Financial Data and Key Metrics Changes - The company reported recurring earnings of $4.34 per share in 2023, representing a growth of nearly 6% over 2022 [11] - GAAP results for the year showed a loss of $1.26 per share, compared to GAAP earnings of $4.05 per share in 2022, primarily due to a noncash cumulative impairment charge of approximately $1.95 billion [38][43] - The board approved a dividend increase for Q1 2024 to $0.715 per share, reflecting a 6% increase over 2023's dividend level [11] Business Line Data and Key Metrics Changes - Electric transmission earned $1.84 per share in 2023, up from $1.72 per share in 2022, driven by investments in the transmission system and lower income tax expenses [39] - Electric distribution earnings were $1.74 per share in 2023, slightly up from $1.71 per share in 2022, with a base distribution increase offset by higher interest expenses and property taxes [39] - Natural gas distribution segment earned $0.64 per share in 2023, down from $0.67 per share in 2022, due to increased depreciation and interest expenses [40] - Water distribution segment earned $0.09 per share in 2023, compared to $0.11 per share in 2022, impacted by higher expenses and a disappointing decision in Connecticut regarding water rates [40] Market Data and Key Metrics Changes - The company is focusing on a robust 5-year capital plan with an expected investment of approximately $23.1 billion in regulated electric, natural gas, and water businesses [47] - The updated capital plan reflects a $1.6 billion increase in utility infrastructure investments from 2024 through 2027 compared to the prior plan [2] Company Strategy and Development Direction - The company is pursuing a full exit from the offshore wind business, with a planned sale of its 50% interest in South Fork and Revolution Wind projects to Global Infrastructure Partners for approximately $1.1 billion [19][20] - The company aims to focus on its utility business, which presents strong growth opportunities, while also preparing for a clean energy future [19][25] - The company is actively engaging with states to enable a clean energy future, including submitting an Electric Sector Modernization Plan to Massachusetts [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver solid operational and financial results while supporting the region's transition to cleaner energy [19] - The company anticipates a 5% to 7% EPS growth rate through 2028, based on its 2023 recurring EPS of $4.34 [4] - Management acknowledged challenges in the offshore wind sector, including supply chain disruptions and rising interest rates, which have impacted investment returns [18] Other Important Information - The company has taken a noncash cumulative impairment charge of approximately $1.95 billion after tax related to its offshore wind investment [9] - The company is planning to evaluate market interest in its water distribution business, which has a current rate base of $1.3 billion [23] Q&A Session Summary Question: What is the confidence around the $1.3 billion equity issuance? - Management indicated that the $1.3 billion is an estimate and provides flexibility depending on proceeds from asset sales, particularly Aquarion [63] Question: Can you elaborate on the cost-sharing agreement for Revolution Wind? - The agreement includes a capital cost-sharing arrangement where overruns up to $240 million will be shared equally, with Eversource bearing 50% of costs above that threshold [42] Question: How does the potential sale of Sunrise Wind impact equity needs? - Proceeds from the sale of Sunrise Wind to Orsted are not currently factored into the financing plan, which could adjust equity needs positively if the sale is successful [102] Question: What are the expected cost savings initiatives for 2024? - Management expects lower O&M levels in 2024 compared to 2023, driven by technology deployment and operational efficiencies [101]

Eversource Energy (ES) reported fourth-quarter 2023 adjusted earnings of 95 cents per share, which missed the Zacks Consensus Estimate of 97 cents by 2.1%. However, the bottom line increased 24% from the year-ago quarter’s figure of 92 cents.ES reported earnings of $4.34 for 2023 compared with $4.09 per share in 2022, which reflects a year-over-year increase of 6.1%.Total RevenuesES’ fourth-quarter revenues of $2.69 billion missed the Zacks Consensus Estimate of $3.15 billion by 16.3%. Total revenues also d ...

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy (NYSE: ES) today reported a full-year 2023 loss of $(442.2) million, or $(1.26) per share, compared with full-year 2022 earnings of $1,404.9 million, or $4.05 per share. Eversource also reported a fourth quarter 2023 loss of $(1,288.5) million, or $(3.68) per share, compared with fourth quarter 2022 earnings of $320.2 million, or $0.92 per share. Results for the full year and the fourth quarter of 2023 include after-tax impairment charges of $1 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Registrant; State of Incorporation; Address; Telephone Number; Commission File Number; and I.R.S. Employer Identification No. EVERSOURCE ENERGY (a ...

Eversource Energy (ES) is scheduled to release fourth-quarter 2023 results on Feb 13, after market close. The company delivered a negative earnings surprise of 2.02% in the last reported quarter.Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.Factors to ConsiderEversource Energy’s transmission projects in Massachusetts include electric transmission upgrades in the greater Boston metropolitan area. Two of these upgrades, the Mystic-Woburn and the Wakefield-Woburn r ...

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource (NYSE: ES) has again been named among America’s Most JUST Companies, as announced by JUST Capital and CNBC on their “JUST 100" list. In its fifth consecutive appearance, Eversource is ranked as the #3 utility and #38 overall on the list, which honors companies that address the business issues that matter most to Americans, including providing worker benefits and work-life balance, protecting customer privacy, and minimizing pollution. “ We are proud to ...

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 December 2023. 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 February 13, 2024, might help the stock move higher if these key numbers are bette ...

EVERSOURCE ENERGY Q3 2023 RESULTS EVERSOURCE ENERGY Q3 2023 RESULTS 2 Revolution Wind Sunrise Wind | --- | --- | --- | --- | |------------------------------------------------|----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Registrant; State of Incorporation; Address; Telephone Number; Commission File Number; and I.R.S. Employer Identification No. EVERSOURCE ...

Financial Performance - Eversource earned $15.4 million, or $0.04 per share, in Q2 2023, and $506.6 million, or $1.45 per share, in the first half of 2023, compared to $291.9 million, or $0.84 per share, in Q2 2022, and $735.3 million, or $2.13 per share, in the first half of 2022[191]. - The company reported a non-GAAP EPS of $1.00 for Q2 2023 and $2.41 for the first half of 2023, excluding an after-tax impairment charge of $331.0 million related to offshore wind investments[191]. - Eversource reaffirmed its 2023 non-GAAP EPS guidance range of $4.25 to $4.43 per share, with a long-term EPS growth rate projection of 5 to 7 percent through 2027[191]. - Eversource reported a net income attributable to common shareholders of $15.4 million for Q2 2023, a significant decrease from $291.9 million in Q2 2022, primarily due to an impairment charge of $331.0 million related to its offshore wind investment[194]. - Eversource's operating revenues for Q2 2023 were $2,629.3 million, an increase of $56.7 million compared to Q2 2022[280]. - Operating income for Q2 2023 was $560.7 million, up $105.1 million from $455.6 million in Q2 2022[280]. - For the first half of 2023, operating revenues totaled $6,425.0 million, an increase of $381.0 million from $6,044.0 million in the first half of 2022[280]. Cash Flow and Debt Management - Cash flows from operating activities totaled $647.3 million in the first half of 2023, down from $841.8 million in the first half of 2022[191]. - Eversource's cash and cash equivalents were $42.2 million as of June 30, 2023, down from $374.6 million as of December 31, 2022[191]. - The company issued $3.36 billion of new long-term debt in the first half of 2023 and repaid $853 million of long-term debt[191]. - Eversource parent has a $2.00 billion commercial paper program, with $529.0 million outstanding as of June 30, 2023, compared to $1.44 billion at the end of 2022[207]. - The company expects future operating cash flows and access to debt and equity markets to be sufficient for working capital and capital investment needs[203]. Investments and Capital Expenditures - The company invested $2.04 billion in property, plant, and equipment in the first half of 2023, compared to $1.55 billion in the same period of 2022[191]. - Eversource's total capital expenditures reached $1.98 billion in the first half of 2023, up from $1.56 billion in the same period of 2022[224]. - Eversource's total equity investment in its offshore wind business increased to $2.08 billion as of June 30, 2023, compared to $1.95 billion at the end of 2022[233]. - Eversource announced a sale of its 50% interest in an uncommitted lease area for $625 million in cash, expected to close by the end of Q3 2023[234]. - The company plans to use $575 million of the proceeds from the lease area sale to provide tax equity for the South Fork Wind project[190]. Segment Performance - The regulated companies segment generated net income of $347.5 million in Q2 2023, up from $297.2 million in Q2 2022, driven by increased earnings from electric distribution and transmission segments[194]. - Electric distribution segment earnings increased by $36.5 million in Q2 2023 compared to Q2 2022, attributed to a new regulatory tracking mechanism and lower operational costs[194]. - Eversource's electric transmission segment earnings rose by $9.5 million in Q2 2023, reflecting a higher transmission rate base due to ongoing investments in infrastructure[197]. - Natural gas distribution segment earnings increased by $4.0 million in Q2 2023, supported by capital tracking mechanisms and base distribution rate increases[198]. - Eversource's water distribution segment earnings decreased by $1.9 million in the first half of 2023 compared to the same period in 2022, primarily due to higher operational expenses[199]. Impairment and Regulatory Issues - Eversource recognized a pre-tax other-than-temporary impairment charge of $401.0 million in Q2 2023, reflecting a decline in the fair value of its offshore wind investment[192]. - Eversource parent and other companies' earnings decreased by $326.8 million in Q2 2023, largely due to the offshore wind investment impairment and higher interest expenses[200]. - The impairment charge related to Eversource's offshore wind investment was noted as part of the strategic review of its offshore wind investment portfolio[304]. - The company cannot predict the ultimate outcome of regulatory proceedings affecting its transmission incentives[263]. Sales and Volume Trends - Total electric sales volumes decreased by 4.0% to 11,164 GWh for the three months ended June 30, 2023, compared to 11,635 GWh in 2022[282]. - Natural gas sales volumes decreased by 4.6% to 23,751 MMcf for the three months ended June 30, 2023, compared to 24,894 MMcf in 2022[282]. - Water sales volumes increased by 14.0% to 6,370 MG for the three months ended June 30, 2023, compared to 5,590 MG in 2022[282]. - Retail electric sales volumes decreased by 7.9% at CL&P, 2.9% at NSTAR Electric, and 3.7% at PSNH for the six months ended June 30, 2023[310]. Expenses and Cost Management - Total operating expenses decreased by $48.4 million to $2,068.6 million in Q2 2023, compared to $2,117.0 million in Q2 2022[280]. - Interest expense increased by $47.3 million to $207.4 million in Q2 2023 compared to $160.1 million in Q2 2022[280]. - Amortization expense decreased by $220.3 million in Q2 2023 and $507.0 million in the first half of 2023, driven by the November 2022 rate relief plan[299]. - Operations and Maintenance expenses showed a slight increase at CL&P of $0.8 million, while NSTAR Electric experienced a decrease of $1.1 million[323]. Risk Management - Eversource's regulated companies manage credit risk with counterparties in accordance with established practices and monitor contracting risks[358]. - Eversource's Energy Supply Risk Committee reviews and approves all large-scale energy-related transactions to mitigate market risk exposure[354].