Eversource Energy ( (ES) ) has released its Q3 earnings. Here is a breakdown of the information Eversource Energy presented to its investors.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Eversource Energy is a leading energy delivery company in New England, providing electric, natural gas, and water services to millions of customers across Connecticut, Massachusetts, and New Hampshire. It operates within the regulated utility sector, focusing on innovative technology and reliable service delivery.
Eversource Energy reported a challenging third quarter of 2024, with a net loss of $118.1 million, or $0.33 per share, which contrasts with the earnings of $339.7 million, or $0.97 per share, in the same period of 2023. This loss largely stems from the divestiture of its offshore wind investments. However, non-GAAP recurring earnings rose to $405.9 million, or $1.13 per share, indicating a solid operational performance excluding the wind investment impact.
Key financial metrics for the third quarter highlight improved performance in Eversource’s core business segments. The electric transmission segment earned $174.9 million, up from $160.3 million in the previous year, driven by increased investments. The electric distribution segment also saw a rise in earnings to $203.5 million due to rate increases and system improvements. Meanwhile, the natural gas and water distribution segments showed mixed results, with natural gas narrowing its losses and water distribution increasing profits due to higher revenues and lower depreciation costs.
Looking forward, Eversource Energy has adjusted its 2024 non-GAAP recurring earnings projection to a range of $4.52 to $4.60 per share, acknowledging higher interest expenses. The company maintains a long-term earnings growth rate target of 5 to 7 percent, supported by increased capital investments, particularly under the Electric Sector Modernization Plan in Massachusetts.
Eversource Energy remains focused on its core utility operations, continuing to invest in infrastructure and technology to enhance service delivery and shareholder value. The company is committed to growth through regulated investments, establishing a clear path forward after its strategic exit from offshore wind development.
