Eversource Energy to Post Q3 Earnings: Here's What to Expect

Core Viewpoint - Eversource Energy (ES) is expected to report its third-quarter 2024 results on November 4, with earnings anticipated to show a year-over-year increase due to various operational factors and strategic decisions [1][5]. Group 1: Factors Impacting Q3 Performance - The completion of the sale of a 50% ownership share in the 924-megawatt Sunrise Wind project to Ørsted in July 2024 is expected to positively influence the bottom line, as the company shifts focus to regulated utility operations [2]. - Electric distribution earnings are projected to rise, supported by capital cost recovery and a $61 million interim rate increase in New Hampshire effective August 1, 2024 [3]. - Increased investments are likely to enhance service reliability, while lower operation and maintenance expenses and effective tax rates are also expected to contribute positively to earnings [3]. - However, higher depreciation and property taxes resulting from increased investments may negatively affect overall quarterly performance [4]. Group 2: Q3 Expectations - The Zacks Consensus Estimate for earnings is set at $1.04 per share, reflecting a year-over-year increase of 7.2% [5]. - Revenue expectations are pegged at $3.05 billion, indicating a year-over-year improvement of 9.3% [5]. Group 3: Earnings Prediction Model - The company's Earnings ESP is +7.05%, suggesting a strong likelihood of an earnings beat this quarter, supported by a Zacks Rank of 3 (Hold) [6][7].