Eversource Energy Reports Second Quarter 2024 Results
Results in 2023 include after-tax charges of
The company reaffirms its 2024 non-GAAP recurring earnings projection of between
“Eversource once again delivered solid financial results for the second quarter and top-tier service reliability and storm response for customers, while positioning our company well for the future of clean energy,” said
“We are very pleased to have closed on the sale of the
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 second quarter and first half of 2024 and 2023:
|
|
Second Quarter |
First Half |
||||
2023 |
Reported GAAP EPS |
$ |
0.04 |
|
$ |
1.45 |
|
|
Higher electric transmission segment earnings in 2024 |
|
0.08 |
|
|
0.14 |
|
|
At the electric distribution segment, higher non-tracked O&M, the absence of a regulatory benefit in |
|
(0.05 |
) |
|
(0.05 |
) |
|
At the natural gas distribution segment, higher revenues and lower non-tracked O&M, partially offset by higher depreciation, interest and share dilution |
|
0.05 |
|
|
0.09 |
|
|
At the water distribution segment, higher interest and non-tracked O&M, partially offset by adjustments related to the |
|
(0.01 |
) |
|
0.01 |
|
|
At parent and other companies, higher interest |
|
(0.12 |
) |
|
(0.17 |
) |
|
Absence of prior year impairment of offshore wind investment, and other prior year charges |
|
0.96 |
|
|
0.96 |
|
2024 |
Reported GAAP EPS |
$ |
0.95 |
|
$ |
2.43 |
|
Financial results for the second quarter and first half 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 1 |
||||||||||
Electric Transmission |
$ |
189.0 |
|
$ |
161.0 |
|
$ |
28.0 |
|
$ |
0.54 |
|
$ |
0.46 |
|
Electric Distribution |
|
149.7 |
|
|
165.5 |
|
|
(15.8 |
) |
|
0.42 |
|
|
0.47 |
|
Natural Gas Distribution |
|
27.1 |
|
|
11.7 |
|
|
15.4 |
|
|
0.08 |
|
|
0.03 |
|
Water Distribution |
|
8.0 |
|
|
9.3 |
|
|
(1.3 |
) |
|
0.02 |
|
|
0.03 |
|
Parent and Other Companies 1 |
|
(38.5 |
) |
|
5.1 |
|
|
(43.6 |
) |
|
(0.11 |
) |
|
0.01 |
|
Impairment of Offshore Wind Investment |
|
— |
|
|
(331.0 |
) |
|
331.0 |
|
|
— |
|
|
(0.95 |
) |
Transaction and other charges |
|
— |
|
|
(6.2 |
) |
|
6.2 |
|
|
— |
|
|
(0.01 |
) |
Reported Earnings |
$ |
335.3 |
|
$ |
15.4 |
|
$ |
319.9 |
|
$ |
0.95 |
|
$ |
0.04 |
|
Six months ended: |
|||||||||||||||
(in millions, except EPS) |
|
|
Increase/ (Decrease) |
2024 EPS |
2023 EPS 1 |
||||||||||
Electric Transmission |
$ |
365.7 |
|
$ |
316.1 |
|
$ |
49.6 |
|
$ |
1.04 |
|
$ |
0.90 |
|
Electric Distribution |
|
317.9 |
|
|
331.0 |
|
|
(13.1 |
) |
|
0.90 |
|
|
0.95 |
|
Natural Gas Distribution |
|
217.6 |
|
|
181.9 |
|
|
35.7 |
|
|
0.61 |
|
|
0.52 |
|
Water Distribution |
|
13.4 |
|
|
10.8 |
|
|
2.6 |
|
|
0.04 |
|
|
0.03 |
|
Parent and Other Companies 1 |
|
(57.4 |
) |
|
4.5 |
|
|
(61.9 |
) |
|
(0.16 |
) |
|
0.01 |
|
Impairment of Offshore Wind Investment |
|
— |
|
|
(331.0 |
) |
|
331.0 |
|
|
— |
|
|
(0.95 |
) |
Transaction and other charges |
|
— |
|
|
(6.7 |
) |
|
6.7 |
|
|
— |
|
|
(0.01 |
) |
Reported Earnings |
$ |
857.2 |
|
$ |
506.6 |
|
$ |
350.6 |
|
$ |
2.43 |
|
$ |
1.45 |
|
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
This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; our ability to complete the sale of our offshore wind investments in the South Fork Wind and Revolution Wind projects on the timeline, terms and pricing we expect; if we and the counterparty are unable to satisfy all closing conditions and consummate the purchase and sale transaction with respect to these offshore wind assets; if we are unable to qualify for investment tax credits related to these projects; if we experience variability in the projected construction costs of these offshore wind projects, if there is a deterioration of market conditions in the offshore wind industry; and if the projects do not commence operation as scheduled or within budget or are not completed; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.
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 |
|
For the Six Months Ended |
||||||||||||
(Thousands of Dollars, Except Share Information) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
$ |
2,533,522 |
|
|
$ |
2,629,342 |
|
|
$ |
5,866,097 |
|
|
$ |
6,424,985 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses: |
|
|
|
|
|
|
|
||||||||
|
|
841,431 |
|
|
|
1,161,067 |
|
|
|
2,077,387 |
|
|
|
3,064,313 |
|
Operations and Maintenance |
|
464,424 |
|
|
|
427,290 |
|
|
|
927,388 |
|
|
|
881,852 |
|
Depreciation |
|
354,591 |
|
|
|
319,995 |
|
|
|
694,505 |
|
|
|
632,949 |
|
Amortization |
|
(114,137 |
) |
|
|
(218,422 |
) |
|
|
(116,462 |
) |
|
|
(294,481 |
) |
Energy Efficiency Programs |
|
145,288 |
|
|
|
145,823 |
|
|
|
358,767 |
|
|
|
368,774 |
|
Taxes Other Than Income Taxes |
|
239,427 |
|
|
|
232,927 |
|
|
|
476,042 |
|
|
|
461,344 |
|
Total Operating Expenses |
|
1,931,024 |
|
|
|
2,068,680 |
|
|
|
4,417,627 |
|
|
|
5,114,751 |
|
Operating Income |
|
602,498 |
|
|
|
560,662 |
|
|
|
1,448,470 |
|
|
|
1,310,234 |
|
Interest Expense |
|
271,316 |
|
|
|
207,313 |
|
|
|
522,064 |
|
|
|
401,858 |
|
Impairment of |
|
— |
|
|
|
401,000 |
|
|
|
— |
|
|
|
401,000 |
|
Other Income, Net |
|
115,285 |
|
|
|
94,875 |
|
|
|
206,315 |
|
|
|
183,857 |
|
Income Before Income Tax Expense |
|
446,467 |
|
|
|
47,224 |
|
|
|
1,132,721 |
|
|
|
691,233 |
|
Income Tax Expense |
|
109,246 |
|
|
|
29,922 |
|
|
|
271,772 |
|
|
|
180,893 |
|
Net Income |
|
337,221 |
|
|
|
17,302 |
|
|
|
860,949 |
|
|
|
510,340 |
|
Net Income Attributable to Noncontrolling Interests |
|
1,880 |
|
|
|
1,880 |
|
|
|
3,759 |
|
|
|
3,759 |
|
Net Income Attributable to Common Shareholders |
$ |
335,341 |
|
|
$ |
15,422 |
|
|
$ |
857,190 |
|
|
$ |
506,581 |
|
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Common Share |
$ |
0.95 |
|
|
$ |
0.04 |
|
|
$ |
2.44 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted Earnings Per Common Share |
$ |
0.95 |
|
|
$ |
0.04 |
|
|
$ |
2.43 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
353,212,378 |
|
|
|
349,462,359 |
|
|
|
351,964,747 |
|
|
|
349,339,752 |
|
Diluted |
|
353,419,658 |
|
|
|
349,729,982 |
|
|
|
352,208,440 |
|
|
|
349,670,996 |
|
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731070620/en/
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