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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.
Revenue by Segment
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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