Core Viewpoint - Long-term dividend stocks are generally more stable and provide consistent dividends due to their established nature and lower volatility compared to the broader market [1][2] Group 1: Waste Management - Waste Management Inc. is a significant player in the waste and recyclables collection industry, with a market capitalization exceeding $92 billion [4] - The company has a dividend yield of 1.40%, an annual dividend of $3.30, and a 22-year track record of increasing dividends, with a payout ratio of 48.96% [5] - In the second quarter of 2025, Waste Management reported a 19% year-over-year increase in revenue, alongside strong earnings per share (EPS) [6] - Operating expenses have decreased to less than 60% of revenue, contributing to a solid free cash flow projection of nearly $3 billion for the year [7] Group 2: Eversource Energy - Eversource Energy, a major utility provider in the northeast, has a dividend yield of 4.63% and an annual dividend of $3.01, but a high payout ratio of 129.18% [9] - The company managed to slightly increase its EPS to 96 cents, surpassing analyst expectations, and reaffirmed its full-year EPS guidance [10] - Eversource's revenue grew by 12% year-over-year, although it fell short of predictions, with a permanent rate increase in New Hampshire expected to provide stability [11] Group 3: Johnson & Johnson - Johnson & Johnson boasts a dividend yield of 3.00%, an annual dividend of $5.20, and an impressive 64-year history of dividend increases, with a payout ratio of 55.61% [12][13] - The company exceeded EPS predictions by 9 cents and revenue estimates by nearly $900 million in its mid-July earnings report [13] - Growth is driven by its innovative medicine business, particularly in oncology, with potential peak sales of $5 billion for its drug candidate TAR200 [14]

PART I – FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=6&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Eversource Energy and its key subsidiaries for the period ended June 30, 2025 [Eversource Energy and Subsidiaries Financials](index=6&type=section&id=Eversource%20Energy%20and%20Subsidiaries%20(Unaudited)) Eversource Energy reported increased net income and total assets for H1 2025, with a significant rise in net cash from operating activities to $2.1 billion Eversource Energy Condensed Consolidated Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Balance Sheet** | | *(vs. Dec 31, 2024)* | | Total Assets | $60,956,100 | $59,594,529 | | Total Liabilities | $45,286,541 | $44,519,387 | | Total Common Shareholders' Equity | $15,665,791 | $15,039,387 | | **Income Statement** | | *(vs. H1 2024)* | | Operating Revenues | $6,956,423 | $5,866,097 | | Net Income Attributable to Common Shareholders | $903,517 | $857,190 | | Diluted EPS | $2.45 | $2.43 | | **Cash Flow Statement** | | *(vs. H1 2024)* | | Net Cash Flows Provided by Operating Activities | $2,097,904 | $962,026 | [The Connecticut Light and Power Company (CL&P) Financials](index=10&type=section&id=The%20Connecticut%20Light%20and%20Power%20Company%20(Unaudited)) CL&P's H1 2025 net income increased to $294.9 million, driven by higher operating revenues and a substantial increase in cash from operations CL&P Condensed Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Balance Sheet** | | *(vs. Dec 31, 2024)* | | Total Assets | $16,962,290 | $16,839,845 | | Total Liabilities | $10,436,324 | $10,275,963 | | **Income Statement** | | *(vs. H1 2024)* | | Operating Revenues | $2,673,357 | $2,085,914 | | Net Income | $294,877 | $269,954 | | **Cash Flow Statement** | | *(vs. H1 2024)* | | Net Cash Flows Provided by Operating Activities | $753,612 | $109,757 | [NSTAR Electric Company Financials](index=14&type=section&id=NSTAR%20Electric%20Company%20and%20Subsidiary%20(Unaudited)) NSTAR Electric's H1 2025 net income rose to $336.1 million, supported by revenue growth and ongoing investment in property, plant, and equipment NSTAR Electric Condensed Consolidated Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Balance Sheet** | | *(vs. Dec 31, 2024)* | | Total Assets | $18,728,993 | $18,075,248 | | Total Liabilities | $11,814,065 | $11,159,442 | | **Income Statement** | | *(vs. H1 2024)* | | Operating Revenues | $1,883,152 | $1,792,683 | | Net Income | $336,104 | $317,580 | | **Cash Flow Statement** | | *(vs. H1 2024)* | | Net Cash Flows Provided by Operating Activities | $393,610 | $341,373 | [Public Service Company of New Hampshire (PSNH) Financials](index=18&type=section&id=Public%20Service%20Company%20of%20New%20Hampshire%20and%20Subsidiaries%20(Unaudited)) PSNH's net income grew significantly to $130.2 million in H1 2025, with cash from operations more than doubling due to improved performance PSNH Condensed Consolidated Financial Highlights (in thousands) | Financial Metric | As of/For the Six Months Ended June 30, 2025 | As of/For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Balance Sheet** | | *(vs. Dec 31, 2024)* | | Total Assets | $6,833,025 | $6,641,941 | | Total Liabilities | $4,096,029 | $3,935,139 | | **Income Statement** | | *(vs. H1 2024)* | | Operating Revenues | $651,114 | $613,427 | | Net Income | $130,194 | $99,800 | | **Cash Flow Statement** | | *(vs. H1 2024)* | | Net Cash Flows Provided by Operating Activities | $191,934 | $76,489 | [Combined Notes to Condensed Financial Statements](index=22&type=section&id=Combined%20Notes%20to%20Condensed%20Financial%20Statements%20(Unaudited)) The notes detail accounting policies, regulatory assets, debt structure, contingencies, and the pending sale of the Aquarion water business - Total regulatory assets were **$6.73 billion** as of June 30, 2025, representing incurred costs probable of future recovery in customer rates[80](index=80&type=chunk) - In H1 2025, the company's subsidiaries issued approximately **$1.73 billion in new long-term debt** to repay short-term debt and fund capital expenditures[109](index=109&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 potential lower ROE[131](index=131&type=chunk) - A contingent liability of **$296 million** was recorded as of June 30, 2025, related to post-closing obligations from the sale of offshore wind projects[144](index=144&type=chunk) - Eversource agreed to sell its Aquarion water business for an enterprise value of approximately **$2.4 billion**, with assets and liabilities now classified as held for sale[174](index=174&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=45&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses H1 2025 financial results, segment performance, and capital expenditures, reaffirming full-year EPS guidance and long-term growth targets [Eversource Energy and Subsidiaries MD&A](index=45&type=section&id=Eversource%20Energy%20and%20Subsidiaries%20MD%26A) The company reaffirmed its 2025 EPS guidance of $4.67-$4.82, driven by rate increases and infrastructure investment, while progressing with the sale of its water business Earnings Per Share (EPS) by Business Segment | Segment | Q2 2025 EPS | Q2 2024 EPS | H1 2025 EPS | H1 2024 EPS | | :--- | :--- | :--- | :--- | :--- | | Electric Distribution | $0.44 | $0.42 | $0.95 | $0.90 | | Electric Transmission | $0.56 | $0.54 | $1.11 | $1.04 | | Natural Gas Distribution | $0.10 | $0.08 | $0.68 | $0.61 | | Water Distribution | $0.04 | $0.02 | $0.05 | $0.04 | | **Total Regulated** | **$1.14** | **$1.06** | **$2.79** | **$2.59** | - The company reaffirmed its **2025 EPS guidance of $4.67 to $4.82** and its long-term EPS growth rate projection of **5-7% through 2029**[189](index=189&type=chunk) - The NHPUC approved a permanent rate increase of **$100.7 million** for PSNH and established an authorized ROE of **9.5%**, effective August 1, 2025[188](index=188&type=chunk)[260](index=260&type=chunk) - The Greater Cambridge Energy Program, a major underground transmission project, was approved with a total estimated cost of **$1.84 billion**[224](index=224&type=chunk) [CL&P, NSTAR Electric, and PSNH MD&A](index=61&type=section&id=CL%26P%2C%20NSTAR%2C%20and%20PSNH%20MD%26A) All major electric utility subsidiaries reported increased earnings in H1 2025, driven by higher transmission earnings and base distribution rate increases - CL&P's H1 2025 earnings increased by **$24.9 million**, driven by higher transmission earnings and capital tracking mechanism revenues[326](index=326&type=chunk) - NSTAR Electric's H1 2025 earnings increased by **$18.5 million**, primarily due to a base distribution rate increase and higher transmission earnings[329](index=329&type=chunk) - PSNH's H1 2025 earnings increased by **$30.4 million**, largely due to a base distribution rate increase and higher transmission earnings[330](index=330&type=chunk) - CL&P's operating cash flow for H1 2025 surged to **$753.6 million** from $109.8 million in H1 2024, mainly due to improved regulatory recoveries[331](index=331&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's exposure to market risk is minimal, as commodity costs are passed to customers and all long-term debt is at fixed rates - The company's regulated businesses have **no material exposure** to loss of future earnings from commodity price risk, as energy costs are passed on to customers[335](index=335&type=chunk) - Interest rate risk is significantly mitigated as **all of the company's long-term debt carried a fixed interest rate** as of June 30, 2025[336](index=336&type=chunk) [Controls and Procedures](index=66&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal controls - Management concluded that the disclosure controls and procedures for Eversource and its reporting subsidiaries were **effective** as of June 30, 2025[340](index=340&type=chunk) - **No material changes** to internal controls over financial reporting occurred during the quarter ended June 30, 2025[341](index=341&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=66&type=section&id=ITEM%201.%20Legal%20Proceedings) The company reports no material legal proceedings or material changes to previously disclosed proceedings from its 2024 Form 10-K - There have been **no material legal proceedings** identified and no material changes with regard to legal proceedings previously disclosed in the 2024 Form 10-K[343](index=343&type=chunk) [Risk Factors](index=66&type=section&id=ITEM%201A.%20Risk%20Factors) The company states there have been no additional risk factors identified and no material changes to those previously disclosed in its 2024 Form 10-K - There have been **no additional risk factors** identified and no material changes to the risk factors previously disclosed in the 2024 Form 10-K[344](index=344&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company purchased 2,920 of its own common shares during the quarter at an average price of $63.98 per share for its 401k plan Common Share Purchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 2 | $55.05 | | May 2025 | 0 | N/A | | June 2025 | 2,918 | $63.99 | | **Total** | **2,920** | **$63.98** | [Other Information](index=67&type=section&id=ITEM%205.%20Other%20Information) No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2025 - **No directors or officers** adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[349](index=349&type=chunk) [Exhibits](index=68&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and interactive data files

Core Insights - Eversource Energy reported Q2 2025 GAAP earnings per share of $0.96, slightly above the $0.95 analyst estimate, with net income improving across all regulated segments [1][2] - The company reaffirmed its full-year 2025 earnings guidance and long-term growth targets, indicating a stable quarter for its core businesses [1][9] Financial Performance - Q2 2025 EPS (GAAP) increased by 1.1% year-over-year from $0.95 in Q2 2024 [2] - Revenue for Q2 2025 was reported at $2,931 million [2] - Net income from Electric Transmission rose to $208 million, a 10.1% increase from $189 million in Q2 2024 [2] - Net income from Electric Distribution increased to $161.5 million, up 7.9% from $149.7 million in Q2 2024 [2] - Net income from Natural Gas Distribution surged by 30.3% to $35.3 million compared to $27.1 million in Q2 2024 [2] Business Overview - Eversource Energy serves 4.6 million customers across Connecticut, Massachusetts, and New Hampshire, operating as a regulated utility [3] - The company focuses on regulatory approvals for infrastructure investments, grid modernization, and service reliability [4] Operational Developments - The Electric Transmission segment's earnings growth was driven by ongoing capital investments [5] - The Electric Distribution segment's earnings growth was primarily due to approved base rate hikes in New Hampshire and Massachusetts [5] - Natural Gas Distribution earnings growth was attributed to rate increases, despite rising expenses [6] - Water Distribution earnings increased by 80% due to higher revenues and lower interest costs [6] Regulatory and Capital Investments - Eversource achieved significant regulatory milestones, including a $900 million recovery for storm and cost under-recoveries in Connecticut [7] - The company has a $24.2 billion five-year capital plan, a 10% increase from the previous period, focusing on transmission upgrades and grid modernization [7] - Continued investment in Advanced Metering Infrastructure (AMI) technology supports state decarbonization plans [8] Forward Guidance - Management maintained its full-year 2025 EPS guidance of $4.67 to $4.82 and a long-term annual EPS growth goal of 5–7% [9] - The company's performance will depend on successful execution of its capital plan and positive regulatory interactions [9] Dividend and Future Considerations - The quarterly dividend remained unchanged from the prior period [10] - Future focus areas include regulatory decisions in New Hampshire and Connecticut, the ongoing Aquarion water business sale, and progress on capital projects [10]

Financial Data and Key Metrics Changes - The second quarter earnings were $0.96 per share, slightly up from $0.95 per share in the previous year, indicating solid earnings growth [22][8] - The company reaffirmed its 2025 EPS guidance range of $4.67 to $4.82 per share, with a long-term EPS growth projection of 5% to 7% through 2029 [8][35] - The FFO to debt ratio is expected to be approximately 100 basis points above rating agency thresholds, with a current ratio of 11.5% reflecting an improvement of over 200 basis points from the previous year [30][32] Business Line Data and Key Metrics Changes - Higher electric transmission earnings of $0.02 per share were attributed to increased revenues from continued investments in the transmission system and lower interest expenses [23] - Electric distribution earnings also increased by $0.02 per share due to distribution rate increases in New Hampshire and Massachusetts [24] - Natural gas segment earnings improved by $0.02 per share primarily due to base distribution rate increases at Massachusetts utilities [24] Market Data and Key Metrics Changes - Electric demand is expected to rise, with load growth through 2025 exceeding 2%, nearly double the rate observed during the same period last year [6] - The company is experiencing a critical need for strategic upgrades and new development due to demand outpacing existing infrastructure capacity [6] Company Strategy and Development Direction - The company is focused on being a pure play pipes and wires regulated utility while executing key strategic priorities [5] - Investments in grid modernization and infrastructure are aimed at supporting the energy transition and managing costs for families and businesses [15] - The company is also enhancing its cash flow position and strengthening its balance sheet condition through various initiatives, including the divestiture of non-core businesses [30][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the challenges posed by rising electric demand and regulatory changes, emphasizing the importance of strategic investments [5][6] - The recent legislative changes in Connecticut, including Senate Bill 4, are expected to improve customer bill predictability and strengthen the balance sheet [11] - The management remains optimistic about the future, focusing on delivering safe, reliable, and sustainable energy while navigating an evolving regulatory landscape [20] Other Important Information - The company has made significant progress in its five-year infrastructure investment plan, with a 10% increase announced earlier this year [6][29] - The company is actively working on the regulatory approval process for the Aquarion divestiture, expecting to close the sale by the end of the year [12] Q&A Session Summary Question: Can you walk us through the confidence levels in hitting the 14% FFO to debt level by the end of the year? - Management expressed high confidence, citing recovery of deferrals and the expected contribution from the Aquarion closing towards the end of the year [40][42] Question: How could the securitization of storm costs impact long-term FFO to debt levels? - Management indicated that while the securitization could reduce equity needs, it would not change the $1.2 billion equity requirement for the year [43][44] Question: What are the updated metrics for Moody's and S&P for the second quarter? - Management confirmed strong positions with both agencies, with expectations of continued improvement in the coming quarters [52] Question: What are the implications of the Connecticut Court's clarification around prudency standards? - Management noted that the court's decision reinforces that prudency must be assessed at the time of investment decisions, which is favorable for future investments [107][109] Question: What is the status of the Aquarion sale process? - Management is optimistic about the approval of the sale, citing strong legislative support and a favorable regulatory environment [101][102]

Financial Data and Key Metrics Changes - Eversource reported second quarter earnings of $0.96 per share, slightly up from $0.95 per share in the previous year, indicating solid earnings growth [22][24] - The company reaffirmed its 2025 EPS guidance range of $4.67 to $4.82 per share, with a long-term EPS growth projection of 5% to 7% through 2029 [7][33] - The FFO to debt ratio improved to 11.5% as of the first quarter, with expectations to reach approximately 14% by year-end [29][40] Business Line Data and Key Metrics Changes - Transmission earnings increased to $0.02 per share due to higher revenues from continued investments and lower interest expenses [22][23] - Electric distribution earnings also rose to $0.02 per share, benefiting from rate increases in New Hampshire and Massachusetts [23] - Natural gas segment earnings improved by $0.02 per share, primarily due to base distribution rate increases [23] Market Data and Key Metrics Changes - Electric demand is expected to rise, with load growth through 2025 exceeding 2%, nearly double the rate observed last year [6] - The company noted that the accelerating electrification of transportation and heating sectors is driving this upward trend [6] Company Strategy and Development Direction - Eversource is focused on being a pure play regulated utility, with a commitment to infrastructure modernization and renewable energy integration [5][15] - The company announced a 10% increase in its five-year infrastructure investment plan, now totaling $24.2 billion [6][28] - The company is also working on strategic upgrades and new developments to meet rising electric demand [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment, particularly in Connecticut, following the passage of Senate Bill 4, which aims to make electric bills more affordable [11][12] - The company is optimistic about the ongoing recovery of storm costs and the potential for cash flow stabilization through regulatory changes [30][31] - Management emphasized the importance of maintaining strong relationships with union partners and stakeholders [14] Other Important Information - Eversource's annual sustainability report highlights innovative projects, including a geothermal pilot and the Cambridge Underground Substation [10][17] - The company is progressing well with the Aquarion divestiture process and expects to close the sale by the end of the year [12][98] Q&A Session Summary Question: Can you walk us through the confidence levels in hitting the 14% FFO to debt level by year-end? - Management expressed high confidence, citing recovery of deferrals and the impact of the Aquarion transaction as key drivers [38][40] Question: How could the securitization of storm costs impact long-term FFO to debt levels? - Management indicated that securitization could reduce equity needs, but further clarity on timing is needed [41][43] Question: What are the updated metrics for Moody's and S&P regarding FFO to debt? - Management confirmed strong positions with both agencies, expecting continued improvement [49][50] Question: What are the implications of the Connecticut Court's clarification around prudency standards? - Management noted that the ruling supports investment decisions made based on current facts, preventing retrospective scrutiny [104][106] Question: Will there be additional equity needs in 2025? - Management clarified that while there may not be significant equity needs this year, they will monitor the situation closely [114][116]

Core Insights - Eversource Energy (ES) reported second-quarter 2025 adjusted earnings of 96 cents per share, exceeding the Zacks Consensus Estimate of 95 cents by 1.05% and showing a slight increase from 95 cents in the same quarter last year [1][9] Total Revenues of ES - Total revenues for Eversource Energy were $2.84 billion, which fell short of the Zacks Consensus Estimate of $3.19 billion by 10.9%, but represented a 12.2% increase from the previous year's figure of $2.53 billion [2][9] Highlights of ES' Q2 Results - Total operating expenses reached $2.17 billion, marking a 12.4% year-over-year increase due to higher operations and maintenance costs, as well as increased depreciation and amortization expenses [3] - Operating income was reported at $663 million, reflecting a 10% year-over-year growth [3] - Interest expenses totaled $293.2 million, which is 8.1% higher than the previous year [3] ES' Segmental Performance - Electric Transmission segment earnings were $208 million, up 10.1% year over year, driven by ongoing investments in the electric transmission system [4] - Electric Distribution segment earnings amounted to $161.5 million, a 7.9% increase year over year, attributed to higher revenues from base distribution rate increases in New Hampshire and Massachusetts [4] - Natural Gas Distribution reported earnings of $35.3 million, compared to $27.1 million in the same quarter last year [5] - Water Distribution earnings were $14.4 million, up from $8 million in the year-ago quarter [5] - The Eversource Parent & Other Companies segment reported a loss of $66.5 million, wider than the loss of $38.5 million in the previous year, primarily due to increased interest expenses following the sale of offshore wind projects [6] ES' Guidance - Eversource Energy maintains its earnings guidance for 2025 in the range of $4.67 to $4.82 per share, with the Zacks Consensus Estimate at $4.73 per share, which is lower than the midpoint of the company's guidance [7] - The company expects a long-term EPS growth rate of 5% to 7% through 2029, using $4.57 (in 2024) as a base [7]

Financial Performance - Eversource Energy reported Q2 2025 EPS of $0.96, slightly better than the prior year[22] - The company reaffirms its 2025 EPS guidance of $4.67 - $4.82 and a long-term EPS growth rate of 5% - 7% through 2029[23] - The company's FFO to Debt ratio as of March 31, 2025, was 13.7%, exceeding the Moody's downgrade threshold of 9% and S&P's threshold of 12%[50] Capital Investments and Regulatory Updates - Eversource plans a capital investment of $24.2 billion through 2029, with 60% of distribution capital investment in Massachusetts[18] - The company anticipates incremental investments of $1.5 billion - $2 billion during this forecast period[47] - A permanent rate increase of $100 million was received in New Hampshire, effective August 1, 2025, as part of the PSNH rate case[39] - Massachusetts will see an EGMA Rate Base Reset with a November 2024 rate increase of $77 million and a November 2025 rate increase of $62 million[45] Strategic Priorities - Eversource is focused on being a 100% regulated utility, investing in line with state policies while maintaining customer reliability and affordability[18] - The company aims to strengthen its balance sheet and enhance its FFO to Debt ratio[18] - Eversource is leading the energy transition in New England with approximately $2 billion in T&D energy investments through 2029[18] Balance Sheet and Credit Metrics - Eversource has an At-The-Market (ATM) program for $1.2 billion of equity, issuing 3.4 million shares through June 2025 with net proceeds of $218 million[51, 60]

Core Viewpoint - Eversource Energy reported quarterly earnings of $0.96 per share, exceeding the Zacks Consensus Estimate of $0.95 per share, and showing a slight increase from $0.95 per share a year ago, indicating a positive earnings surprise of +1.05% [1][2] Financial Performance - The company posted revenues of $2.84 billion for the quarter ended June 2025, which fell short of the Zacks Consensus Estimate by 10.91%, compared to $2.53 billion in revenues from the same quarter last year [2] - Over the last four quarters, Eversource has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Stock Performance - Eversource shares have increased approximately 14.9% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] - The current Zacks Rank for Eversource is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.03 on revenues of $3.23 billion, and for the current fiscal year, it is $4.73 on revenues of $13.16 billion [7] - The outlook for the Utility - Electric Power industry is favorable, currently ranking in the top 34% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

[Eversource Energy Second Quarter 2025 Financial Results](index=1&type=section&id=Eversource%20Energy%20Second%20Quarter%202025%20Financial%20Results) Eversource Energy reported increased earnings for Q2 and H1 2025, reaffirming its full-year 2025 earnings guidance and long-term growth projections [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) Eversource Energy reported increased earnings for Q2 and H1 2025, driven by solid operational performance and a strengthened financial foundation Earnings and EPS Overview | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Earnings** | $352.7M | $335.3M | $903.5M | $857.2M | | **EPS** | $0.96 | $0.95 | $2.45 | $2.43 | - Management attributed the solid results to the workforce's dedication, quick response to weather events, and progress on constructive regulatory outcomes while prioritizing customer affordability[3](index=3&type=chunk) [2025 Financial Outlook](index=1&type=section&id=2025%20Financial%20Outlook) The company has reaffirmed its full-year 2025 earnings projection and its long-term compound annual earnings per share growth rate - Reaffirmed 2025 earnings projection of between **$4.67 and $4.82 per share**[3](index=3&type=chunk) - Reaffirmed compound annual EPS growth rate target of **5% to 7%** from a 2024 base of **$4.57 per share**[3](index=3&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) This section details the financial performance of Eversource Energy's core business segments, including transmission, distribution, and water operations [Electric Transmission](index=1&type=section&id=Electric%20Transmission) The Electric Transmission segment's earnings increased in both the second quarter and first half of 2025 compared to the prior year, driven by continued investment in the electric transmission system Electric Transmission Segment Earnings | Period | 2025 Earnings (Millions) | 2024 Earnings (Millions) | | :--- | :--- | :--- | | **Q2** | $208.0M | $189.0M | | **H1** | $407.5M | $365.7M | - The improvement in earnings was primarily due to continued investment in Eversource's electric transmission system[4](index=4&type=chunk) [Electric Distribution](index=1&type=section&id=Electric%20Distribution) The Electric Distribution segment saw earnings growth in Q2 and H1 2025, primarily due to higher revenues from base distribution rate increases and system investments, which were partially offset by increased expenses Electric Distribution Segment Earnings | Period | 2025 Earnings (Millions) | 2024 Earnings (Millions) | | :--- | :--- | :--- | | **Q2** | $161.5M | $149.7M | | **H1** | $350.0M | $317.9M | - Improved results were driven by higher revenues from base distribution rate increases in New Hampshire and Massachusetts, and continued system investments, partially offset by higher property taxes, interest, and depreciation[5](index=5&type=chunk) [Natural Gas Distribution](index=2&type=section&id=Natural%20Gas%20Distribution) The Natural Gas Distribution segment's earnings improved for both the quarter and half-year periods, mainly as a result of base distribution rate increases in Massachusetts to recover infrastructure investments Natural Gas Distribution Segment Earnings | Period | 2025 Earnings (Millions) | 2024 Earnings (Millions) | | :--- | :--- | :--- | | **Q2** | $35.3M | $27.1M | | **H1** | $253.7M | $217.6M | - The earnings increase was primarily due to base distribution rate increases at Massachusetts gas businesses, effective November 1, 2024, with higher revenues partially offset by increased expenses[6](index=6&type=chunk) [Water Distribution](index=2&type=section&id=Water%20Distribution) The Water Distribution segment reported significantly improved earnings for Q2 and H1 2025, benefiting from higher revenues and lower interest expense Water Distribution Segment Earnings | Period | 2025 Earnings (Millions) | 2024 Earnings (Millions) | | :--- | :--- | :--- | | **Q2** | $14.4M | $8.0M | | **H1** | $17.9M | $13.4M | - Improved results were primarily due to higher revenues and lower interest expense[7](index=7&type=chunk) [Eversource Parent and Other Companies](index=2&type=section&id=Eversource%20Parent%20and%20Other%20Companies) The Parent and Other Companies segment reported a larger loss in 2025 compared to 2024, mainly due to higher interest expenses following the sale of offshore wind projects Parent and Other Companies Segment Loss | Period | 2025 Loss (Millions) | 2024 Loss (Millions) | | :--- | :--- | :--- | | **Q2** | ($66.5M) | ($38.5M) | | **H1** | ($125.6M) | ($57.4M) | - The increased loss was primarily due to higher interest expense resulting from the absence of capitalized interest after the sale of the company's offshore wind projects[8](index=8&type=chunk) [Detailed Financials](index=2&type=section&id=Detailed%20Financials) This section provides a detailed reconciliation of consolidated EPS and a comprehensive breakdown of earnings and EPS contributions by each business segment [Consolidated Earnings Per Share (EPS) Reconciliation](index=2&type=section&id=Consolidated%20Earnings%20Per%20Share%20%28EPS%29%20Reconciliation) The company provided a reconciliation of its GAAP EPS, detailing the positive contributions from its distribution and transmission segments and the negative impact from higher interest expenses at the parent company level Consolidated EPS Reconciliation | Description | Q2 EPS Impact ($) | H1 EPS Impact ($) | | :--- | :--- | :--- | | **2024 Reported GAAP EPS** | **$0.95** | **$2.43** | | Higher electric transmission earnings | $0.02 | $0.07 | | Higher electric distribution earnings | $0.02 | $0.05 | | Higher natural gas distribution earnings | $0.02 | $0.07 | | Higher water distribution earnings | $0.02 | $0.01 | | Increased loss at parent/other | ($0.07) | ($0.18) | | **2025 Reported GAAP EPS** | **$0.96** | **$2.45** | [Segment Earnings Breakdown](index=3&type=section&id=Segment%20Earnings%20Breakdown) This section provides a detailed table view of the earnings and EPS contributions from each business segment for the second quarter and first half of 2025, compared to the same periods in 2024 Segment Earnings and EPS (Q2) **Three months ended June 30 (in millions, except EPS):** | Segment | 2025 Earnings (Millions) | 2024 Earnings (Millions) | 2025 EPS ($) | 2024 EPS ($) | | :--- | :--- | :--- | :--- | :--- | | Electric Transmission | $208.0 | $189.0 | $0.56 | $0.54 | | Electric Distribution | $161.5 | $149.7 | $0.44 | $0.42 | | Natural Gas Distribution | $35.3 | $27.1 | $0.10 | $0.08 | | Water Distribution | $14.4 | $8.0 | $0.04 | $0.02 | | Parent and Other | ($66.5) | ($38.5) | ($0.18) | ($0.11) | | **Reported Earnings** | **$352.7** | **$335.3** | **$0.96** | **$0.95** | Segment Earnings and EPS (H1) **Six months ended June 30 (in millions, except EPS):** | Segment | 2025 Earnings (Millions) | 2024 Earnings (Millions) | 2025 EPS ($) | 2024 EPS ($) | | :--- | :--- | :--- | :--- | :--- | | Electric Transmission | $407.5 | $365.7 | $1.11 | $1.04 | | Electric Distribution | $350.0 | $317.9 | $0.95 | $0.90 | | Natural Gas Distribution | $253.7 | $217.6 | $0.68 | $0.61 | | Water Distribution | $17.9 | $13.4 | $0.05 | $0.04 | | Parent and Other | ($125.6) | ($57.4) | ($0.34) | ($0.16) | | **Reported Earnings** | **$903.5** | **$857.2** | **$2.45** | **$2.43** | [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section provides details on the upcoming conference call, clarifies non-GAAP financial measures, and outlines forward-looking statements and associated risk factors [Conference Call and Contact Information](index=3&type=section&id=Conference%20Call%20and%20Contact%20Information) Eversource Energy will host a conference call with senior management to discuss the financial results, with contact information for investor relations also provided - A conference call with senior management is scheduled for **August 1, 2025, at 9 a.m. Eastern Time**[11](index=11&type=chunk) - The webcast and slides will be accessible on the Investors page of the Eversource Energy website[11](index=11&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The report clarifies the use of non-GAAP financial measures, such as EPS by business, which management believes provide a more meaningful representation of financial performance by excluding certain items not indicative of ongoing operations - The report includes a non-GAAP measure, "EPS by business," calculated by dividing each business's net income by the weighted average diluted common shares outstanding[12](index=12&type=chunk) - Management uses these non-GAAP measures to evaluate performance and believes they provide useful information by excluding items not considered indicative of ongoing operations[12](index=12&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section contains the standard safe harbor statement, cautioning that forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties - The report contains forward-looking statements regarding expectations, plans, and financial performance, which are subject to risks and uncertainties[13](index=13&type=chunk) - Key risk factors include, but are not limited to, cyberattacks, capital market disruptions, economic conditions, regulatory actions, extreme weather, and changes in laws or regulations[13](index=13&type=chunk) - Readers are encouraged to consult Eversource's SEC filings for a more detailed discussion of risk factors[14](index=14&type=chunk)

Core Viewpoint - Eversource Energy (ES) is expected to report its second-quarter 2025 results on July 31, with earnings anticipated to be in line with estimates, reflecting various operational factors that may influence performance [1][10]. Group 1: Factors Impacting Q2 Performance - Eversource Energy's focus on being a pure-play regulated utility is likely to support its clean energy transition efforts, contributing positively to quarterly earnings [2]. - The integration of probabilistic load flow (PLF) automation into its power system analysis is expected to enhance service reliability and boost earnings through improved distribution modeling capabilities [3]. - New electric and gas rates implemented in the service regions during the first and previous quarters are anticipated to positively impact the bottom line, along with increased transmission investments and lower operation and maintenance expenses [4]. Group 2: Expected Financial Metrics - The Zacks Consensus Estimate for Eversource Energy's earnings is set at 95 cents per share, remaining flat year over year, while revenues are estimated at $2.90 billion, indicating a year-over-year increase of 14.7% [6][10]. - The company's Earnings ESP is +0.26%, suggesting a favorable outlook for an earnings beat in the upcoming report [7]. Group 3: Potential Challenges - Higher depreciation and property taxes due to increased investments, along with rising interest expenses and a higher effective tax rate, are expected to negatively affect overall quarterly performance [5][10].