Eversource(ES) - 2024 Q4 - Annual Results

Financial Performance - Eversource Energy reported full-year 2024 earnings of $811.7 million, or $2.27 per share, compared to a loss of $(442.2) million, or $(1.26) per share in 2023[2]. - Non-GAAP recurring earnings for full-year 2024 totaled $1,634.0 million, or $4.57 per share, an increase from $1,517.7 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 $4.67 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 $24.2 billion, a nearly 10 percent increase from the previous plan of $22.1 billion[5]. - Eversource expects to raise $1.2 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 $643.4 million in 2023, reflecting higher investment levels[7]. - The natural gas distribution segment earned $291.0 million in 2024, compared to $224.8 million in 2023, driven by base distribution rate increases[9]. - The water distribution segment earned $44.6 million in 2024, an increase from $33.1 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].