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

Financial Data and Key Metrics Changes - The company's GAAP and recurring earnings for Q1 2024 were $1.49 per share, up from $1.41 per share in the previous year [31] - Electric distribution earnings increased to $0.48 per share from $0.47 per share in 2023, driven by higher revenues from a base distribution rate increase [11] - Water distribution segment earnings were flat at $0.01 per share compared to the previous year [12] - The company reported a loss of $0.04 per share for Eversource parent and other company earnings, compared to breakeven results in 2023, primarily due to higher interest expenses [12] Business Line Data and Key Metrics Changes - Electric transmission earnings rose to $0.50 per share from $0.45 per share, attributed to investments in the transmission system [31] - Natural gas distribution earnings increased to $0.54 per share from $0.49 per share, due to higher revenues from capital cost recovery mechanisms and lower operating expenses [32] - The water distribution business is undergoing a review, with potential sale proceeds assumed in the long-term financing plan [38] Market Data and Key Metrics Changes - The company anticipates a significant increase in electrification capacity in Massachusetts, projecting a 180% increase to support the adoption of 2.5 million electric vehicles and 5.8 gigawatts of solar generation [7] - In Connecticut, regulatory policies are currently misaligned with state policy, discouraging investment and utility innovation [8] Company Strategy and Development Direction - Eversource is focusing on becoming a pure play regulated utility, emphasizing the delivery of clean energy safely and reliably [5] - The company is committed to a five-year capital expenditure forecast of $23.1 billion, with substantial infrastructure needs providing opportunities for capital deployment [16] - The company is reducing capital expenditures in Connecticut by nearly $100 million in 2024 due to regulatory misalignment [16] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the regulatory environment in Connecticut, stating that without a secure cost recovery path, further capital investments cannot be justified [21] - The company remains optimistic about achieving its EPS growth rate of 5% to 7% through 2028, based on its capital investment forecast [18] - Management highlighted the importance of collaboration with state leaders to align regulatory policies with clean energy goals [30] Other Important Information - The company is on track to close the sale of its offshore wind business, with expected cash proceeds of approximately $1.1 billion from the sale of South Fork and Revolution Wind assets [37] - The company is also expecting to utilize tax equity investments from South Fork Wind, which could bring around $500 million in cash over the next 24 months [37] Q&A Session Summary Question: What CapEx are you cutting in Connecticut? - The company is cutting capital expenditures in Connecticut due to a negative regulatory environment, but will maintain safety spending [21] Question: What is the timeline for the Aquarion water sale? - The appeal process for the Aquarion rate case is expected to take 9 to 12 months after filing with the Connecticut Supreme Court [89] Question: What would it take to get more comfortable with the regulatory setup in Connecticut? - The company is looking for preapproval and a clear recovery roadmap for investments made on behalf of customers [96] Question: How does the under recovery of deferred costs impact FFO to debt? - The under recovery of approximately $600 million in 2023 is expected to improve the FFO to debt ratio significantly, with cash recovery starting in July [66] Question: What are the next milestones for the Massachusetts CL&P process? - The DPU is expected to render a decision on the electric sector modernization plan by August [44]

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 1, 2024 (May 1, 2024) | Commission | Registrant; State of Incorporation | I.R.S. Employer | | --- | --- | --- | | File Number | Address; and Telephone Number | Identification No. | | 1-5324 | EVERSOURCE ENERGY | 04-2147929 | | | (a Massachusetts voluntary association) | | | | 300 Cadwell Dr ...

Eversource Energy (ES) is scheduled to release first-quarter 2024 results on May 1, after market close. The company delivered a negative earnings surprise of 2.1% in the last reported quarter.Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.Factors to ConsiderPer the 2022 NSTAR Electric rate review, the first base distribution revenue increase of the performance-based rate plan, totaling $105 million, was effective from Jan 1, 2024. This is likely to have had a fav ...

Eversource Energy's (ES) strategic investment in transmission and distribution networks, acquisitions, expansion of renewable operations, strong ROE and rising earnings estimates make it a solid investment option in the utility sector.Let’s focus on the factors that make this Zacks Rank #2 (Buy) stock a strong investment pick at the moment.Growth Projections & Surprise HistoryThe Zacks Consensus Estimate for ES’ 2024 earnings per share (EPS) has increased 0.2% in the past 60 days to $4.52.The Zacks Consensu ...

PM ImagesEversource Energy (NYSE:ES) may be offering investors a classic "reversion to the mean" opportunity. After 5+ years of attempting to be an early-stage renewable energy player, the utility has officially joined the list of companies who are learning from their aspirational clean energy efforts. Hertz's recent decision to sell 20,000 electric vehicles and replace them with gas-powered cars is an example of a company on that list. In Eversource's case, it is the offshore wind business that has tau ...

Eversource Energy’s (ES) long-term capital investment plans to further expand its infrastructure and renewable operations should boost its overall performance. The company has plans to expand its water business through acquisitions.However, this Zacks Rank #3 (Hold) company has to face risks related to stringent regulations and substandard performance from third parties.TailwindsEversource operates a capital-intensive business with relatively steady revenue streams. It is currently focused on upgrading its ...

It has been about a month since the last earnings report for Eversource Energy (ES) . Shares have added about 3.7% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Eversource due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Eversource Energy Q4 Earnings and Revenues ...