Eversource Energy (ES) announced that it has entered into a definitive agreement to sell Aquarion Water Company (Aquarion) to the Aquarion Water Authority, a quasi-public corporation and political subdivision of the State of Connecticut and a standalone, newly created water authority alongside the South Central Connecticut Regional Water Authority.The total enterprise value of the deal is around $2.4 billion, subject to some closing adjustments. This includes around $1.6 billion in cash and $800 million in ...

HARTFORD, Conn. and BOSTON, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Eversource Energy will webcast a conference call with financial analysts on Wednesday, February 12, 2025, beginning at 9 a.m. Eastern Time, at which senior management will review the company’s financial performance through 2024. This listen-only, live audio presentation will be accessible from the Investors section of the Eversource website. Investors and analysts wishing to participate in the Q&A session of the call and access the event via phon ...

Financial Performance - Eversource reported a loss of $118.1 million, or $0.33 per share, in Q3 2024, compared to earnings of $339.7 million, or $0.97 per share, in Q3 2023[108]. - Year-to-date 2024 results include an after-tax loss on offshore wind investments of $524.0 million, or $1.48 per share, while 2023 included an impairment charge of $331.0 million, or $0.95 per share[108]. - Non-GAAP earnings for Q3 2024 were $405.9 million, or $1.13 per share, and $1.26 billion, or $3.56 per share, for the first nine months of 2024[108]. - Eversource updated its 2024 non-GAAP earnings guidance to a range of $4.52 to $4.60 per share, excluding impacts from offshore wind project sales[108]. - Eversource reported a net loss attributable to common shareholders of $118.1 million in Q3 2024, a decrease of $457.8 million compared to net income of $339.7 million in Q3 2023[138]. Cash Flow and Debt Management - Cash flows from operating activities totaled $1.52 billion in the first nine months of 2024, up from $1.17 billion in the same period of 2023[108]. - Eversource issued $4.40 billion in new long-term debt and repaid $1.26 billion of long-term debt in the first nine months of 2024[108]. - Cash and cash equivalents increased to $97.9 million as of September 30, 2024, compared to $53.9 million as of December 31, 2023[108]. - Eversource's available borrowing capacity under commercial paper programs was $1.79 billion as of September 30, 2024[108]. - Eversource parent has a $2.00 billion commercial paper program, with $322.0 million outstanding as of September 30, 2024[117]. Segment Performance - Electric distribution segment earnings increased by $30.2 million in Q3 2024 compared to Q3 2023, driven by higher revenues from base distribution rate increases and lower operations and maintenance expenses[112]. - Electric transmission segment earnings rose by $14.6 million in Q3 2024 and $64.2 million in the first nine months of 2024, attributed to a higher transmission rate base from ongoing infrastructure investments[113]. - Natural gas distribution segment losses decreased by $3.5 million in Q3 2024 compared to Q3 2023, primarily due to higher revenues from capital tracking mechanisms and a lower effective tax rate[113]. - Water distribution segment earnings increased by $7.1 million in Q3 2024, mainly due to after-tax benefits from a rate case decision and revenues from a water company acquisition[113]. Capital Expenditures and Investments - Eversource's total capital expenditures for the first nine months of 2024 reached $3.40 billion, compared to $3.21 billion in the same period of 2023, with significant investments in infrastructure and operations[123]. - Electric transmission capital expenditures increased to $998.3 million in the first nine months of 2024, up from $953.5 million in the same period of 2023[124]. - The company paid cash dividends totaling $745.2 million in the first nine months of 2024, compared to $688.9 million in the same period of 2023[120]. - Eversource's investments in property, plant, and equipment for the first nine months of 2024 were $3.29 billion, with significant allocations for maintaining and improving infrastructure[123]. Regulatory and Rate Adjustments - NSTAR Electric's Electric Sector Modernization Plan was approved, involving incremental capital investment of $608 million and incremental expenses of $211 million from 2025 to 2029[110]. - NSTAR Electric submitted a PBR Adjustment filing for a $56 million increase to base distribution rates, effective January 1, 2025, which includes a $35 million inflation-based adjustment and a $21 million K-bar adjustment[135]. - PSNH received approval for a temporary annual base distribution rate increase of $61.2 million effective August 1, 2024, and is seeking a permanent increase of $181.9 million effective August 1, 2025[135]. Offshore Wind Investments - The company completed the sale of its 50 percent ownership share of Sunrise Wind for adjusted proceeds of $152 million and recognized an aggregate after-tax loss of $524 million from offshore wind investments[110]. - Eversource sold its 50% interest in offshore wind projects for a total of $745 million, resulting in an after-tax loss of $524 million in Q3 2024[127]. - The company recorded a pre-tax impairment charge of $1.77 billion in Q4 2023 related to its offshore wind investments, reflecting a decline in fair value[130]. - A tax equity investment of $528 million was made in South Fork Wind, expected to yield $459 million in investment tax credits and other tax benefits[127]. Revenue and Expense Trends - Operating revenues for Eversource in Q3 2024 were $3,063.2 million, an increase of $271.7 million compared to Q3 2023[138]. - Total operating expenses for Eversource in Q3 2024 were $2,450.8 million, an increase of $189.9 million compared to Q3 2023[138]. - Energy supply procurement costs decreased by $231.1 million for the three months ended and $1,086.8 million for the nine months ended[144]. - Total Purchased Power, Purchased Natural Gas and Transmission expenses were $250.7 million for the three months ended and $1,237.7 million for the nine months ended[144]. Tax and Interest Expenses - Income Tax Expense increased by $1.4 million to $142.4 million for the three-month period and by $31.2 million to $151.3 million for the nine-month period, primarily due to increased reserves related to offshore wind investment losses[151]. - Interest Expense increased by $34.7 million to $180.1 million for the three-month period and by $25.1 million to $164.9 million for the nine-month period due to new debt issuances and higher short-term borrowings[151].

Eversource Energy (ES) reported third-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.04 per share by 8.7%. The bottom line also increased 16.5% from the year-ago figure of 97 cents.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Total Revenues of ESRevenues of $3.06 billion beat the Zacks Consensus Estimate of $3.05 billion by 0.4%. Total revenues also increased 9.6% from the year-ago figure of $2.79 billion.Highlights of ES’ Ea ...

Core Insights - Eversource Energy reported a revenue of $3.06 billion for the quarter ended September 2024, reflecting a year-over-year increase of 9.7% [1] - The earnings per share (EPS) for the quarter was $1.13, up from $0.97 in the same quarter last year, surpassing the consensus estimate of $1.04 by 8.65% [1] Financial Performance Metrics - Operating Income for Electric Distribution was reported at $203.50 million, which fell short of the average estimate of $299.57 million from two analysts [3] - Operating Income for Electric Transmission was $174.90 million, compared to the average estimate of $284 million from two analysts [3] - Operating Income for Natural Gas Distribution was reported at -$30.20 million, worse than the average estimate of -$24.58 million from two analysts [3] Stock Performance - Eversource shares have returned -2.6% over the past month, while the Zacks S&P 500 composite has seen a +0.4% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [4]

Eversource Energy (ES) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $0.97 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.65%. A quarter ago, it was expected that this New England power provider would post earnings of $0.95 per share when it actually produced earnings of $0.95, delivering no surprise.Over the last four quarters, the ...

Core Viewpoint - Eversource Energy (ES) is expected to report its third-quarter 2024 results on November 4, with earnings anticipated to show a year-over-year increase due to various operational factors and strategic decisions [1][5]. Group 1: Factors Impacting Q3 Performance - The completion of the sale of a 50% ownership share in the 924-megawatt Sunrise Wind project to Ørsted in July 2024 is expected to positively influence the bottom line, as the company shifts focus to regulated utility operations [2]. - Electric distribution earnings are projected to rise, supported by capital cost recovery and a $61 million interim rate increase in New Hampshire effective August 1, 2024 [3]. - Increased investments are likely to enhance service reliability, while lower operation and maintenance expenses and effective tax rates are also expected to contribute positively to earnings [3]. - However, higher depreciation and property taxes resulting from increased investments may negatively affect overall quarterly performance [4]. Group 2: Q3 Expectations - The Zacks Consensus Estimate for earnings is set at $1.04 per share, reflecting a year-over-year increase of 7.2% [5]. - Revenue expectations are pegged at $3.05 billion, indicating a year-over-year improvement of 9.3% [5]. Group 3: Earnings Prediction Model - The company's Earnings ESP is +7.05%, suggesting a strong likelihood of an earnings beat this quarter, supported by a Zacks Rank of 3 (Hold) [6][7].

Eversource Energy (ES) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on November 4, 2024, might help the stock move higher if these key numbers are bett ...

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Eversource Energy's (ES) long-term capital investment plans to expand its transmission and distribution infrastructure boost its service reliability. The company is also set to benefit from its renewable operations. However, this Zacks Rank #3 (Hold) company faces risks related to substandard performance from third parties. Tailwinds for Eversource Eversource operates a capital-intensive business with relatively steady revenue streams. Its capital investments serve as a proxy for future organic growth. The ...