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Sep 30, 2024
Eversource Q3 2024 Earnings Report
Reported a loss due to offshore wind investment divestiture, while non-GAAP earnings increased driven by solid operational and financial results.
Key Takeaways
Eversource Energy reported a net loss of $(118.1) million, or $(0.33) per share, for Q3 2024, compared to earnings of $339.7 million, or $0.97 per share, for Q3 2023. However, non-GAAP recurring earnings increased to $405.9 million, or $1.13 per share. The company is updating its 2024 non-GAAP recurring earnings projection to a range of $4.52 per share and $4.60 per share.
Eversource Energy reported a net loss of $(118.1) million, or $(0.33) per share for the third quarter of 2024.
Non-GAAP recurring earnings were $405.9 million, or $1.13 per share in the third quarter of 2024, compared to $339.7 million, or $0.97 per share, for the third quarter of 2023.
The results include an aggregate net after-tax loss of $524.0 million related to the sales and complete divestiture of its offshore wind investment.
The Company is updating its 2024 non-GAAP recurring earnings projection to a range of $4.52 per share and $4.60 per share.
Eversource
Eversource
Eversource Revenue by Segment
Revenue by Segment
Electric Transmission Revenue
CapyFin.comElectric Distribution Revenue
CapyFin.comNatural Gas Distribution Revenue
CapyFin.comWater Distribution Revenue
CapyFin.com Forward Guidance
The Company is updating its 2024 non-GAAP recurring earnings projection to a range of $4.52 per share and $4.60 per share from the initial projection of $4.50 per share and $4.67 per share. The update reflects the impact of higher than anticipated interest expense. The Company reaffirms its annual long-term earnings per share growth rate within the range of 5 to 7 percent from a 2023 base of $4.34 per share, and increases its previous forecasted capital investments of $23.1 billion to $23.7 billion for the period 2024 to 2028, as a result of the recently approved Electric Sector Modernization Plan (ESMP) in Massachusetts.
Positive Outlook
- Reaffirms annual long-term EPS growth rate of 5-7% from a 2023 base of $4.34 per share.
- Increases forecasted capital investments from $23.1 billion to $23.7 billion for the period 2024-2028.
- Capital investments increase driven by the recently approved Electric Sector Modernization Plan (ESMP) in Massachusetts.
- Focus on regulated investments enabling consistent return of value to all stakeholders.
- Company has a long runway for growth driven by regulated investments.
Challenges Ahead
- Includes an aggregate net after-tax loss of $524.0 million related to Eversource Energy's sales and complete divestiture of its offshore wind investment.
- Results impacted by higher than anticipated interest expense.
- Net loss of $(118.1) million, or $(0.33) per share, for the third quarter of 2024.
- Company is updating its 2024 non-GAAP recurring earnings projection to a range of $4.52 per share and $4.60 per share from the initial projection of $4.50 per share and $4.67 per share.
- Higher interest expense impacting results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income