Summary
Eversource Energy (ES) reported a net loss of $442.2 million ($1.26 per share) for the year ended December 31, 2023. This was primarily driven by a significant $1.95 billion after-tax impairment charge related to its offshore wind investments. Excluding these impairments and other charges, the company's non-GAAP earnings were $1.52 billion ($4.34 per share), an increase from $1.42 billion ($4.09 per share) in 2022, reflecting strong performance in its regulated utility businesses. The company anticipates continued growth, projecting 2024 non-GAAP earnings between $4.50 and $4.67 per share, with a long-term EPS growth rate of 5-7% for its regulated utilities through 2028. Financially, capital expenditures were substantial at $4.34 billion in 2023, supporting ongoing infrastructure investments across its electric distribution, transmission, natural gas, and water segments. The company also announced strategic initiatives, including the execution of an agreement to sell its 50% interests in the South Fork Wind and Revolution Wind projects for approximately $1.1 billion and an exploratory assessment to potentially monetize its water distribution business. These moves aim to strengthen the company's financial position and focus on its core regulated operations.
Financial Highlights
48 data points| Revenue | $11.89B |
| Operating Expenses | $9.51B |
| Operating Income | $2.40B |
| Interest Expense | $855.44M |
| Net Income | -$442.24M |
| EPS (Basic) | $-1.27 |
| EPS (Diluted) | $-1.26 |
| Shares Outstanding (Basic) | 349.58M |
| Shares Outstanding (Diluted) | 349.84M |
Key Highlights
- 1Significant $1.95 billion after-tax impairment charge for offshore wind investments led to a reported net loss of $442.2 million in 2023.
- 2Excluding impairments, non-GAAP earnings increased to $1.52 billion ($4.34/share) in 2023 from $1.42 billion ($4.09/share) in 2022.
- 3Projected 2024 non-GAAP earnings guidance is $4.50 - $4.67 per share, with projected long-term EPS growth of 5-7% for regulated utilities.
- 4Capital expenditures totaled $4.34 billion in 2023, with projected capital spending of $23.12 billion from 2024-2028 across utility segments.
- 5Agreements to sell 50% interests in South Fork Wind and Revolution Wind projects for approximately $1.1 billion are expected to close mid-2024.
- 6Initiated an exploratory assessment to potentially monetize the water distribution business.
- 7Dividends per common share increased to $2.70 in 2023 from $2.55 in 2022, with a further increase to $0.715 per share declared for Q1 2024.