the range of $4.67-$4.82 per share, with the Zacks Consensus Estimate at $4.73 per share [6] - The company anticipates a long-term EPS growth rate of 5% to 7% through 2029, using $4.57 (in 2024) as a base [6] - Planned capital investments are projected to be nearly $24.2 billion for the period 2025-2029 [6] Zacks Rank - Eversource Energy currently holds a Zacks Rank 3 (Hold) [7]

Eversource Energy (ES) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Rima Hyder - VP - Investor RelationsJoseph Nolan - President, CEO & ChairmanJohn Moreira - Executive VP. CFO & TreasurerDurgesh Chopra - Managing DirectorCarly Davenport - Vice President, Equity ResearchAnthony Crowdell - Managing DirectorAndrew Weisel - Director Conference Call Participants None - AnalystJeremy Tonet - AnalystSophie Karp - Managing Director & Equity Research AnalystTravis Miller - AnalystJulien Dumou ...

Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1.5 per share for the first quarter, compared to $1.49 per share in the previous year, indicating a slight increase in earnings [16] - Higher utility earnings were largely offset by a decrease in parent and other earnings, with electric transmission earnings increasing by $0.04 per share due to increased revenues from system investments [17] - The natural gas segment saw improved results of $0.06 per share, primarily due to higher revenues from infrastructure investments [17] Business Line Data and Key Metrics Changes - Electric distribution earnings increased by $0.03 per share, benefiting from grid modernization and rate mechanisms in New Hampshire and Massachusetts [17] - Water earnings remained comparable year over year, as the first quarter is typically a low usage period [18] - Parent losses increased by $0.12 per share in 2025, primarily due to higher interest expenses and the absence of capitalized interest from the offshore wind investment [18] Market Data and Key Metrics Changes - The company is projecting an 8% rate base growth over the next five years, with a strategic shift towards higher distribution spending in Massachusetts to meet electrification goals [6] - The company is examining numerous opportunities related to the ISO New England's new RFP for transmission operators to address future load growth [7] Company Strategy and Development Direction - The company aims to leverage its strengths in transmission and distribution investment opportunities, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029 [5] - The company is focused on customer innovation and affordability, investing in advanced technologies to enhance reliability and efficiency [8] - The divestment of Aquarion Water is a key strategic initiative expected to close by the end of the year, which will improve the company's FFO to debt ratio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive value for customers and shareholders, emphasizing a commitment to sustained growth and strategic vision [14] - The management highlighted ongoing efforts to address affordability and stabilize rates in response to high gas bills due to increased demand [10] - The company is optimistic about its future growth opportunities, particularly in transmission and distribution, as well as customer-focused investments [28] Other Important Information - The company is actively working with state leaders to develop long-term solutions for rate stability and transparency [11] - The company has made significant progress in its AMI project, with 40% of the communication network deployment completed [9] - The company expects to see a 6% reduction in average residential customer rates in Connecticut due to the implementation of an annual rate adjustment mechanism [20] Q&A Session Summary Question: Tariff exposure related to offshore projects - Management confirmed that all necessary equipment has been procured and does not anticipate significant challenges related to tariffs for the Revolution project [32][34] Question: Regulatory approval timeline for Aquarion - Management expects the transaction to close in 2025, with no anticipated issues in the regulatory approval process [39][41] Question: Impact of securitization on equity needs - Management indicated that if securitization occurs, they would revisit their equity needs [46] Question: Update on AMI process - Management is seeking clarity on the recovery of expenditures related to the AMI process [47] Question: PURA composition and timing for certainty - Management expressed eagerness for a stable regulatory climate but could not predict the timing for filling the PURA seats [52] Question: FFO to debt improvement expectations - Management expects significant improvement in FFO to debt metrics due to enhanced cash flows from operations [60] Question: Millstone recontracting rates - Management noted that it is too early to determine the impact of the Millstone contract, which is up in 2029 [68] Question: GSEP rule changes impact - Management stated that the GSEP filing's impact is manageable and they continue to support safe and reliable gas services [76] Question: Completion percentage of the Revolution project - Management did not provide a specific percentage but confirmed that construction is progressing well [78]

EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT May 2, 2025 EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Safe Harbor Statement All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The first quarters 2025 and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized under generally accepted accounting principles (non-GA ...

分组1 - Eversource Energy reported quarterly earnings of $1.50 per share, matching the Zacks Consensus Estimate, and showing a slight increase from $1.49 per share a year ago [1] - The company posted revenues of $4.12 billion for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 12.74%, compared to $3.33 billion in the same quarter last year [2] - Eversource shares have increased approximately 3.6% since the beginning of the year, contrasting with a decline of 5.3% in the S&P 500 [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.99 on revenues of $2.91 billion, and for the current fiscal year, it is $4.73 on revenues of $12.93 billion [7] - The Utility - Electric Power industry, to which Eversource belongs, is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable outlook [8]

Trust Governance and Management - Eversource Energy's Declaration of Trust was amended to allow annual meetings of Shareholders to be held in person or virtually[1] - The amendment also revised provisions requiring more than a majority vote to a majority-only vote[1] - The amendment was approved by more than two-thirds of the outstanding Common Shares at the 2025 Annual Meeting[1] - The Declaration of Trust has been amended multiple times since its original date of January 15, 1927, with the latest amendment on May 1, 2025[4] - The Trustees are responsible for managing and controlling the trust estate for the benefit of Shareholders[7] - The number of Trustees can be fixed at each annual meeting by a majority vote of the outstanding shares[10] - Trustees have the power to manage the trust estate, including acquiring and selling securities and borrowing money[51][55] - The Trustees are responsible for converting the trust estate into cash before the termination of the trust, with no specific property interest granted to Shareholders[49] - The Trustees have the authority to purchase, acquire, and hold shares, bonds, and other obligations, but these shares will not have voting rights or dividends while held[63] - The annual meeting of the Trustees is held immediately after the annual meeting of the Shareholders, with a quorum requiring a majority of the full board present[66] - The Treasurer is responsible for the custody of all funds belonging to the trust estate and must keep accurate financial records[71] - The Trustees may declare and pay dividends as they see fit, with all holders of a class receiving the same amount per share[96] - The Trustees are not liable for acts or defaults of co-Trustees or other representatives, provided they act in good faith[103] - The association will indemnify its Trustees and officers against losses incurred while in office, except in cases of bad faith actions[106] - Trustees may consult with various experts at the expense of the trust estate, ensuring actions taken in good faith are protected[110] - The trust may be terminated or amended by a majority vote of the Trustees, requiring consent from a majority of shareholders for any changes affecting preferred shares[118] - Upon termination, the Trustees are required to convert all property into cash and distribute it among shareholders according to their respective shares[120] - The rights of indemnification for Trustees and officers are not exclusive and may include additional rights under Massachusetts law[109] Shareholder Rights and Responsibilities - Shareholders must own at least 3% of the outstanding common shares for three years to qualify as an Eligible Shareholder for proxy access[14] - The association will include Shareholder Nominees in its proxy statement if eligibility requirements are met[13] - The Required Information for Shareholder Nominees will be disclosed in the association's proxy statement[20] - The association reserves the right to omit any information it believes is untrue or misleading from its proxy materials[21] - The maximum number of Shareholder Nominees that can be included in the association's proxy materials is capped at the greater of two or twenty percent of the number of Trustees in office[35] - Eligible Shareholders must provide a written statement certifying the number of common shares they have owned continuously for at least three years as of the date of the Shareholder Notice[28] - The association may omit any Shareholder Nominee from its proxy materials if the nominee does not meet independence standards or has been involved in certain legal issues[34] - Shareholder Notices must be delivered no later than the Close of Business on the 20th day or earlier than the Close of Business on the 150th day prior to the first anniversary of the previous year's annual meeting[26] - Eligible Shareholders must notify the association immediately if they cease to own any of the Required Shares prior to the annual meeting[25] - A written agreement from the Eligible Shareholder must include representations regarding the acquisition of Required Shares in the ordinary course of business[25] - The association requires a copy of the Schedule 14N to be filed with the Securities and Exchange Commission[24] - Shareholder Nominees must consent to being named in the association's proxy statement and agree to serve as a Trustee if elected[30] - The association may disregard any nomination if it receives notice of another candidate for election that exceeds the number of Trustees to be elected[34] - Eligible Shareholders must provide documentation demonstrating that the number of Shareholders in a group does not exceed twenty[28] - The association's proxy materials will include Shareholder Nominees based on the ranking specified by Eligible Shareholders, with the highest-ranking nominees selected until the Permitted Number is reached[37] - If the number of Shareholder Nominees exceeds the Permitted Number, the selection process will continue until the Permitted Number is achieved, prioritizing the largest disclosed share ownership[37] - Shareholder Nominees who withdraw or become ineligible for election will be ineligible for the next two annual meetings[38] - The Board has the authority to interpret the provisions regarding Shareholder Nominees and determine compliance with eligibility requirements[40] - If a Shareholder does not present their nominee at the annual meeting, the nomination will be disregarded[40] - Trustees must qualify by submitting a written acceptance within twenty days after election, or their election will be null and void[42] - Trustees can resign, with the resignation taking effect upon acceptance or after twenty days[43] - Vacancies on the Board of Trustees can be filled by remaining Trustees, even if they are less than a majority[45] Shareholder Meetings and Voting - The annual meeting of shareholders will be held in April, May, or June, with the exact date and time determined by the Trustees[90] - Shareholders holding one-tenth (1/10) of the outstanding shares can request special meetings, which can address any business that could have been transacted at the annual meeting[90] - Shareholders have the right to vote in person or by proxy, with each common share granting one vote[91] - The Trustees can fix a record date for determining shareholders entitled to notice and to vote at meetings[91] - Electronic transmission is considered valid for notices and voting, ensuring modern communication methods are utilized[91] - A majority of shares present constitutes a quorum for conducting business at meetings[91] Share Issuance and Transfer - Common shares may be issued for cash, property, or services, and require a majority vote from Shareholders for issuance[78] - Every Shareholder is entitled to receive a certificate specifying the number and kind of shares held, which must be signed by designated officers[79] - A register of Shareholders must be maintained, containing names, addresses, and the number of shares held[81] - Transfers of shares must be in writing and accompanied by the existing certificate for registration[82] - All shares issued are full-paid and non-assessable, meaning Shareholders are not personally liable for any debts incurred by the Trustees[87] Legal and Compliance - The trust created shall continue without limitation of time unless terminated as provided in Article (39) with a maximum duration of twenty (20) years from the death of the last survivor of specified individuals[113] - The trust's provisions are subject to the laws of the Commonwealth of Massachusetts, ensuring compliance with local regulations[125] - Amendments to the trust do not invalidate actions taken prior to the effective date of such amendments[125] - Expenses incurred by Trustees or officers in legal actions may be advanced by the association prior to final disposition[116] - The signature of any Trustee or officer may be authorized to be facsimile, along with the association's seal[122] - The trust allows for the distribution of assets in kind, including stocks, bonds, or obligations, as deemed appropriate by the Trustees[120]

Core Viewpoint - Eversource Energy (ES) is expected to report its first-quarter 2025 results on May 1, with a focus on its performance as a regulated utility and the impact of new rates and investments on earnings [1][2][4]. Group 1: Factors Impacting Q1 Performance - The company's earnings are anticipated to benefit from its strategy as a pure-play regulated utility aimed at facilitating clean energy transitions for customers [2]. - New electric and gas rates in the Massachusetts region, effective January 2025 and November 2024 respectively, are likely to contribute positively to quarterly earnings [2]. - Increased transmission investments are expected to enhance service reliability, while lower operation and maintenance expenses and capital recovery mechanisms may also positively influence earnings [3]. Group 2: Expected Financial Metrics - The Zacks Consensus Estimate for earnings per share is projected at $1.50, reflecting a year-over-year increase of 0.7% [4]. - Revenue estimates are set at $3.65 billion, indicating a year-over-year improvement of 9.6% [4]. Group 3: Earnings Prediction Model - The company's Earnings ESP is currently at 0.00%, suggesting that an earnings beat is not predicted for this reporting cycle [5]. - Eversource Energy holds a Zacks Rank of 3, indicating a neutral outlook [6]. Group 4: Industry Comparisons - Other companies in the industry, such as Dominion Energy, Evergy, and Alliant Energy, are expected to report earnings beats, with respective Earnings ESPs of +1.74%, +5.70%, and +3.57% [7][8][9].

Core Viewpoint - The market anticipates Eversource Energy (ES) will report a year-over-year increase in earnings driven by higher revenues when it releases its quarterly results for March 2025, with actual results being crucial for stock price movement [1][2]. Company Summary - Eversource is expected to report quarterly earnings of $1.50 per share, reflecting a year-over-year increase of 0.7%, with revenues projected at $3.88 billion, a 16.5% increase from the previous year [3]. - The consensus EPS estimate has been revised down by 1% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Eversource matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, and the stock currently holds a Zacks Rank of 4, complicating predictions for an earnings beat [10][11]. Earnings Surprise History - In the last reported quarter, Eversource was expected to post earnings of $0.99 per share but exceeded expectations with earnings of $1.01, resulting in a surprise of +2.02% [12]. - Over the past four quarters, Eversource has beaten consensus EPS estimates three times [13]. Industry Context - In the Zacks Utility - Electric Power industry, PSEG (PEG) is expected to report earnings of $1.44 per share for the same quarter, indicating a year-over-year change of +9.9%, with revenues projected at $2.85 billion, a 3.2% increase from the previous year [17]. - The consensus EPS estimate for PSEG has been revised down by 3.3% over the last 30 days, but it currently has an Earnings ESP of 3.99%, suggesting a likelihood of beating the consensus EPS estimate [18].

Group 1 - The investment landscape for retirement income has become more complex, moving away from broad diversification through the S&P 500 at reasonable valuations [2] - There is a focus on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] Group 2 - The service offered by iREIT+HOYA Capital is centered on income-focused investing, targeting opportunities in various asset classes [1] - The emphasis is on defensive stocks with a medium- to long-term investment horizon [2]