Eversource Energy (ES) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Rima Hyder - VP - Investor RelationsJoseph Nolan - President, CEO & ChairmanJohn Moreira - Executive VP. CFO & TreasurerDurgesh Chopra - Managing DirectorCarly Davenport - Vice President, Equity ResearchAnthony Crowdell - Managing DirectorAndrew Weisel - Director Conference Call Participants None - AnalystJeremy Tonet - AnalystSophie Karp - Managing Director & Equity Research AnalystTravis Miller - AnalystJulien Dumou ...

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 ...

Core Insights - Dominion Energy reported revenue of $4.08 billion for the quarter ended March 2025, reflecting a 12.2% increase year-over-year and a surprise of +6.76% over the Zacks Consensus Estimate of $3.82 billion [1] - Earnings per share (EPS) for the quarter was $0.93, compared to $0.55 in the same quarter last year, resulting in an EPS surprise of +20.78% against the consensus estimate of $0.77 [1] Revenue Breakdown - Total operating revenue for Dominion Energy Virginia was $2.79 billion, exceeding the average estimate of $2.63 billion by analysts, marking a year-over-year increase of +12.3% [4] - Total operating revenue from Contracted Energy was $307 million, slightly above the estimated $299.84 million, but showing a year-over-year decline of -0.3% [4] - Total operating revenue for Dominion Energy South Carolina reached $951 million, surpassing the average estimate of $920.84 million, with a year-over-year increase of +6.5% [4] Stock Performance - Over the past month, shares of Dominion Energy have returned -3.3%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Korea Electric Power Corporation (KEPCO) has filed its annual report for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission, indicating a commitment to transparency and regulatory compliance [1]. Group 1 - The annual report includes audited consolidated financial statements, which are essential for investors to assess the company's financial health [1]. - The report is accessible on KEPCO's official website and the U.S. Securities and Exchange Commission's website, providing easy access for investors [2]. - Investors can request a hard copy of the 2024 Annual Report on Form 20-F free of charge, demonstrating the company's willingness to facilitate investor engagement [2].

Core Insights - Consolidated Edison (ED) reported a revenue of $4.8 billion for the quarter ended March 2025, reflecting a year-over-year increase of 12.1% and surpassing the Zacks Consensus Estimate by 8.98% [1] - The earnings per share (EPS) for the quarter was $2.25, slightly below the consensus estimate of $2.30, resulting in an EPS surprise of -2.17% [1] Revenue Performance - Operating revenues for CECONY were $4.44 billion, exceeding the average estimate of $4.09 billion from three analysts [4] - Operating revenues for O&R reached $356 million, surpassing the estimated $313.27 million [4] - O&R's gas operating revenues were $141 million, compared to the average estimate of $102.18 million, marking a year-over-year increase of 24.8% [4] - CECONY's electric operating revenues were $2.69 billion, exceeding the estimate of $2.50 billion, with a 10% increase year-over-year [4] - CECONY's gas operating revenues were $1.40 billion, above the estimate of $1.26 billion, reflecting a 12.7% year-over-year increase [4] - CECONY's steam operating revenues were $354 million, surpassing the estimated $301.58 million, with a year-over-year increase of 23.3% [4] - O&R's electric operating revenues were $215 million, slightly above the estimate of $210.49 million, showing a 10.3% year-over-year increase [4] - Gas operating revenues totaled $1.54 billion, exceeding the average estimate of $1.37 billion, with a year-over-year change of 13.8% [4] - Electric operating revenues were $2.90 billion, surpassing the estimate of $2.71 billion, reflecting a 10.1% year-over-year increase [4] Operating Income - Operating income for O&R was reported at $62 million, exceeding the average estimate of $58.52 million [4] - Operating income for CECONY was $1.07 billion, surpassing the average estimate of $1.02 billion from three analysts [4] Stock Performance - Shares of Consolidated Edison have returned +2.9% over the past month, while the Zacks S&P 500 composite experienced a -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

1st Quarter 2025 Earnings Release Presentation May 1, 2025 Investor Relations Available Information On May 1, 2025, Consolidated Edison, Inc. issued a press release reporting its first quarter 2025 earnings and filed with the Securities and Exchange Commission the company's first quarter 2025 Form 10-Q. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-Q. Copies of the earnings press release and the Form 10-Q are avai ...

Dividend Announcements - Vistra's board declared a quarterly dividend of $0.2250 per share, amounting to an estimated total payment of approximately $75 million for the quarter, reflecting a 3% increase from the second quarter 2024 dividend [1] - A semi-annual dividend of $35.00 per share was declared for the 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, equating to $70.00 on an annualized basis [2] - The board also declared a semi-annual dividend of $44.375 per share for the 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, which translates to $88.75 on an annualized basis [3] Company Overview - Vistra is a leading Fortune 500 integrated retail electricity and power generation company, providing essential resources across the United States from California to Maine [4] - The company focuses on energy transformation with an emphasis on reliability, affordability, and sustainability, operating a diverse power generation fleet including natural gas, nuclear, coal, solar, and battery energy storage facilities [4]

Core Insights - Dominion Energy's latest earnings report showed a nearly 1% increase in stock price, outperforming the S&P 500 index's 0.6% rise [1] Financial Performance - In the first quarter, Dominion reported revenue of just under $4.08 billion, reflecting a 12% year-over-year improvement [2] - Operating earnings reached $803 million, or $0.93 per share, compared to $485 million in the previous year [2] - Both revenue and adjusted net income exceeded analyst expectations, with consensus estimates of $3.78 billion for revenue and $0.77 per share for adjusted net income [3] Growth Drivers - The growth was primarily driven by customers in Virginia and South Carolina, particularly due to the demand for electricity from data centers related to artificial intelligence [4] Future Outlook - Dominion reaffirmed its full-year 2025 guidance, expecting operating earnings of $3.28 to $3.52 per share, with a projected annual growth rate of 5% to 7% through 2029 [5] - The company plans to maintain its annual dividend payment of $2.67 per share until it achieves a utility industry-aligned payout ratio [5] Strategic Positioning - Dominion is positioned as a key provider in a region with growing power needs driven by the demand for AI technologies, suggesting a favorable investment opportunity [6]

Core Insights - Dominion Energy Inc. reported first-quarter 2025 operating earnings of 93 cents per share, exceeding the Zacks Consensus Estimate of 77 cents by 20.8% and showing a 69.1% increase from the previous year [1] - Revenues reached $4.07 billion, surpassing the Zacks Consensus Estimate of $3.81 billion by 6.8% and increasing 12.2% from $3.63 billion in the year-ago quarter [2] Financial Performance - Total operating expenses rose 1.9% year over year to $2.85 billion, attributed to increased operations and maintenance expenses [3] - Operating earnings for the quarter were $803 million, reflecting a 65.6% year-over-year increase [4] Segment Performance - Dominion Energy Virginia reported net income of $561 million, up 32.3% year over year [5] - Dominion Energy South Carolina's net income increased by 90% to $152 million [5] - Contracted Energy segment net income decreased by 10.6% to $109 million [5] - Corporate and Other segment reported a net loss of $19 million, an improvement from a loss of $141 million in the prior year [5] Financial Position - Current assets as of March 31, 2025, were $355 million, up from $310 million as of December 31, 2024 [6] - Total long-term debt increased to $35.4 billion from $33.03 billion as of December 31, 2024 [6] - Cash used in operating activities was ($1.18 billion), compared to $1.98 billion in the year-ago period [6] Guidance - Dominion Energy reiterated its 2025 operating earnings guidance of $3.28-$3.52 per share, with the Zacks Consensus Estimate at $3.38 per share [7] - The company expects to achieve annual operating earnings growth of 5-7% through 2029 and plans to invest $50 billion from 2025 to 2029 [7]