Eversource Energy Reports First Quarter 2024 Results
Also today, the Eversource Energy
The company reaffirms its 2024 non-GAAP earnings projection of between
“Our financial performance was strong in the first quarter, thanks to the hard work of our 10,000 employees. Our dedicated team also responded effectively to a series of ice, snow, and wind events across our three states, once again showing their commitment to serving our customers and communities,” said
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
Eversource Energy Consolidated Earnings
The following table reconciles consolidated GAAP earnings per share for the first quarters of 2024 and 2023:
|
|
First Quarter |
||
2023 |
Reported EPS |
$ |
1.41 |
|
|
Higher electric transmission segment earnings in 2024 |
|
0.05 |
|
|
At the electric distribution segment, higher revenues in 2024, partially offset by higher interest, depreciation, non-tracked O&M and property taxes |
|
0.01 |
|
|
At the natural gas distribution segment in 2024, higher revenues and lower non-tracked O&M, partially offset by higher depreciation and interest |
|
0.05 |
|
|
At the water distribution segment, lower depreciation rates partially offset by higher interest and non-tracked O&M |
|
0.01 |
|
|
At parent and other companies in 2024, higher interest and the absence of a prior year benefit, partially offset by a lower effective tax rate |
|
(0.04 |
) |
2024 |
Reported EPS |
$ |
1.49 |
|
Financial results for the first quarters of 2024 and 2023 for Eversource Energy’s business segments and parent and other companies are noted below:
Three months ended:
(in millions, except EPS) |
|
|
Increase/ (Decrease) |
2024 EPS |
2023 EPS |
|||||||||
Electric Transmission |
$ |
176.7 |
|
$ |
155.1 |
|
$ |
21.6 |
|
$ |
0.50 |
|
$ |
0.45 |
Electric Distribution |
|
168.1 |
|
|
165.5 |
|
|
2.6 |
|
|
0.48 |
|
|
0.47 |
Natural Gas Distribution |
|
190.6 |
|
|
170.3 |
|
|
20.3 |
|
|
0.54 |
|
|
0.49 |
Water Distribution |
|
5.4 |
|
|
1.5 |
|
|
3.9 |
|
|
0.01 |
|
|
— |
Parent and Other Companies |
|
(19.0 |
) |
|
(1.2 |
) |
|
(17.8 |
) |
|
(0.04 |
) |
|
— |
Reported Earnings |
$ |
521.8 |
|
$ |
491.2 |
|
$ |
30.6 |
|
$ |
1.49 |
|
$ |
1.41 |
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 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|||||||
|
|
||||||
|
For the Three Months Ended |
||||||
(Thousands of Dollars, Except Share Information) |
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
Operating Revenues |
$ |
3,332,575 |
|
|
$ |
3,795,643 |
|
|
|
|
|
||||
Operating Expenses: |
|
|
|
||||
|
|
1,235,956 |
|
|
|
1,903,246 |
|
Operations and Maintenance |
|
462,964 |
|
|
|
454,562 |
|
Depreciation |
|
339,914 |
|
|
|
312,955 |
|
Amortization |
|
(2,325 |
) |
|
|
(76,059 |
) |
Energy Efficiency Programs |
|
213,479 |
|
|
|
222,952 |
|
Taxes Other Than Income Taxes |
|
236,614 |
|
|
|
228,414 |
|
Total Operating Expenses |
|
2,486,602 |
|
|
|
3,046,070 |
|
Operating Income |
|
845,973 |
|
|
|
749,573 |
|
Interest Expense |
|
250,749 |
|
|
|
194,543 |
|
Other Income, Net |
|
91,030 |
|
|
|
88,981 |
|
Income Before Income Tax Expense |
|
686,254 |
|
|
|
644,011 |
|
Income Tax Expense |
|
162,526 |
|
|
|
150,972 |
|
Net Income |
|
523,728 |
|
|
|
493,039 |
|
Net Income Attributable to Noncontrolling Interests |
|
1,880 |
|
|
|
1,880 |
|
Net Income Attributable to Common Shareholders |
$ |
521,848 |
|
|
$ |
491,159 |
|
|
|
|
|
||||
Basic and Diluted Earnings Per Common Share |
$ |
1.49 |
|
|
$ |
1.41 |
|
|
|
|
|
||||
Weighted Average Common Shares Outstanding: |
|
|
|
||||
Basic |
|
350,717,114 |
|
|
|
349,217,147 |
|
Diluted |
|
350,997,220 |
|
|
|
349,612,013 |
|
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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