Eversource Energy Reports Third Quarter 2024 Results
Results for the third quarter of 2024 and first nine months of 2024 include an aggregate net after-tax loss of
The Company is updating its 2024 non-GAAP recurring earnings projection to a range of
“During the third quarter, we posted solid operational and financial results, once again displaying the talent and commitment of our diverse, dedicated team of over 10,000 employees. I am also very proud of the Eversource crews who worked hard in difficult conditions, providing mutual assistance in
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 lost
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 third quarter and first nine months of 2024 and 2023:
|
|
Third
|
First Nine
|
||
2023 |
Reported GAAP EPS |
$ |
0.97 |
$ |
2.42 |
|
Higher electric transmission segment earnings in 2024, net of share dilution |
|
0.03 |
|
0.16 |
|
Higher electric distribution segment revenues, partially offset by higher interest, depreciation, property taxes and share dilution, and the year-to-date (YTD) absence of a prior year regulatory benefit in |
|
0.07 |
|
0.03 |
|
Higher natural gas distribution segment revenues and lower YTD non-tracked O&M, partially offset by higher depreciation, interest and YTD share dilution |
|
0.01 |
|
0.11 |
|
Higher water distribution segment earnings due to lower depreciation expense and higher revenues, partially offset by higher O&M and interest expense |
|
0.02 |
|
0.02 |
|
At parent and other companies, a lower effective tax rate, partially offset by higher interest expense, as well as the YTD absence of a prior year benefit from the liquidation of an investment in a clean energy fund |
|
0.03 |
|
(0.14) |
|
Losses on Offshore Wind Investments, and absence of transaction and other charges from 2023 |
|
(1.46) |
|
(0.52) |
2024 |
Reported GAAP EPS |
$ |
(0.33) |
$ |
2.08 |
Financial results for the third quarter and first nine months 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/
|
2024 EPS 1 |
2023 EPS |
Increase/
|
||||||
Electric Transmission |
$ |
174.9 |
$ |
160.3 |
$ |
14.6 |
$ |
0.49 |
$ |
0.46 |
$ |
0.03 |
Electric Distribution |
|
203.5 |
|
173.3 |
|
30.2 |
|
0.57 |
|
0.50 |
|
0.07 |
Natural Gas Distribution |
|
(30.2) |
|
(33.7) |
|
3.5 |
|
(0.09) |
|
(0.10) |
|
0.01 |
Water Distribution |
|
23.7 |
|
16.6 |
|
7.1 |
|
0.07 |
|
0.05 |
|
0.02 |
Parent and Other Companies 1 |
|
34.0 |
|
23.2 |
|
10.8 |
|
0.09 |
|
0.06 |
|
0.03 |
Loss on Offshore Wind Investments |
|
(524.0) |
|
— |
|
(524.0) |
|
(1.46) |
|
— |
|
(1.46) |
Reported (Loss)/Earnings |
$ |
(118.1) |
$ |
339.7 |
$ |
(457.8) |
$ |
(0.33) |
$ |
0.97 |
$ |
(1.30) |
Nine months ended:
(in millions, except EPS) |
|
|
Increase/
|
2024 EPS 1 |
2023 EPS 1 |
Increase/
|
||||||
Electric Transmission |
$ |
540.6 |
$ |
476.4 |
$ |
64.2 |
$ |
1.52 |
$ |
1.36 |
$ |
0.16 |
Electric Distribution |
|
521.3 |
|
504.3 |
|
17.0 |
|
1.47 |
|
1.44 |
|
0.03 |
Natural Gas Distribution |
|
187.4 |
|
148.2 |
|
39.2 |
|
0.53 |
|
0.42 |
|
0.11 |
Water Distribution |
|
37.1 |
|
27.4 |
|
9.7 |
|
0.10 |
|
0.08 |
|
0.02 |
Parent and Other Companies 1 |
|
(23.3) |
|
27.8 |
|
(51.1) |
|
(0.06) |
|
0.08 |
|
(0.14) |
Losses on Offshore Wind Investments |
|
(524.0) |
|
(331.0) |
|
(193.0) |
|
(1.48) |
|
(0.95) |
|
(0.53) |
Transaction and other charges |
|
— |
|
(6.9) |
|
6.9 |
|
— |
|
(0.01) |
$ |
0.01 |
Reported Earnings |
$ |
739.1 |
$ |
846.2 |
$ |
(107.1) |
$ |
2.08 |
$ |
2.42 |
$ |
(0.34) |
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; the ability to qualify for investment tax credits; variability in the costs and projected returns of the Revolution Wind and South Fork Wind offshore wind projects and the risk of deterioration of market conditions in the offshore wind industry; 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 (LOSS)/INCOME
(Unaudited)
|
|
|
|
|||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
|||||||||||
(Thousands of Dollars, Except Share Information) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|||||||
Operating Revenues |
$ |
3,063,224 |
|
|
$ |
2,791,482 |
|
|
$ |
8,929,321 |
|
$ |
9,216,467 |
|
|
|
|
|
|
|
|
|
|||||||
Operating Expenses: |
|
|
|
|
|
|
|
|||||||
Transmission |
|
917,858 |
|
|
|
1,168,599 |
|
|
|
2,995,245 |
|
|
4,232,912 |
|
Operations and Maintenance |
|
510,439 |
|
|
|
500,711 |
|
|
|
1,437,826 |
|
|
1,382,563 |
|
Depreciation |
|
366,145 |
|
|
|
329,528 |
|
|
|
1,060,650 |
|
|
962,477 |
|
Amortization |
|
243,957 |
|
|
|
(143,979 |
) |
|
|
127,495 |
|
|
(438,460 |
) |
Energy Efficiency Programs |
|
148,054 |
|
|
|
162,425 |
|
|
|
506,821 |
|
|
531,199 |
|
Taxes Other Than Income Taxes |
|
264,371 |
|
|
|
243,645 |
|
|
|
740,414 |
|
|
704,989 |
|
Total Operating Expenses |
|
2,450,824 |
|
|
|
2,260,929 |
|
|
|
6,868,451 |
|
|
7,375,680 |
|
Operating Income |
|
612,400 |
|
|
|
530,553 |
|
|
|
2,060,870 |
|
|
1,840,787 |
|
Interest Expense |
|
300,576 |
|
|
|
222,283 |
|
|
|
822,640 |
|
|
624,140 |
|
Losses on Offshore Wind Investments |
|
464,019 |
|
|
|
— |
|
|
|
464,019 |
|
|
401,000 |
|
Other Income, Net |
|
112,555 |
|
|
|
79,123 |
|
|
|
318,870 |
|
|
262,980 |
|
(Loss)/Income Before Income Tax Expense |
|
(39,640 |
) |
|
|
387,393 |
|
|
|
1,093,081 |
|
|
1,078,627 |
|
Income Tax Expense |
|
76,537 |
|
|
|
45,850 |
|
|
|
348,309 |
|
|
226,743 |
|
Net (Loss)/Income |
|
(116,177 |
) |
|
|
341,543 |
|
|
|
744,772 |
|
|
851,884 |
|
Net Income Attributable to Noncontrolling Interests |
|
1,880 |
|
|
|
1,880 |
|
|
|
5,639 |
|
|
5,639 |
|
Net (Loss)/Income Attributable to Common Shareholders |
$ |
(118,057 |
) |
|
$ |
339,663 |
|
|
$ |
739,133 |
|
$ |
846,245 |
|
|
|
|
|
|
|
|
|
|||||||
Basic (Loss)/Earnings Per Common Share |
$ |
(0.33 |
) |
|
$ |
0.97 |
|
|
$ |
2.09 |
|
$ |
2.42 |
|
|
|
|
|
|
|
|
|
|||||||
Diluted (Loss)/Earnings Per Common Share |
$ |
(0.33 |
) |
|
$ |
0.97 |
|
|
$ |
2.08 |
|
$ |
2.42 |
|
|
|
|
|
|
|
|
|
|||||||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|||||||
Basic |
|
359,520,518 |
|
|
|
349,704,155 |
|
|
|
354,483,338 |
|
|
349,461,219 |
|
Diluted |
|
359,817,657 |
|
|
|
349,851,969 |
|
|
|
354,744,846 |
|
|
349,731,320 |
|
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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