Core Insights - Eversource Energy (ES) reported first-quarter 2025 adjusted earnings of $1.50 per share, matching the Zacks Consensus Estimate, with a slight increase of 0.7% from the previous year's $1.49 [1] - Total revenues reached $4.12 billion, exceeding the Zacks Consensus Estimate of $3.65 billion by 12.7%, and reflecting a year-over-year increase of 23.7% from $3.33 billion [1] Financial Performance - Total operating expenses were $3.19 billion, up 28.1% year over year, driven by higher costs in purchased power, natural gas, transmission, operations, maintenance, and depreciation [2] - Operating income was reported at $926.4 million, an increase of 9.5% year over year [2] - Interest expenses rose to $300.8 million, marking a 20% increase compared to the prior year [2] Segment Performance - Electric Transmission segment earnings totaled $199.4 million, up 12.8% year over year, attributed to increased investment in the transmission system [3] - Electric Distribution segment earnings were $188.4 million, up 12.1% year over year, due to higher revenues from base distribution rate increases in New Hampshire and Massachusetts [3] - Natural Gas Distribution reported earnings of $218.4 million, an increase from $190.6 million in the previous year [4] - Water Distribution earnings decreased to $3.6 million from $5.4 million in the year-ago quarter [4] - The Eversource Parent & Other Companies segment reported a loss of $59 million, wider than the previous year's loss of $19 million, primarily due to higher interest expenses [5] Guidance and Future Outlook - Eversource Energy expects 2025 earnings in the range of $4.67-$4.82 per share, with the Zacks Consensus Estimate at $4.73 per share [6] - The company anticipates a long-term EPS growth rate of 5% to 7% through 2029, using $4.57 (in 2024) as a base [6] - Planned capital investments are projected to be nearly $24.2 billion for the period 2025-2029 [6] Zacks Rank - Eversource Energy currently holds a Zacks Rank 3 (Hold) [7]

Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1.5 per share for the first quarter, compared to $1.49 per share in the previous year, indicating a slight increase in earnings [18] - Higher utility earnings were largely offset by a decrease in parent and other earnings, with the natural gas segment showing improved results due to higher revenues from infrastructure investments [19][20] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.04 per share due to increased revenues from system investments, while electric distribution earnings rose by $0.03 per share from grid modernization and rate increases in New Hampshire and Massachusetts [19] - The natural gas segment's earnings improved by $0.06 per share, primarily due to higher revenues from infrastructure investments and base distribution rate increases [19] Market Data and Key Metrics Changes - The company is projecting an 8% growth in rate base over the next five years, with a strategic shift towards higher distribution spending in Massachusetts to meet electrification goals [8][9] - The company is examining opportunities related to ISO New England's new RFP for transmission operators to address future load growth [9] Company Strategy and Development Direction - The company aims to leverage its strengths in transmission and distribution investment opportunities, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029 [6][17] - The company is focused on customer innovation and affordability, investing in advanced technologies to enhance reliability and efficiency [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue driving value for customers and shareholders, emphasizing a commitment to financial strength and sustainability [16][17] - The company is actively working with regulators and communities to address affordability and transparency in energy bills, particularly in response to high gas bills [12][13] Other Important Information - The company is divesting Aquarion Water, which is expected to close by the end of the year, and anticipates improvements in its FFO to debt ratio as a result [14][27] - The company has a five-year capital plan of $24.2 billion, reflecting a 10% increase over the last plan, with significant investments in transmission and distribution infrastructure [23][24] Q&A Session Summary Question: Tariff exposure related to offshore projects - Management confirmed that all necessary equipment has been procured for the offshore project, with no anticipated challenges related to tariffs [33][34] Question: Regulatory approval timeline for Aquarion divestment - Management expects the transaction to close in 2025, with a straightforward regulatory approval process anticipated [40][41] Question: Impact of securitization on equity needs - Management indicated that if securitization occurs, it would revisit its equity needs, but did not assume it in the current financing strategy [48][49] Question: Updates on AMI process - Management is seeking clarity on the recovery of expenditures related to the AMI program and is committed to spending as directed by Connecticut [51] Question: Thoughts on PURA composition and timing - Management is eager for a stable regulatory environment but could not predict the timing of filling the remaining seats on PURA [56][57] Question: FFO to debt improvement expectations - Management expects significant improvement in FFO to debt metrics, driven by enhanced cash flows from operations [60][61] Question: Upcoming Millstone recontracting rates - Management noted that it is too early to determine the impact of the Millstone contract, which is up in 2029 [72][73] Question: GSEP rule changes impact - Management stated that the recent GSEP decision would not have a major impact on their operations and they are supportive of exploring non-pipe alternatives [81][82] Question: Completion percentage of the Revolution project - Management did not provide a specific percentage of project completion but confirmed that construction is progressing well [83] Question: Regulatory under recoveries and future expectations - Management highlighted the RAM docket as significant for recovery, with timely adjustments expected in Massachusetts and New Hampshire [89][90]

Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1.5 per share for the first quarter, compared to $1.49 per share in the previous year, indicating a slight increase in earnings [16] - Higher utility earnings were largely offset by a decrease in parent and other earnings, with electric transmission earnings increasing by $0.04 per share due to increased revenues from system investments [17] - The natural gas segment saw improved results of $0.06 per share, primarily due to higher revenues from infrastructure investments [17] Business Line Data and Key Metrics Changes - Electric distribution earnings increased by $0.03 per share, benefiting from grid modernization and rate mechanisms in New Hampshire and Massachusetts [17] - Water earnings remained comparable year over year, as the first quarter is typically a low usage period [18] - Parent losses increased by $0.12 per share in 2025, primarily due to higher interest expenses and the absence of capitalized interest from the offshore wind investment [18] Market Data and Key Metrics Changes - The company is projecting an 8% rate base growth over the next five years, with a strategic shift towards higher distribution spending in Massachusetts to meet electrification goals [6] - The company is examining numerous opportunities related to the ISO New England's new RFP for transmission operators to address future load growth [7] Company Strategy and Development Direction - The company aims to leverage its strengths in transmission and distribution investment opportunities, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029 [5] - The company is focused on customer innovation and affordability, investing in advanced technologies to enhance reliability and efficiency [8] - The divestment of Aquarion Water is a key strategic initiative expected to close by the end of the year, which will improve the company's FFO to debt ratio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive value for customers and shareholders, emphasizing a commitment to sustained growth and strategic vision [14] - The management highlighted ongoing efforts to address affordability and stabilize rates in response to high gas bills due to increased demand [10] - The company is optimistic about its future growth opportunities, particularly in transmission and distribution, as well as customer-focused investments [28] Other Important Information - The company is actively working with state leaders to develop long-term solutions for rate stability and transparency [11] - The company has made significant progress in its AMI project, with 40% of the communication network deployment completed [9] - The company expects to see a 6% reduction in average residential customer rates in Connecticut due to the implementation of an annual rate adjustment mechanism [20] Q&A Session Summary Question: Tariff exposure related to offshore projects - Management confirmed that all necessary equipment has been procured and does not anticipate significant challenges related to tariffs for the Revolution project [32][34] Question: Regulatory approval timeline for Aquarion - Management expects the transaction to close in 2025, with no anticipated issues in the regulatory approval process [39][41] Question: Impact of securitization on equity needs - Management indicated that if securitization occurs, they would revisit their equity needs [46] Question: Update on AMI process - Management is seeking clarity on the recovery of expenditures related to the AMI process [47] Question: PURA composition and timing for certainty - Management expressed eagerness for a stable regulatory climate but could not predict the timing for filling the PURA seats [52] Question: FFO to debt improvement expectations - Management expects significant improvement in FFO to debt metrics due to enhanced cash flows from operations [60] Question: Millstone recontracting rates - Management noted that it is too early to determine the impact of the Millstone contract, which is up in 2029 [68] Question: GSEP rule changes impact - Management stated that the GSEP filing's impact is manageable and they continue to support safe and reliable gas services [76] Question: Completion percentage of the Revolution project - Management did not provide a specific percentage but confirmed that construction is progressing well [78]

EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT May 2, 2025 EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT Safe Harbor Statement All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The first quarters 2025 and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized under generally accepted accounting principles (non-GA ...

分组1 - Eversource Energy reported quarterly earnings of $1.50 per share, matching the Zacks Consensus Estimate, and showing a slight increase from $1.49 per share a year ago [1] - The company posted revenues of $4.12 billion for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 12.74%, compared to $3.33 billion in the same quarter last year [2] - Eversource shares have increased approximately 3.6% since the beginning of the year, contrasting with a decline of 5.3% in the S&P 500 [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.99 on revenues of $2.91 billion, and for the current fiscal year, it is $4.73 on revenues of $12.93 billion [7] - The Utility - Electric Power industry, to which Eversource belongs, is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable outlook [8]

Trust Governance and Management - Eversource Energy's Declaration of Trust was amended to allow annual meetings of Shareholders to be held in person or virtually[1] - The amendment also revised provisions requiring more than a majority vote to a majority-only vote[1] - The amendment was approved by more than two-thirds of the outstanding Common Shares at the 2025 Annual Meeting[1] - The Declaration of Trust has been amended multiple times since its original date of January 15, 1927, with the latest amendment on May 1, 2025[4] - The Trustees are responsible for managing and controlling the trust estate for the benefit of Shareholders[7] - The number of Trustees can be fixed at each annual meeting by a majority vote of the outstanding shares[10] - Trustees have the power to manage the trust estate, including acquiring and selling securities and borrowing money[51][55] - The Trustees are responsible for converting the trust estate into cash before the termination of the trust, with no specific property interest granted to Shareholders[49] - The Trustees have the authority to purchase, acquire, and hold shares, bonds, and other obligations, but these shares will not have voting rights or dividends while held[63] - The annual meeting of the Trustees is held immediately after the annual meeting of the Shareholders, with a quorum requiring a majority of the full board present[66] - The Treasurer is responsible for the custody of all funds belonging to the trust estate and must keep accurate financial records[71] - The Trustees may declare and pay dividends as they see fit, with all holders of a class receiving the same amount per share[96] - The Trustees are not liable for acts or defaults of co-Trustees or other representatives, provided they act in good faith[103] - The association will indemnify its Trustees and officers against losses incurred while in office, except in cases of bad faith actions[106] - Trustees may consult with various experts at the expense of the trust estate, ensuring actions taken in good faith are protected[110] - The trust may be terminated or amended by a majority vote of the Trustees, requiring consent from a majority of shareholders for any changes affecting preferred shares[118] - Upon termination, the Trustees are required to convert all property into cash and distribute it among shareholders according to their respective shares[120] - The rights of indemnification for Trustees and officers are not exclusive and may include additional rights under Massachusetts law[109] Shareholder Rights and Responsibilities - Shareholders must own at least 3% of the outstanding common shares for three years to qualify as an Eligible Shareholder for proxy access[14] - The association will include Shareholder Nominees in its proxy statement if eligibility requirements are met[13] - The Required Information for Shareholder Nominees will be disclosed in the association's proxy statement[20] - The association reserves the right to omit any information it believes is untrue or misleading from its proxy materials[21] - The maximum number of Shareholder Nominees that can be included in the association's proxy materials is capped at the greater of two or twenty percent of the number of Trustees in office[35] - Eligible Shareholders must provide a written statement certifying the number of common shares they have owned continuously for at least three years as of the date of the Shareholder Notice[28] - The association may omit any Shareholder Nominee from its proxy materials if the nominee does not meet independence standards or has been involved in certain legal issues[34] - Shareholder Notices must be delivered no later than the Close of Business on the 20th day or earlier than the Close of Business on the 150th day prior to the first anniversary of the previous year's annual meeting[26] - Eligible Shareholders must notify the association immediately if they cease to own any of the Required Shares prior to the annual meeting[25] - A written agreement from the Eligible Shareholder must include representations regarding the acquisition of Required Shares in the ordinary course of business[25] - The association requires a copy of the Schedule 14N to be filed with the Securities and Exchange Commission[24] - Shareholder Nominees must consent to being named in the association's proxy statement and agree to serve as a Trustee if elected[30] - The association may disregard any nomination if it receives notice of another candidate for election that exceeds the number of Trustees to be elected[34] - Eligible Shareholders must provide documentation demonstrating that the number of Shareholders in a group does not exceed twenty[28] - The association's proxy materials will include Shareholder Nominees based on the ranking specified by Eligible Shareholders, with the highest-ranking nominees selected until the Permitted Number is reached[37] - If the number of Shareholder Nominees exceeds the Permitted Number, the selection process will continue until the Permitted Number is achieved, prioritizing the largest disclosed share ownership[37] - Shareholder Nominees who withdraw or become ineligible for election will be ineligible for the next two annual meetings[38] - The Board has the authority to interpret the provisions regarding Shareholder Nominees and determine compliance with eligibility requirements[40] - If a Shareholder does not present their nominee at the annual meeting, the nomination will be disregarded[40] - Trustees must qualify by submitting a written acceptance within twenty days after election, or their election will be null and void[42] - Trustees can resign, with the resignation taking effect upon acceptance or after twenty days[43] - Vacancies on the Board of Trustees can be filled by remaining Trustees, even if they are less than a majority[45] Shareholder Meetings and Voting - The annual meeting of shareholders will be held in April, May, or June, with the exact date and time determined by the Trustees[90] - Shareholders holding one-tenth (1/10) of the outstanding shares can request special meetings, which can address any business that could have been transacted at the annual meeting[90] - Shareholders have the right to vote in person or by proxy, with each common share granting one vote[91] - The Trustees can fix a record date for determining shareholders entitled to notice and to vote at meetings[91] - Electronic transmission is considered valid for notices and voting, ensuring modern communication methods are utilized[91] - A majority of shares present constitutes a quorum for conducting business at meetings[91] Share Issuance and Transfer - Common shares may be issued for cash, property, or services, and require a majority vote from Shareholders for issuance[78] - Every Shareholder is entitled to receive a certificate specifying the number and kind of shares held, which must be signed by designated officers[79] - A register of Shareholders must be maintained, containing names, addresses, and the number of shares held[81] - Transfers of shares must be in writing and accompanied by the existing certificate for registration[82] - All shares issued are full-paid and non-assessable, meaning Shareholders are not personally liable for any debts incurred by the Trustees[87] Legal and Compliance - The trust created shall continue without limitation of time unless terminated as provided in Article (39) with a maximum duration of twenty (20) years from the death of the last survivor of specified individuals[113] - The trust's provisions are subject to the laws of the Commonwealth of Massachusetts, ensuring compliance with local regulations[125] - Amendments to the trust do not invalidate actions taken prior to the effective date of such amendments[125] - Expenses incurred by Trustees or officers in legal actions may be advanced by the association prior to final disposition[116] - The signature of any Trustee or officer may be authorized to be facsimile, along with the association's seal[122] - The trust allows for the distribution of assets in kind, including stocks, bonds, or obligations, as deemed appropriate by the Trustees[120]

Core Viewpoint - The market anticipates Eversource Energy (ES) will report a year-over-year increase in earnings driven by higher revenues when it releases its quarterly results for March 2025, with actual results being crucial for stock price movement [1][2]. Company Summary - Eversource is expected to report quarterly earnings of $1.50 per share, reflecting a year-over-year increase of 0.7%, with revenues projected at $3.88 billion, a 16.5% increase from the previous year [3]. - The consensus EPS estimate has been revised down by 1% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Eversource matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, and the stock currently holds a Zacks Rank of 4, complicating predictions for an earnings beat [10][11]. Earnings Surprise History - In the last reported quarter, Eversource was expected to post earnings of $0.99 per share but exceeded expectations with earnings of $1.01, resulting in a surprise of +2.02% [12]. - Over the past four quarters, Eversource has beaten consensus EPS estimates three times [13]. Industry Context - In the Zacks Utility - Electric Power industry, PSEG (PEG) is expected to report earnings of $1.44 per share for the same quarter, indicating a year-over-year change of +9.9%, with revenues projected at $2.85 billion, a 3.2% increase from the previous year [17]. - The consensus EPS estimate for PSEG has been revised down by 3.3% over the last 30 days, but it currently has an Earnings ESP of 3.99%, suggesting a likelihood of beating the consensus EPS estimate [18].

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource (NYSE: ES) has again been named among America’s Most JUST Companies, as announced by JUST Capital and CNBC on their “JUST 100" list. In its fifth consecutive appearance, Eversource is ranked as the #3 utility and #38 overall on the list, which honors companies that address the business issues that matter most to Americans, including providing worker benefits and work-life balance, protecting customer privacy, and minimizing pollution. “ We are proud to ...

Eversource Energy (ES) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 13, 2024, might help the stock move higher if these key numbers are bette ...

Customer Base and Service Areas - Eversource Energy serves approximately 1.28 million customers in Connecticut, covering an area of about 4,400 square miles[43]. - NSTAR Electric provides retail electric service to approximately 1.47 million customers in Massachusetts, covering an area of about 3,200 square miles[53]. - As of December 31, 2022, PSNH provided retail electric service to approximately 535,000 customers across 211 cities and towns in New Hampshire, covering an area of about 5,630 square miles[62]. Electric Distribution and Revenue - Eversource Energy's electric distribution segment includes CL&P, NSTAR Electric, and PSNH, which are the primary sources of its consolidated revenues[40]. - Eversource Energy's segments include electric distribution, electric transmission, natural gas distribution, and water distribution, representing substantially all of its total consolidated revenues[40]. - The total approved revenue requirement increase for PSNH was $8.9 million, effective November 1, 2022, following a third step adjustment approved by the NHPUC[67]. Service Quality and Rates - NSTAR Electric achieved results at or above target for all service quality metrics in 2022, avoiding any SQ charge[59]. - NSTAR Electric's distribution rates were established in a November 2022 DPU-approved rate case, effective January 1, 2023[58]. - CL&P's current base distribution rates are frozen until at least January 1, 2024, as per a settlement agreement approved by PURA[50]. Renewable Energy and Environmental Initiatives - Eversource has recorded a liability of $122.6 million for environmental remediation costs as of December 31, 2022, covering 59 sites[115]. - The company aims to achieve carbon neutrality by 2030 and has committed to setting a science-based target within two years[124]. - Eversource's renewable energy investments are aligned with regional emission reduction goals, contributing to both environmental sustainability and shareholder value[125]. Workforce and Diversity - As of December 31, 2022, Eversource Energy employed a total of 9,626 employees, with 1,444 at CL&P, 1,648 at NSTAR Electric, and 796 at PSNH[129]. - Approximately 50% of Eversource employees are covered by collective bargaining agreements[129]. - In 2022, 61.6% of Eversource's external hires were women and/or people of color, and 45.1% of new hires and promotions into leadership roles were women and/or people of color[132]. Financial and Risk Management - As of December 31, 2022, approximately 98% of Eversource's long-term debt was at a fixed interest rate, with a potential increase in annual interest expense of $3.5 million if variable interest rates rose by one percentage point[424]. - Eversource's regulated companies held collateral of $32 million from counterparties related to standard service contracts as of December 31, 2022[426]. - The Enterprise Risk Management (ERM) program identifies and mitigates principal risks, integrating with compliance, auditing, and insurance functions[423]. Community Engagement - Eversource engages in community support through donations and volunteer hours from employees[138]. - The company develops strategic workforce plans annually to ensure the acquisition and retention of diverse talent[136]. Offshore Wind Projects - Eversource has a 50% ownership interest in offshore wind projects developed in partnership with Ørsted[41]. - Eversource's offshore wind projects could develop at least 4,000 MW of clean, renewable offshore wind energy across two ocean lease sites[103]. - The Revolution Wind project has a capacity of 704 MW, South Fork Wind is 130 MW, and Sunrise Wind is 924 MW, with completion dates subject to federal permitting and construction schedules[104]. - Eversource is exploring strategic alternatives that could result in a potential sale of all or part of its 50% interest in the offshore wind partnership with Ørsted[104].