Summary
Eversource Energy (ES) reported strong financial performance for the year ended December 31, 2022, with GAAP earnings per share of $4.05 and non-GAAP earnings per share of $4.09. The company's regulated utility businesses, spanning electric distribution, transmission, and natural gas distribution, showed solid growth driven by rate increases, capital investments in infrastructure, and the absence of significant one-time charges that impacted the prior year. Looking ahead, Eversource provided guidance for 2023 non-GAAP earnings per share between $4.25 and $4.43, projecting a long-term EPS growth rate of 5-7%. Capital expenditure plans remain robust, with approximately $21.5 billion projected from 2023 through 2027, focused on modernizing and strengthening its regulated energy and water delivery systems. A significant strategic development is the ongoing review of the company's offshore wind investment portfolio, with potential alternatives being explored that could lead to the sale of all or part of its interest in the partnership with Ørsted.
Financial Highlights
49 data points| Revenue | $12.27B |
| Operating Expenses | $10.09B |
| Operating Income | $2.20B |
| Interest Expense | $678.27M |
| Net Income | $1.41B |
| EPS (Basic) | $4.05 |
| EPS (Diluted) | $4.05 |
| Shares Outstanding (Basic) | 346.78M |
| Shares Outstanding (Diluted) | 347.25M |
Key Highlights
- 1Reported 2022 GAAP earnings per share of $4.05 and non-GAAP earnings per share of $4.09, demonstrating solid financial performance.
- 2Projects 2023 non-GAAP earnings per share guidance in the range of $4.25 to $4.43, with a projected long-term EPS growth rate of 5-7% from regulated utility businesses.
- 3Plans substantial capital expenditures of $21.52 billion from 2023-2027, primarily for infrastructure upgrades, modernization, and clean energy investments in its regulated segments.
- 4Initiated a strategic review of its offshore wind investment portfolio, exploring the potential sale of all or part of its 50% interest in the partnership with Ørsted, with an expected conclusion in Q2 2023.
- 5Maintains strong regulatory relationships, with recent rate increases approved for NSTAR Electric and EGMA, and a performance-based ratemaking plan renewed for NSTAR Electric.
- 6Demonstrated commitment to shareholders with a dividend increase, paying $2.55 per common share in 2022, a 5.8% increase from 2021.
- 7Achieved strong operational performance in reliability and restoration metrics, while also focusing on safety and diversity initiatives within its workforce.