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Eversource(ES) - 2024 Q4 - Annual Results
ESEversource(ES)2025-02-11 21:31

Financial Performance - Eversource Energy reported full-year 2024 earnings of 811.7million,or811.7 million, or 2.27 per share, compared to a loss of (442.2)million,or(442.2) million, or (1.26) per share in 2023[2]. - Non-GAAP recurring earnings for full-year 2024 totaled 1,634.0million,or1,634.0 million, or 4.57 per share, an increase from 1,517.7million,or1,517.7 million, or 4.34 per share in 2023[2]. - Eversource Energy reported earnings per share (EPS) on a diluted basis, excluding losses from offshore wind investments and other non-recurring items[15]. Future Earnings Expectations - The company expects 2025 earnings to be between 4.67pershareand4.67 per share and 4.82 per share, with a long-term growth rate of 5 to 7 percent through 2029[5]. Investment Plans - Eversource's five-year investment plan for 2025 to 2029 is 24.2billion,anearly10percentincreasefromthepreviousplanof24.2 billion, a nearly 10 percent increase from the previous plan of 22.1 billion[5]. - Eversource expects to raise 1.2billionofequityovertheforecastperiodof2025−2029,mainlyinthelatterhalfoftheperiod[6].SegmentPerformance−Theelectrictransmissionsegmentearned1.2 billion of equity over the forecast period of 2025-2029, mainly in the latter half of the period[6]. Segment Performance - The electric transmission segment earned 724.6 million in 2024, up from 643.4millionin2023,reflectinghigherinvestmentlevels[7].−Thenaturalgasdistributionsegmentearned643.4 million in 2023, reflecting higher investment levels[7]. - The natural gas distribution segment earned 291.0 million in 2024, compared to 224.8millionin2023,drivenbybasedistributionrateincreases[9].−Thewaterdistributionsegmentearned224.8 million in 2023, driven by base distribution rate increases[9]. - The water distribution segment earned 44.6 million in 2024, an increase from 33.1millionin2023,primarilyduetolowerdepreciationexpenses[10].StrategicDecisions−Thecompanyrecordedanaggregatenetafter−taxlossof33.1 million in 2023, primarily due to lower depreciation expenses[10]. Strategic Decisions - The company recorded an aggregate net after-tax loss of 524.0 million related to the sale of offshore wind investments in 2024[3]. - Eversource plans to divest Aquarion Water Company, expected to close by late 2025, to strengthen its balance sheet and focus on regulated utility businesses[4]. Non-GAAP Financial Measures - The company emphasizes the use of non-GAAP financial measures to provide a clearer picture of ongoing performance, excluding significant losses and transaction costs[15]. - Eversource Energy's management believes that the non-GAAP presentation offers a more meaningful representation of financial performance, aiding in the analysis of historical and future results[15]. Risk Factors - Forward-looking statements indicate potential risks including cyberattacks, changes in economic conditions, and disruptions in capital markets that could materially affect actual results[16]. - The company acknowledges uncertainties related to major strategic development projects and the impact of regulatory actions on operations[16]. - Eversource Energy's risk factors are detailed in reports filed with the SEC, which are regularly updated and available on their website[17]. - Management cautions against placing undue reliance on forward-looking statements, as they are subject to change and may not reflect future events[18].