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Jun 30, 2023
Eversource Q2 2023 Earnings Report
Eversource Energy reported mixed results due to an offshore wind investment impairment, but underlying business segments showed improvement.
Key Takeaways
Eversource Energy reported earnings of $15.4 million, or $0.04 per share, for the second quarter of 2023, significantly lower than the $291.9 million, or $0.84 per share, reported in the second quarter of 2022. The results include an after-tax impairment charge of $331.0 million related to its offshore wind investment. Excluding this charge and other transaction costs, the company earned $352.6 million, or $1.00 per share.
Second quarter earnings were impacted by a $331.0 million after-tax impairment charge related to offshore wind investments.
Excluding the impairment charge and other costs, non-GAAP earnings were $1.00 per share.
The company reiterated its 2023 non-GAAP EPS projection of $4.25 to $4.43 per share.
Eversource is on track to deliver top performance record for electric reliability.
Revenue by Segment
Forward Guidance
Eversource Energy reiterated its 2023 non-GAAP earnings per share (EPS) projection of $4.25 to $4.43 per share, excluding the charges noted above. Eversource Energy also reaffirmed its long-term EPS growth rate from its core regulated businesses solidly in the upper half of 5-7 percent, using the $4.09 per share1 earned in 2022 as a base.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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