Eversource Energy

Latest Results (17.12.2024):

Net Loss in Q3 2024

Eversource Energy reported a net loss of $(118.1) million, or $(0.33) per share, for the third quarter of 2024. This is a significant decline compared to the earnings of $339.7 million, or $0.97 per share, reported in the third quarter of 2023. The loss was primarily attributed to the divestiture of its offshore wind investment.

Non-GAAP Recurring Earnings

For the third quarter of 2024, Eversource Energy's non-GAAP recurring earnings were $405.9 million, or $1.13 per share. This represents an increase from the $339.7 million, or $0.97 per share, recorded in the same period of 2023. The improvement was driven by higher earnings in the electric transmission and distribution segments.

Segment Performance

Eversource Energy's electric transmission segment earned $174.9 million in Q3 2024, up from $160.3 million in Q3 2023. The electric distribution segment also saw an increase, earning $203.5 million compared to $173.3 million in the previous year. These gains were due to increased investments and rate adjustments.

Offshore Wind Divestiture Impact

The financial results for the first nine months of 2024 included a net after-tax loss of $524.0 million, or $1.48 per share, related to the complete divestiture of Eversource Energy's offshore wind investment. This divestiture significantly impacted the company's overall earnings for the period.

Updated Earnings Projection

Eversource Energy updated its 2024 non-GAAP recurring earnings projection to a range of $4.52 to $4.60 per share, slightly adjusting from the initial projection of $4.50 to $4.67 per share. The revision reflects higher than anticipated interest expenses, while the company reaffirms its long-term earnings growth rate of 5 to 7 percent.