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 ...

Eversource Energy's (ES) systematic capital investment plans should further improve its infrastructure and help in the expansion of renewable operations. This should drive the company's overall performance. ES is also set to benefit from the expansion of its water business through acquisitions. However, this Zacks Rank #3 (Hold) company is exposed to stringent regulations and substandard performance from third parties that act as headwinds. Tailwinds Eversource operates a capital-intensive business with rel ...

Eversource Energy (ES) reported second-quarter 2024 adjusted earnings of 95 cents per share, in line with the Zacks Consensus Estimate. However, the bottom line decreased 5% from the year-ago quarter's figure of $1.00. Total Revenues ES' revenues of $2.53 billion missed the Zacks Consensus Estimate of $2.88 billion by 12%. Total revenues also declined 3.8% from the year-ago quarter's figure of $2.63 billion. Highlights of the Release Total operating expenses were $1.93 billion, down 6.9% year over year. Thi ...

However, higher depreciation and property taxes from increased investment and higher interest expenses are anticipated to have negatively impacted the company's overall quarterly performance. The Zacks Consensus Estimate for revenues is pinned at $2.61 billion, implying a year-over-year decline of 0.8%. Our proven model does not conclusively predict an earnings beat for Eversource Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increa ...

Eversource Energy's (ES) long-term capital investment plans to further enhance its infrastructure and expansion of renewable operations should drive its overall performance. The company has plans to expand its water business through acquisitions. Eversource's capital investments serve as a proxy for future organic growth. It is currently focused on upgrading its electric distribution and transmission infrastructure. The company expects capital investment of $23.1 billion during 2024-2028, out of which it pl ...

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements for Eversource Energy and its key subsidiaries for Q1 2024, including balance sheets, income statements, and cash flows [Eversource Energy and Subsidiaries Financial Statements](index=6&type=section&id=Eversource%20Energy%20and%20Subsidiaries%20Financial%20Statements) Eversource Energy reported consolidated net income attributable to common shareholders of **$521.8 million** for Q1 2024, an increase from **$491.2 million** in Q1 2023 Eversource Energy Q1 2024 vs Q1 2023 Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating Revenues** | $3,332.6 M | $3,795.6 M | | **Operating Income** | $846.0 M | $749.6 M | | **Net Income Attributable to Common Shareholders** | $521.8 M | $491.2 M | | **Diluted EPS** | $1.49 | $1.41 | Eversource Energy Balance Sheet Summary | Metric | As of Mar 31, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | $57,322.2 M | $55,612.2 M | | **Total Liabilities** | $42,622.9 M | $41,074.1 M | | **Total Common Shareholders' Equity** | $14,543.6 M | $14,173.9 M | - Net cash provided by operating activities increased to **$291.3 million** in Q1 2024 from **$69.2 million** in Q1 2023, while cash used in investing activities rose to **$1.45 billion** from **$1.05 billion**, primarily due to higher investments in property, plant, and equipment[22](index=22&type=chunk) [The Connecticut Light and Power Company (CL&P) Financial Statements](index=10&type=section&id=The%20Connecticut%20Light%20and%20Power%20Company%20Financial%20Statements) CL&P reported a net income of **$138.4 million** for Q1 2024, a decrease from **$148.4 million** in Q1 2023, primarily due to lower operating revenues CL&P Q1 2024 vs Q1 2023 Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating Revenues** | $1,121.3 M | $1,338.9 M | | **Operating Income** | $222.4 M | $223.9 M | | **Net Income** | $138.4 M | $148.4 M | [NSTAR Electric Company and Subsidiary Financial Statements](index=14&type=section&id=NSTAR%20Electric%20Company%20and%20Subsidiary%20Financial%20Statements) NSTAR Electric's net income increased to **$160.0 million** in Q1 2024 from **$133.8 million** in Q1 2023, driven by higher operating income NSTAR Electric Q1 2024 vs Q1 2023 Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating Revenues** | $947.6 M | $956.3 M | | **Operating Income** | $213.0 M | $176.3 M | | **Net Income** | $160.0 M | $133.8 M | [Public Service Company of New Hampshire (PSNH) and Subsidiaries Financial Statements](index=18&type=section&id=Public%20Service%20Company%20of%20New%20Hampshire%20and%20Subsidiaries%20Financial%20Statements) PSNH reported a net income of **$48.4 million** for Q1 2024, up from **$40.3 million** in Q1 2023, supported by higher operating income despite a drop in revenues PSNH Q1 2024 vs Q1 2023 Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating Revenues** | $326.1 M | $420.2 M | | **Operating Income** | $76.3 M | $64.6 M | | **Net Income** | $48.4 M | $40.3 M | [Combined Notes to Condensed Financial Statements (Unaudited)](index=22&type=section&id=Combined%20Notes%20to%20Condensed%20Financial%20Statements%20%28Unaudited%29) The notes detail accounting policies, planned sale of offshore wind investments, regulatory assets and liabilities, debt financing, and commitments - Eversource is pursuing the sale of its offshore wind investments, with agreements to sell its **50% interests** in South Fork Wind and Revolution Wind for approximately **$1.1 billion** and its **50% share** of Sunrise Wind[81](index=81&type=chunk)[83](index=83&type=chunk) Regulatory Assets and Liabilities (As of March 31, 2024) | Category | Eversource | CL&P | NSTAR Electric | PSNH | | :--- | :--- | :--- | :--- | :--- | | **Total Regulatory Assets** | $6,728.8 M | $2,427.7 M | $2,040.9 M | $999.6 M | | **Total Regulatory Liabilities** | $4,692.9 M | $1,451.2 M | $2,008.3 M | $475.5 M | - In Q1 2024, Eversource parent and CL&P issued a combined **$1.7 billion** in new long-term debt to repay short-term debt and fund capital expenditures and working capital[126](index=126&type=chunk) - Eversource has recorded a reserve of **$39.1 million** for the second FERC ROE complaint period, representing the difference between billed rates and a **10.57% base ROE** and **11.74% incentive cap**[151](index=151&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=40&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Q1 2024 financial results, covering segment performance, liquidity, capital resources, strategic developments, and regulatory matters Q1 2024 Earnings Summary by Segment | Segment | Q1 2024 EPS | Q1 2023 EPS | | :--- | :--- | :--- | | Electric Distribution | $0.48 | $0.47 | | Electric Transmission | $0.50 | $0.45 | | Natural Gas Distribution | $0.54 | $0.49 | | Water Distribution | $0.01 | $0.00 | - Eversource reaffirmed its 2024 non-GAAP EPS guidance range of **$4.50 to $4.67** and its long-term EPS growth rate projection of **5% to 7%** through 2028[185](index=185&type=chunk) - Strategic developments include agreements to sell all offshore wind interests to GIP and Ørsted, and an exploratory assessment of a potential sale of the water distribution business[185](index=185&type=chunk) [Eversource Energy and Subsidiaries MD&A](index=40&type=section&id=Eversource%20Energy%20and%20Subsidiaries%20MD%26A) Consolidated earnings increased in Q1 2024, driven by strong performance in electric transmission and natural gas segments due to higher rate bases and infrastructure investment - Electric transmission earnings grew by **$21.6 million** due to a higher transmission rate base from continued infrastructure investment[189](index=189&type=chunk) - Natural gas distribution earnings increased by **$20.3 million**, primarily from capital tracking mechanisms and a rate increase at NSTAR Gas[190](index=190&type=chunk) - The company is executing its exit from the offshore wind business, with agreements to sell its interests in South Fork Wind, Revolution Wind, and Sunrise Wind, using proceeds to pay down parent company debt[232](index=232&type=chunk)[231](index=231&type=chunk)[236](index=236&type=chunk) Q1 2024 Capital Expenditures (Consolidated) | Business | Q1 2024 Capex | Q1 2023 Capex | | :--- | :--- | :--- | | **Electric Transmission** | $362.8 M | $246.8 M | | **Total Distribution** | $656.1 M | $499.5 M | | *Electric Distribution* | *$431.9 M* | *$314.9 M* | | *Natural Gas Distribution* | *$193.1 M* | *$153.2 M* | | *Water Distribution* | *$31.1 M* | *$31.4 M* | [CL&P, NSTAR Electric, and PSNH MD&A](index=55&type=section&id=CL%26P%2C%20NSTAR%20Electric%2C%20and%20PSNH%20MD%26A) CL&P's earnings decreased due to higher expenses, while NSTAR Electric and PSNH saw earnings growth driven by rate increases and higher transmission earnings - CL&P's earnings decreased by **$10.0 million**, primarily due to higher O&M, interest, and depreciation expenses[322](index=322&type=chunk) - NSTAR Electric's earnings increased by **$26.2 million**, driven by a base distribution rate increase effective January 1, 2024, and higher transmission earnings[323](index=323&type=chunk) - PSNH's earnings increased by **$8.1 million**, mainly from a higher transmission rate base and increased sales volumes[324](index=324&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk is primarily related to commodity prices, interest rates, and credit, with mitigation strategies in place for each - Commodity price risk is minimal for the company as the economic impacts of energy contracts are passed on to customers through regulated rates[329](index=329&type=chunk) - Interest rate risk is significantly reduced as all long-term debt was at a fixed interest rate as of March 31, 2024[331](index=331&type=chunk) [Controls and Procedures](index=60&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal controls over financial reporting - The principal executive officer and principal financial officer concluded that the disclosure controls and procedures for Eversource and its reporting subsidiaries are effective as of March 31, 2024[335](index=335&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[336](index=336&type=chunk) [PART II – OTHER INFORMATION](index=60&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=60&type=section&id=ITEM%201.%20Legal%20Proceedings) The company reports no new material legal proceedings and no material changes to previously disclosed legal proceedings from its 2023 Form 10-K - There have been no material legal proceedings identified and no material changes with regard to legal proceedings previously disclosed in the 2023 Form 10-K[338](index=338&type=chunk) [Risk Factors](index=60&type=section&id=ITEM%201A.%20Risk%20Factors) The company states that no additional risk factors have been identified and no material changes to previously disclosed risk factors from its 2023 Form 10-K - There have been no additional risk factors identified and no material changes with regard to the risk factors previously disclosed in the 2023 Form 10-K[339](index=339&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2024, the company purchased **1,039** of its common shares at an average price of **$58.95** per share for 401k matching contributions - In March 2024, the company purchased **1,039** common shares at an average price of **$58.95** per share for matching contributions under the Eversource 401k Plan[341](index=341&type=chunk)[342](index=342&type=chunk) [Other Information](index=61&type=section&id=ITEM%205.%20Other%20Information) The company disclosed that no directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q1 2024 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q1 2024[345](index=345&type=chunk) [Exhibits](index=62&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including supplemental indentures, executive compensation forms, and required certifications

Eversource Energy (ES) came out with quarterly earnings of $1.49 per share, beating the Zacks Consensus Estimate of $1.45 per share. This compares to earnings of $1.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.76%. A quarter ago, it was expected that this New England power provider would post earnings of $0.97 per share when it actually produced earnings of $0.95, delivering a surprise of -2.06%.Over the last four quar ...