Eversource Energy Reports Full-Year Results
Announces Exploration of Sale of Water Distribution Business
Results for the full year and the fourth quarter of 2023 include after-tax impairment charges of
2023 Non-GAAP EPS of
Excluding the charges noted above,
Full Exit of Offshore Wind Business
With the announcement today of the sale of South Fork Wind and Revolution Wind to
Potential Sale of Water Distribution Business
Eversource’s water distribution business segment comprises a set of valuable, well-performing and well managed assets. Although the business has been earnings accretive to Eversource, a potential sale of the water business is an opportunity to reduce equity needs and improve regulatory diversity. With its
“Aquarion has been a meaningful investment to Eversource, and I appreciate the hard work and dedication of the Aquarion team and its leadership. The company is well recognized and respected for its operational excellence in the water distribution business,” said
Also today,
“Although we experienced great challenges over the past year, our core utility operations completed an excellent year owing to the dedication of our 10,000 employees in providing safe and reliable service to our 4.4 million customers,” said Nolan. “Our focus remains on improving our already strong service metrics, making the required investments to modernize the region’s energy delivery system and enabling our clean energy future while enhancing our balance sheet condition.”
Electric Transmission
Eversource Energy’s transmission segment earned
Electric Distribution
Eversource Energy’s electric distribution segment earned
Natural Gas Distribution
Eversource Energy’s natural gas distribution segment earned
Water Distribution
Eversource Energy’s water distribution segment earned
Eversource Parent and Other Companies
The following table reconciles 2023 and 2022 fourth quarter and full-year GAAP earnings per share:
|
|
Fourth Quarter |
Full Year |
2022 |
Reported EPS |
|
|
|
Higher electric transmission segment earnings in 2023, net of dilution |
0.07 |
0.12 |
|
At the electric distribution segment, higher revenues in 2023, partially offset by higher O&M, interest expense, property taxes, and depreciation, net of dilution |
0.02 |
0.03 |
|
At the natural gas distribution segment in 2023, higher depreciation, interest expense, and a higher effective tax rate, partially offset by higher revenues, net of dilution |
(0.03) |
(0.03) |
|
At the water distribution segment, higher depreciation, O&M and interest expense |
(0.01) |
(0.02) |
|
At Parent and Other companies in 2023, a lower effective tax rate, partially offset by higher interest expense |
(0.02) |
0.15 |
|
Impairment charges of |
(4.63) |
(5.58) |
|
Lower other non-recurring charges |
- |
0.02 |
2023 |
Reported EPS |
|
|
Three months ended:
(in millions, except EPS) |
|
|
Increase/
|
2023 EPS1 |
Electric Transmission |
|
|
|
|
Electric Distribution |
103.7 |
97.9 |
5.8 |
0.30 |
Natural Gas Distribution |
76.5 |
87.1 |
(10.6) |
0.22 |
Water Distribution |
5.7 |
7.4 |
(1.7) |
0.01 |
Eversource Parent and Other Companies1 |
(19.4) |
(12.9) |
(6.5) |
(0.05) |
Impairment of |
(1,622.0) |
- |
(1,622.0) |
(4.63) |
Reported (Loss)/Earnings |
|
|
|
|
Full year ended:
(in millions, except EPS) |
|
|
Increase/
|
2023 EPS1 |
Electric Transmission |
|
|
|
|
Electric Distribution |
608.0 |
592.8 |
15.2 |
1.74 |
Natural Gas Distribution |
224.8 |
234.2 |
(9.4) |
0.64 |
Water Distribution |
33.1 |
36.8 |
(3.7) |
0.09 |
Eversource Parent and Other Companies1 |
8.4 |
(40.5) |
48.9 |
0.03 |
Transaction and other charges |
(6.9) |
(15.0) |
8.1 |
(0.02) |
Impairments of |
(1,953.0) |
- |
(1,953.0) |
(5.58) |
Reported (Loss)/Earnings |
|
|
|
|
Note: |
1 All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of
Other risk factors are detailed in Eversource Energy’s reports filed with the
EVERSOURCE ENERGY AND SUBSIDIARIES
|
||||||
|
For the Three Months Ended |
|||||
(Thousands of Dollars, Except Share Information) |
|
2023 |
|
|
|
2022 |
|
|
|
|
|||
Operating Revenues |
$ |
2,694,238 |
|
|
$ |
3,029,740 |
|
|
|
|
|||
Operating Expenses: |
|
|
|
|||
|
|
935,329 |
|
|
|
1,295,796 |
Operations and Maintenance |
|
513,141 |
|
|
|
486,431 |
Depreciation |
|
343,363 |
|
|
|
308,535 |
Amortization |
|
(51,657 |
) |
|
|
30,248 |
Energy Efficiency Programs |
|
160,145 |
|
|
|
159,342 |
Taxes Other Than Income Taxes |
|
235,370 |
|
|
|
227,150 |
Total Operating Expenses |
|
2,135,691 |
|
|
|
2,507,502 |
Operating Income |
|
558,547 |
|
|
|
522,238 |
Interest Expense |
|
231,300 |
|
|
|
186,765 |
Impairments of Offshore Wind Investments |
|
1,766,000 |
|
|
|
— |
Other Income, Net |
|
85,090 |
|
|
|
90,834 |
(Loss)/Income Before Income Tax Expense |
|
(1,353,663 |
) |
|
|
426,307 |
Income Tax (Benefit)/Expense |
|
(67,058 |
) |
|
|
104,269 |
Net (Loss)/Income |
|
(1,286,605 |
) |
|
|
322,038 |
Net Income Attributable to Noncontrolling Interests |
|
1,880 |
|
|
|
1,880 |
Net (Loss)/Income Attributable to Common Shareholders |
$ |
(1,288,485 |
) |
|
$ |
320,158 |
|
|
|
|
|||
Basic and Diluted (Loss)/Earnings Per Common Share |
$ |
(3.68 |
) |
|
$ |
0.92 |
|
|
|
|
|||
Weighted Average Common Shares Outstanding: |
|
|
|
|||
Basic |
|
349,938,891 |
|
|
|
348,786,307 |
Diluted |
|
350,167,959 |
|
|
|
349,267,768 |
The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about
EVERSOURCE ENERGY AND SUBSIDIARIES
|
|||||||||
|
For the Years Ended |
||||||||
(Thousands of Dollars, Except Share Information) |
|
2023 |
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
||||
Operating Revenues |
$ |
11,910,705 |
|
|
$ |
12,289,336 |
|
$ |
9,863,085 |
|
|
|
|
|
|
||||
Operating Expenses: |
|
|
|
|
|
||||
|
|
5,168,241 |
|
|
|
5,014,074 |
|
|
3,372,344 |
Operations and Maintenance |
|
1,895,703 |
|
|
|
1,865,328 |
|
|
1,739,685 |
Depreciation |
|
1,305,840 |
|
|
|
1,194,246 |
|
|
1,103,008 |
Amortization |
|
(490,117 |
) |
|
|
448,892 |
|
|
231,965 |
Energy Efficiency Programs |
|
691,344 |
|
|
|
658,051 |
|
|
592,775 |
Taxes Other Than Income Taxes |
|
940,359 |
|
|
|
910,591 |
|
|
829,987 |
Total Operating Expenses |
|
9,511,370 |
|
|
|
10,091,182 |
|
|
7,869,764 |
Operating Income |
|
2,399,335 |
|
|
|
2,198,154 |
|
|
1,993,321 |
Interest Expense |
|
855,441 |
|
|
|
678,274 |
|
|
582,334 |
Impairments of Offshore Wind Investments |
|
2,167,000 |
|
|
|
— |
|
|
— |
Other Income, Net |
|
348,069 |
|
|
|
346,088 |
|
|
161,282 |
(Loss)/Income Before Income Tax Expense |
|
(275,037 |
) |
|
|
1,865,968 |
|
|
1,572,269 |
Income Tax Expense |
|
159,684 |
|
|
|
453,574 |
|
|
344,223 |
Net (Loss)/Income |
|
(434,721 |
) |
|
|
1,412,394 |
|
|
1,228,046 |
Net Income Attributable to Noncontrolling Interests |
|
7,519 |
|
|
|
7,519 |
|
|
7,519 |
Net (Loss)/Income Attributable to Common Shareholders |
$ |
(442,240 |
) |
|
$ |
1,404,875 |
|
$ |
1,220,527 |
|
|
|
|
|
|
||||
Basic (Loss)/Earnings Per Common Share |
$ |
(1.27 |
) |
|
$ |
4.05 |
|
$ |
3.55 |
|
|
|
|
|
|
||||
Diluted (Loss)/Earnings Per Common Share |
$ |
(1.26 |
) |
|
$ |
4.05 |
|
$ |
3.54 |
|
|
|
|
|
|
||||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
||||
Basic |
|
349,580,638 |
|
|
|
346,783,444 |
|
|
343,972,926 |
Diluted |
|
349,840,481 |
|
|
|
347,246,768 |
|
|
344,631,056 |
The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about
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