Summary
Eversource Energy's 2024 Form 10-K highlights a significant shift from a net loss in 2023 to a net income in 2024, primarily driven by the divestiture of its offshore wind investments and the planned sale of its water utility business, Aquarion. Excluding these significant one-time items, the company's non-GAAP earnings per share saw an increase to $4.57 in 2024 from $4.34 in 2023, indicating underlying operational growth. Eversource projects continued earnings growth for 2025 and maintains a long-term EPS growth target of 5-7% through 2029. The company plans substantial capital expenditures of $24.17 billion from 2025-2029, focusing heavily on electric distribution ($10.22 billion), electric transmission ($6.81 billion), and natural gas distribution ($6.00 billion), signaling a commitment to infrastructure improvements and modernization. The sale of Aquarion for approximately $2.4 billion is expected to close in late 2025 and will be used to reduce parent company debt, potentially improving the balance sheet and financial flexibility.
Financial Highlights
47 data points| Revenue | $11.80B |
| Operating Expenses | $9.49B |
| Operating Income | $2.41B |
| Net Income | $819.17M |
| EPS (Basic) | $2.27 |
| EPS (Diluted) | $2.27 |
| Shares Outstanding (Basic) | 357.48M |
| Shares Outstanding (Diluted) | 357.78M |
Key Highlights
- 1Eversource Energy reported a net income of $811.7 million ($2.27 per share) in 2024, a significant improvement from a net loss of $442.2 million ($1.26 per share) in 2023. This turnaround was heavily influenced by losses related to the sale of offshore wind investments and an impairment charge related to the pending sale of Aquarion.
- 2Excluding these special items, non-GAAP earnings per share increased to $4.57 in 2024 from $4.34 in 2023, indicating underlying operational strength.
- 3The company projects 2025 non-GAAP EPS to be in the range of $4.67 to $4.82 and forecasts a long-term EPS growth rate of 5-7% through 2029.
- 4Eversource plans capital expenditures totaling $24.17 billion from 2025 through 2029, with significant investments planned for electric distribution ($10.22 billion), electric transmission ($6.81 billion), and natural gas distribution ($6.00 billion).
- 5A definitive agreement has been reached to sell the Aquarion water distribution business for approximately $2.4 billion in enterprise value, with the transaction expected to close in late 2025, subject to regulatory approvals. Net proceeds are earmarked for debt reduction.
- 6In 2024, Eversource completed the sales of its remaining offshore wind investments, recognizing an aggregate net after-tax loss of $524 million and recording a contingent liability of $365 million related to post-closing obligations.
- 7Credit rating agencies, specifically Moody's and S&P, have revised their outlooks for Eversource and its subsidiaries to negative or downgraded ratings, citing challenges in the Connecticut regulatory environment.