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ES · Eversource Energy

50 filings

10-Q

ES 10-Q Quarterly Reports

Eversource Energy - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K126

ES filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 126 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Impairment8-K · Jul ’19Jul ’19
  3. Leadership change8-K · May ’21May ’21
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2026

    Eversource Energy reported a net income of $346.0 million ($0.92 per share) for the third quarter of 2026, a decrease from $367.5 million ($0.99 per share) in the same quarter of 2025. For the nine months ended September 30, 2026, net income was $1.01 billion ($2.67 per share), down from $1.28 billion ($3.44 per share) in the comparable 2025 period. These results were impacted by significant non-recurring charges, including a $111.4 million after-tax loss from the sale of the Aquarion water distribution business and a $164.0 million after-tax charge related to an increase in the offshore wind contingent liability. Excluding these and other charges, non-GAAP earnings for the nine-month period were $1.33 billion ($3.52 per share). Operationally, the company continues to invest heavily in its regulated utility infrastructure, with capital expenditures for property, plant, and equipment totaling $3.05 billion for the first nine months of 2026. The company has narrowed its 2026 non-GAAP recurring earnings guidance to a range of $4.62 to $4.70 per share. Liquidity remains strong, supported by operating cash flows of $3.07 billion for the first nine months of 2026 and substantial available borrowing capacity under its credit facilities.

    Nov 6, 2026
  2. 2026-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2026

    Eversource reported a sharply weaker second quarter and first half of 2026, driven by non-recurring and non-cash charges rather than operating deterioration. Q2 GAAP net income attributable to common shareholders fell to $53.7 million ($0.14 per diluted share) from $352.7 million ($0.96) a year earlier, while first-half GAAP EPS was $1.75 versus $2.45. The decline reflects three items: a $194 million pre-tax ($164 million after-tax) increase to the offshore wind contingent liability tied to Revolution Wind cost overruns, a $111.4 million after-tax loss on the June 30, 2026 sale of the Aquarion water business, and a $43.9 million after-tax first-quarter charge for estimated FERC ROE refunds. Excluding these items, the company reports non-GAAP earnings of $329.1 million ($0.87) for Q2 and $979.8 million ($2.60) for the first half, and it reaffirmed 2026 non-GAAP recurring EPS guidance of $4.57 to $4.72. The balance sheet and liquidity picture improved meaningfully. Cash and equivalents rose to $1.82 billion, largely from roughly $1.7 billion of net Aquarion sale proceeds that management intends to use to reduce parent debt. Operating cash flow increased to $2.41 billion from $2.10 billion, while capital investment was steady at $2.02 billion. Eversource also issued $2.40 billion of long-term debt and repaid $1.62 billion in the first half, and Moody's moved the outlook for the parent and NSTAR Electric from negative to stable. The most important investor risk is the FERC ROE matter. FERC's March 2026 order lowered the transmission base ROE from 10.57% to 9.57%, which management estimates reduces annual after-tax earnings by about $70 million. The company has recorded only the low end of a $62.0 million to $968.4 million pre-tax refund range, so a further charge could be material if the retroactive refund period is upheld on appeal. The offshore wind contingent liability, now $409.2 million, is also subject to further upward revision if construction costs rise, and the company states that such additional losses could be material.

    Aug 3, 2026
  3. 2026-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2026

    Eversource reported first-quarter 2026 GAAP net income attributable to common shareholders of $606.8 million, or $1.61 per diluted share, up from $550.8 million ($1.50) a year earlier. The result includes a $60.4 million pre-tax ($43.9 million after-tax, $0.12 per share) charge tied to FERC's March 19, 2026 Opinion No. 594, which cut the New England transmission base ROE from 10.57% to 9.57% and ordered refunds with interest. Excluding the charge, non-GAAP earnings were $650.7 million, or $1.73 per share. Operating revenues rose 9.4% to $4.50 billion, driven by base distribution rate increases at NSTAR Electric, PSNH, Yankee Gas, NSTAR Gas and EGMA, and higher wholesale market and tracked energy costs. Interest expense rose 21% to $365 million, largely from $46.9 million of regulatory-deferral interest accrual on the FERC liability. The bigger investor issue is the FERC refund exposure. The company recorded only the $60.4 million low end of a reasonably possible pre-tax loss range of $60.4 million to $932 million, because management views refunds on the retroactive period (about $871 million pre-tax at the high end) as not probable. The NETOs have sought rehearing and a stay of the retroactive refunds, and on April 30, 2026 proposed a prospective replacement ROE of 11.39%. The company also flagged an offshore wind contingent liability of $298.2 million (down from $448.2 million) that could increase materially if Revolution Wind costs rise further. Aquarion's sale to the Aquarion Water Authority was approved by PURA on March 25, 2026, but was not classified as held for sale because appeals create significant timing uncertainty. Liquidity is solid: operating cash flow was $1.32 billion, cash rose to $270 million, and commercial paper capacity was $2.12 billion. The company reaffirmed 2026 non-GAAP EPS guidance of $4.57 to $4.72 (revised for the ROE reduction and the potential Aquarion sale) and long-term EPS growth of 5% to 7% through 2030.

    May 7, 2026
  4. 2025-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2025

    Eversource Energy's Q3 2025 10-Q shows a sharp swing back to profitability on a GAAP basis, but the quarter was dominated by a non-recurring-looking but still uncertain offshore wind charge. Net income attributable to common shareholders was $367.5 million, or $0.99 per diluted share, versus a loss of $118.1 million ($0.33 per share) a year earlier. For the first nine months, GAAP EPS was $3.44 versus $2.08. Excluding offshore wind items, the company reports non-GAAP earnings of $442.5 million ($1.19 per share) for Q3 and $3.64 per share year-to-date, with the Q3 2025 offshore wind charge of $284 million pre-tax ($75 million after-tax, net of $209 million of expected tax benefits) increasing the GIP contingent liability to $507.7 million, now classified as current. The regulated utilities drove the underlying results, with regulated companies earning $3.89 per share year-to-date versus $3.62 a year ago, supported by rate increases at PSNH and NSTAR Electric and transmission rate base growth. Cash generation improved materially, with operating cash flow of $3.20 billion in the first nine months versus $1.52 billion a year earlier, aided largely by regulatory recoveries and timing of CL&P's FMCC and SBC collections. Capital investment remained heavy at $3.18 billion year-to-date. Leverage is rising: long-term debt increased to $26.9 billion from $25.7 billion, notes payable declined, and the company issued $2.04 billion of long-term debt while raising $465 million through its at-the-market equity program. Cash and equivalents were $259 million at quarter-end. Management reaffirmed a 2025 non-GAAP EPS guidance range of $4.72 to $4.80 (narrowed from $4.67 to $4.82) and a 5% to 7% long-term EPS growth target through 2029. Key risks for investors include the open-ended Revolution Wind cost exposure, where management states additional losses could be material, unresolved FERC ROE complaints with no reasonable estimate of loss, the pending Aquarion water sale (approximately $2.4 billion enterprise value, expected to close late 2025), and Fitch's watch-negative outlook placed on Eversource and its utilities in September 2025 tied to the Revolution Wind stop-work order.

    Nov 6, 2025
  5. 2025-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2025

    Eversource Energy reported a solid second quarter and first half of 2025, with GAAP net income attributable to common shareholders of $352.7 million, or $0.96 per diluted share, in Q2 2025 versus $335.3 million, or $0.95, a year earlier. For the first half, earnings were $903.5 million, or $2.45 per diluted share, compared with $857.2 million, or $2.43, in 1H 2024. Management reaffirmed 2025 EPS guidance of $4.67 to $4.82 and a long-term EPS growth target of 5% to 7% through 2029, off a 2024 non-GAAP base of $4.57. Regulated companies drove the results, earning $1.14 per share in Q2, while Parent and Other losses widened, largely due to higher interest costs after capitalized interest on offshore wind projects ended. Cash generation improved sharply, with operating cash flow of $2.10 billion in the first half versus $962 million a year earlier, aided mainly by favorable regulatory recovery timing at CL&P. Capital investment remained heavy at $2.05 billion in the first half. Liquidity strengthened: cash rose to $343.7 million, Eversource issued $1.73 billion of long-term debt, and it set up a $1.2 billion at-the-market equity program, selling about $218 million of shares in Q2. Total assets reached $60.96 billion. Key risks remain. Eversource's FERC ROE complaints could have a material impact, though no reserve change is currently recorded. The Revolution Wind post-closing liability stands at $296 million and could increase if construction overruns occur. Moody's downgraded CL&P to Baa1 in June 2025, citing the Connecticut regulatory environment. The pending $2.4 billion sale of the Aquarion water business, expected to close in late 2025, would be used to pay down parent debt.

    Aug 4, 2025
  6. 2025-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2025

    Eversource Energy's first-quarter 2025 10-Q shows a quarter driven by regulated earnings growth and a sharp swing in operating cash flow. Net income attributable to common shareholders rose to $550.8 million, or $1.50 per diluted share, versus $521.8 million ($1.49) a year earlier. Regulated companies earned $1.66 per share, up from $1.53, led by electric transmission, natural gas distribution, and electric distribution, while the parent and other companies lost $0.16 per share, weighed down by higher interest expense after capitalized interest ended with the 2024 offshore wind sales. Management reaffirmed its 2025 EPS guidance of $4.67 to $4.82 and its 5% to 7% long-term growth target through 2029. Cash generation improved materially. Operating cash flow was $1.04 billion versus $291 million, mainly from favorable timing of regulatory recoveries at CL&P, including the non-bypassable FMCC, and lower storm-related vendor payments. Capital investment was $1.01 billion, slightly below last year's $1.15 billion. Total debt grew, with $1.20 billion of new long-term issuance against $300 million repaid, and commercial paper and notes payable fell by about $553 million. Liquidity is adequate, with $1.16 billion of commercial paper capacity and $111 million of cash on hand. The main investor watch items are the pending $2.4 billion sale of the Aquarion water business, expected to close in late 2025, with proceeds earmarked for parent debt reduction, and the unresolved FERC transmission ROE complaints, for which the company cannot estimate a loss range. The $365 million contingent liability tied to the offshore wind sale to GIP also remains open, and management has flagged that further cost overruns at Revolution Wind could be material.

    May 5, 2025
  7. 2024-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2024

    Eversource reported a third-quarter 2024 net loss attributable to common shareholders of $118.1 million, or $0.33 per diluted share, compared with earnings of $339.7 million, or $0.97 per share, a year earlier. The swing was driven by a $524.0 million after-tax loss on the sale of its offshore wind investments (Sunrise Wind, South Fork Wind and Revolution Wind). Excluding that loss, the company reported third-quarter non-GAAP earnings of $405.9 million, or $1.13 per share. For the first nine months of 2024, GAAP earnings were $739.1 million, or $2.08 per share, and non-GAAP earnings were $1.26 billion, or $3.56 per share. Management updated 2024 non-GAAP EPS guidance to $4.52 to $4.60 and reaffirmed a 5 to 7 percent long-term EPS growth rate through 2028. The regulated business continued to grow. Electric transmission and electric distribution earnings rose on higher rate base and base rate increases at NSTAR Electric and PSNH. Capital plans were raised to $23.1 to $23.7 billion for 2024 to 2028, reflecting Massachusetts' approved Electric Sector Modernization Plan. Operating cash flow improved to $1.52 billion in the first nine months, from $1.17 billion. Capital investment was $3.29 billion. Eversource issued $4.4 billion of long-term debt and raised $830 million through its at-the-market equity program, while using proceeds from the offshore wind sales to repay parent-company debt. Key open items include a $365 million liability for post-closing adjustment payments to GIP on Revolution Wind, which management says could increase, pending FERC base ROE complaint proceedings with a $39.1 million reserve, and a pending Connecticut AMI cost-recovery decision. The company is also exploring a sale of its Aquarion water business.

    Nov 6, 2024
  8. 2024-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2024

    Eversource Energy's second-quarter 2024 10-Q shows a quarter that swung back to solid profitability after the 2023 offshore wind impairment. GAAP net income attributable to common shareholders was $335.3 million, or $0.95 per diluted share, versus $15.4 million, or $0.04, a year earlier. For the first half, GAAP EPS was $2.43 against $1.45. The prior-year comparison is distorted by a $401 million pre-tax (about $331 million after-tax) offshore wind impairment, so non-GAAP earnings are the better guide: Q2 2024 non-GAAP EPS was $0.95 versus $1.00 in Q2 2023, and first-half non-GAAP EPS rose to $2.43 from $2.41. Regulated companies earned $373.8 million in Q2 (about $1.06 per share), with electric transmission the standout, up $28 million on a larger rate base. Electric distribution earnings fell on higher storm and interest costs. The balance sheet grew quickly to $58.4 billion in total assets, with long-term debt up to $25.8 billion. Eversource issued $3.85 billion of long-term debt in the first half and retired $900 million, and it raised $248 million through its at-the-market equity program. Capital spending was $2.22 billion in the first half, up from $2.04 billion. Operating cash flow was $962 million, versus $647 million a year earlier, helped by timing of payables and tax refunds. Notes payable fell sharply, and the company reports $1.21 billion of available commercial paper capacity. Cash was only $33 million, which is typical for a utility that relies on short-term borrowing. The main investor catalysts are the offshore wind exit and regulatory matters. Eversource sold its 50% Sunrise Wind stake to Orsted on July 9, 2024, receiving $118 million at closing with $34 million more deferred. A sale of South Fork and Revolution Wind to Global Infrastructure Partners for $1.1 billion is expected to close in Q3 2024, with post-closing adjustments and cost-sharing obligations still open. Management does not expect a material 2024 earnings impact and plans to use the proceeds to pay down parent-company debt. Management reaffirmed 2024 non-GAAP EPS guidance of $4.50 to $4.67 and a 5% to 7% long-term growth rate through 2028. Moody's revised CL&P's outlook to negative on June 18, 2024, a credit item to monitor. The company also has a pending PSNH rate case seeking a $181.9 million permanent increase, with a temporary $61.2 million increase effective August 1, 2024.

    Aug 2, 2024
  9. 2024-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2024

    Eversource Energy's first-quarter 2024 results show net income attributable to common shareholders of $521.8 million, or $1.49 per diluted share, up from $491.2 million, or $1.41 per share, in the first quarter of 2023. Operating revenues fell 12% to $3.33 billion, driven mainly by lower energy supply procurement prices that are passed through to customers, so the decline has little effect on earnings. Operating income rose 13% to $846.0 million, helped by a $73.8 million swing in amortization and by higher transmission and distribution rate base. Management reaffirmed 2024 non-GAAP EPS guidance of $4.50 to $4.67, excluding the offshore wind sale, and a 5-7% long-term EPS growth rate through 2028. The balance sheet is growing quickly. Total assets rose to $57.3 billion, and property, plant and equipment net increased to $40.3 billion as capital spending reached $1.15 billion in the quarter. Long-term debt climbed to $24.9 billion after $1.35 billion of new issuance. Cash flow from operations improved to $291.3 million from $69.2 million, though free cash flow after capex remained negative at roughly -$858 million. Dependence on external financing continues, supported by an at-the-market equity program that raised $75.4 million. The main investor catalysts are the pending exits from offshore wind. Eversource agreed to sell its 50% stakes in South Fork Wind and Revolution Wind to Global Infrastructure Partners for about $1.1 billion in cash, and to sell its 50% stake in Sunrise Wind to Ørsted. Management also said it is exploring a potential sale of its water distribution business. The Sunrise Wind sale required a write-down that will be recognized at closing, and the parent-company debt will be paid down from sale proceeds. Regulatory overhangs include CL&P's AMI decision, the water rate case appeal, and the open FERC ROE complaints.

    May 3, 2024
  10. 2023-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2023

    Eversource Energy's Q3 2023 10-Q shows a company in a heavy capital investment phase with earnings under pressure. For the first nine months of 2023, GAAP net income attributable to common shareholders was $846.2 million, or $2.42 per diluted share, down from $1.08 billion ($3.13) a year earlier. The decline is driven almost entirely by a $331.0 million after-tax (pre-tax $401.0 million) non-cash impairment of its offshore wind equity investment recorded in Q2 2023. Excluding the impairment and other one-time items, non-GAAP earnings were $1.18 billion, or $3.38 per share, versus $3.17 a year ago. Management narrowed 2023 non-GAAP EPS guidance to $4.30 to $4.43 and reaffirmed a long-term regulated EPS growth target in the upper half of 5 to 7 percent. Capital spending is the central theme. Investments in property, plant and equipment reached $3.13 billion in the first nine months, up from $2.35 billion, and the company issued $4.34 billion of new long-term debt while retiring $1.20 billion. Operating cash flow fell to $1.17 billion from $1.69 billion, largely due to regulatory under-recoveries and timing of collections. Long-term debt rose to $22.1 billion, and the company continues to rely on commercial paper and frequent debt issuance to fund its build-out. The offshore wind story is the key risk and catalyst. Eversource sold a lease area to Orsted for $625 million and funded a $528 million tax equity contribution for South Fork Wind, and it expects a sale of its remaining 50% interests in three contracted projects, with an approximately $318 million distribution received in October 2023 used to pay down short-term debt. However, New York regulators denied the Sunrise Wind OREC repricing petition on October 12, 2023, and the filing warns that further impairments could follow. Credit outlooks were also revised: S&P moved the parent and several subsidiaries to negative outlook, and Moody's downgraded the parent and NSTAR Electric in late October.

    Nov 7, 2023
  11. 2023-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2023

    Eversource Energy's Q2 2023 10-Q is dominated by a non-cash, $401.0 million pre-tax ($331.0 million after-tax) impairment of its offshore wind equity investment, which cut GAAP results to $15.4 million, or $0.04 per share, for the quarter and $506.6 million, or $1.45 per share, for the first half. Excluding the impairment and smaller one-time items, non-GAAP earnings were $352.6 million, or $1.00 per share, in the quarter and $844.3 million, or $2.41 per share, for the first half, versus $0.86 and $2.16 a year earlier. Management reaffirmed 2023 non-GAAP EPS guidance of $4.25 to $4.43 and its long-term regulated EPS growth outlook of the upper half of 5 to 7 percent through 2027. The strategic review of the offshore wind portfolio drove most of the news. Eversource agreed to sell its 50 percent stake in an uncommitted lease area to Ørsted for $625 million in cash, expected to close by the end of the third quarter of 2023, and committed $575 million of those proceeds to a tax equity interest in South Fork Wind. The company will continue marketing its 50 percent interests in the three contracted projects, with sale proceeds earmarked to repay parent-company debt. Offshore wind guarantees and funding obligations remain significant, and the impairment could be adjusted once final sale prices and tax credit outcomes are known. On the balance sheet, total assets rose to $54.5 billion and long-term debt to $21.8 billion, while cash fell to $42.2 million from $374.6 million. Cash from operations declined to $647.3 million from $841.8 million, while capital investment rose to $2.04 billion, funded mainly by new debt. Investors should weigh the strong regulated rate base growth and reaffirmed guidance against the elevated leverage, the timing of offshore wind exits, and pending regulatory matters such as the FERC ROE complaints.

    Aug 4, 2023
  12. 2023-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2023

    Eversource Energy's first-quarter 2023 results show net income attributable to common shareholders of $491.2 million, or $1.41 per diluted share, up from $443.4 million, or $1.28, a year earlier. Growth was driven mainly by higher base distribution revenues at NSTAR Electric, a base rate increase at NSTAR Gas and EGMA, and higher transmission earnings from a larger rate base. Reported revenue rose to $3.80 billion from $3.47 billion, largely because of higher energy supply procurement costs that pass through to customers without earnings impact. Management reaffirmed its 2023 non-GAAP EPS guidance of $4.25 to $4.43 and its long-term regulated EPS growth target in the upper half of 5 to 7 percent through 2027. Cash generation weakened sharply. Operating cash flow was only $69.2 million versus $371.9 million a year earlier, due mainly to larger regulatory under-recoveries, the timing of accounts payable payments, and a $286.6 million reduction in CL&P's FMCC amortization. Capital investment rose to $977.1 million, and Eversource issued $1.55 billion of long-term debt while repaying $400 million. Cash fell to $36.0 million from $374.6 million at year-end, and commercial paper borrowings were $1.05 billion. Total assets reached $54.1 billion and common equity $15.7 billion. The key open item for investors is the strategic review of the 50% stake in the Ørsted offshore wind partnership, which management expects to conclude in Q2 2023. The carrying value of that investment rose to $2.16 billion, and management believes fair value exceeds book value, but it warns that an unfavorable sale outcome could trigger an impairment. The company also carries a $39.1 million FERC ROE reserve and continues to guarantee large offshore wind construction obligations.

    May 5, 2023
  13. 2022-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2022

    Eversource Energy's Q3 2022 10-Q shows a utility holding company growing earnings and capital investment. Net income attributable to common shareholders was $349.4 million ($1.00 diluted EPS) for the third quarter of 2022, up from $283.2 million ($0.82) a year earlier, and $1.08 billion ($3.13) for the first nine months, versus $913.8 million ($2.65). Excluding 2021 CL&P settlement and storm penalty charges and 2022 transaction and transition costs, non-GAAP nine-month EPS was $3.17 versus $2.95. Management reaffirmed its long-term regulated EPS growth outlook of the upper half of 5-7% through 2026 and guided 2022 non-GAAP EPS to $4.04-$4.14. The balance sheet expanded materially. Total assets rose to $51.6 billion from $48.5 billion at year-end 2021, driven by property, plant and equipment and a $1.2 billion increase in investments in unconsolidated affiliates, mainly the 50% offshore wind partnership with Ørsted. Long-term debt grew to $19.8 billion, with $4.05 billion of new long-term debt issued in the first nine months against $775 million repaid. Common equity increased to $15.3 billion, supported by $197.1 million of at-the-market share issuance and retained earnings growth. Capital expenditures on property, plant and equipment were $2.35 billion in the nine months, versus $2.21 billion a year earlier. Key items for investors include an ongoing strategic review of the offshore wind portfolio, which could result in a sale of all or part of Eversource's 50% interest, with a review expected to conclude during 2022. Regulatory developments include a pending NSTAR Electric distribution rate case, a CL&P rate freeze through at least 2024 following a settlement, and an open FERC ROE complaint proceeding with a reserve of $39.1 million. Moody's changed NSTAR Electric's outlook to negative on September 9, 2022.

    Nov 4, 2022
  14. 2022-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2022

    Eversource Energy's second-quarter 2022 10-Q shows a solid first half. Net income attributable to common shareholders rose to $735.3 million, or $2.13 per diluted share, versus $630.7 million ($1.83) in the first half of 2021. Excluding transaction and transition costs, non-GAAP earnings were $746.1 million ($2.16 per share). Growth was driven mainly by the absence of the 2021 CL&P storm performance penalty, higher transmission rate base, a NSTAR Electric base rate increase, and higher pension non-service income. Management reaffirmed its long-term regulated EPS growth target in the upper half of 5-7% through 2026 and set 2022 non-GAAP EPS guidance of $4.04-$4.14. The balance sheet expanded considerably. Total assets reached $49.9 billion, up from $48.5 billion at year-end 2021, and property, plant and equipment grew to $34.4 billion as capital spending of $1.55 billion in the first half continued. Long-term debt rose to $19.6 billion after $3.35 billion of new issuances and $770 million of repayments, while notes payable fell sharply to $98.8 million. Operating cash flow of $841.8 million covered a meaningful share of capital needs, so the company relied on debt and a new $1.2 billion at-the-market equity program, which generated $126.3 million in the quarter. The key investor watch item is the offshore wind business. Eversource's 50% stake in North East Offshore, the partnership with Orsted, carried a $1.49 billion equity investment as of June 30, 2022. Management launched a strategic review on May 4, 2022 that could lead to a sale of all or part of that interest, with preliminary buyer outreach beginning in late July and completion expected during 2022. Guarantees tied to offshore wind projects total well over $1.5 billion, which adds exposure that investors should monitor alongside the review's outcome.

    Aug 4, 2022
  15. 2022-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2022

    Eversource Energy's first-quarter 2022 10-Q shows a solid earnings quarter driven by the absence of a prior-year charge and by higher base rates and transmission earnings. GAAP net income attributable to common shareholders rose to $443.4 million, or $1.28 per diluted share, versus $366.1 million, or $1.06, a year earlier. Excluding $5.3 million of after-tax acquisition and transition costs in 2022 (and the 2021 CL&P storm penalty and acquisition costs), non-GAAP EPS was $1.30 versus $1.15. The company reaffirmed its 2022 non-GAAP EPS guidance of $4.00 to $4.17 and its long-term regulated EPS growth target of the upper half of 5 to 7 percent through 2026. Balance sheet and liquidity moved toward heavier leverage. Total assets reached $49.3 billion, up from $48.5 billion at year-end 2021, as property, plant and equipment grew to $33.9 billion and investments in unconsolidated affiliates (largely offshore wind) rose to $1.55 billion. Long-term debt increased to $17.9 billion after the company issued $1.3 billion of new senior notes and retired $770 million, while notes payable rose to $1.67 billion. Operating cash flow of $371.9 million was lower than the prior year's $411.4 million, and capital expenditures of $764.6 million were funded partly by borrowing, leaving cash at $46.2 million. The most important strategic development is the May 4, 2022 announcement (after quarter end) of a strategic review of Eversource's 50 percent stake in its offshore wind partnership with Ørsted, which could result in a full or partial sale expected to be completed during 2022. The company's offshore wind equity investment was $1.33 billion at March 31, 2022, and it has guaranteed substantial construction obligations for the partnership. Investors should weigh the potential sale proceeds and deleveraging benefit against execution and project risks, as well as the company's ongoing regulatory items, including the FERC ROE complaints and pending rate cases in Massachusetts.

    May 6, 2022
  16. 2021-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2021

    Eversource Energy's Q3 2021 10-Q shows a utility earning steady but pressured results. Third-quarter GAAP net income attributable to common shareholders was $283.2 million, or $0.82 per diluted share, down from $346.3 million, or $1.01, a year earlier. For the first nine months, GAAP EPS was $2.65 versus $2.76. Management's non-GAAP earnings, which exclude the CL&P settlement charges and transition/acquisition costs, were $350.7 million ($1.02) in Q3 2021 and $2.95 for the nine months. The decline in reported results is driven mainly by the CL&P settlement agreement with PURA (a $65 million customer credit plus a $10 million customer assistance set-aside, $63.2 million after tax in Q3) and the Tropical Storm Isaias penalty, which together cost $85.8 million after tax, or $0.25 per share, year to date. Management reaffirmed its 2021 non-GAAP EPS guidance of $3.81 to $3.93 and its long-term 5-7% growth outlook for regulated utility earnings, with the upper half of that range targeted through 2025. Balance sheet and cash flow trends are consistent with a capital-intensive utility in build-out mode. Operating cash flow was $1.52 billion for the nine months, roughly flat year over year, while capital investment in PP&E reached $2.21 billion. Total assets grew to $48.0 billion from $46.1 billion, and long-term debt rose to $17.4 billion from $15.1 billion, reflecting $3.15 billion of new long-term issuances against $1.14 billion of repayments. Common equity increased to $14.4 billion, and the company paid $603.6 million in cash dividends ($0.6025 per quarter). Liquidity is adequate, with $1.86 billion of available commercial paper capacity at quarter end. Regulatory and offshore wind developments also matter: Fitch moved CL&P's outlook to negative in September before S&P restored its outlook to stable in October, and the company's offshore wind equity investment grew to $1.13 billion. For investors, the key tensions are regulatory risk in Connecticut, the rising cost of storm recovery and uncollectible accounts tied to COVID-19, and the capital and execution risk of the offshore wind program. These are weighed against a large, rate-base-driven transmission and distribution growth profile and a reaffirmed earnings trajectory.

    Nov 5, 2021
  17. 2021-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2021

    Eversource Energy's second-quarter 2021 Form 10-Q shows steady underlying growth in its regulated utility businesses, with GAAP net income attributable to common shareholders of $264.5 million ($0.77 per diluted share) in Q2 2021, up from $252.2 million ($0.75) a year earlier. For the first half, GAAP earnings were $630.7 million ($1.83 per share) versus $587.0 million ($1.75). Excluding transition and acquisition costs tied to the October 2020 Columbia Gas of Massachusetts acquisition, non-GAAP earnings were $271.3 million ($0.79) in Q2 and $643.7 million ($1.87) for the first half. Growth was driven by base rate increases at NSTAR Electric and PSNH, higher transmission rate base, and a full period of earnings from the acquired EGMA natural gas business. Management reaffirmed its long-term regulated EPS growth target of the upper half of 5% to 7% through 2025 and expects to land toward the lower end of its 2021 non-GAAP EPS guidance of $3.81 to $3.93. The main negative development is the Connecticut regulatory penalty related to CL&P's response to Tropical Storm Isaias. PURA cut CL&P's allowed ROE by 90 basis points (from 9.25%), which management estimates would reduce annual revenues by about $31 million and annual earnings by about $21 million once implemented, and also assessed a $28.4 million customer bill credit penalty. CL&P has appealed. The after-tax charge was $0.07 per share. The filing also shows higher leverage and liquidity needs: long-term debt rose to $15.85 billion, notes payable rose to $2.0 billion, and operating cash flow fell to $807 million from $1.01 billion, while capital investment remained elevated at about $1.42 billion in the first half. Credit outlooks were revised to negative by S&P for CL&P and by Moody's for Eversource parent and CL&P.

    Aug 6, 2021
  18. 2021-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2021

    Eversource Energy's first quarter 2021 10-Q shows GAAP net income attributable to common shareholders of $366.1 million, or $1.06 diluted EPS, up from $334.8 million, or $1.01, in Q1 2020. Excluding $6.2 million (about $0.02 per share) of after-tax transition and acquisition costs tied to the Columbia Gas of Massachusetts (CMA) asset purchase and a pending water acquisition, non-GAAP earnings were $372.3 million, or $1.08 per share. Growth was driven by the addition of Eversource Gas Company of Massachusetts (EGMA), which contributed $47.3 million of earnings, along with base rate increases at several utilities and higher transmission rate base. Revenue rose 19% to $2.83 billion, though operating expenses also rose sharply, and interest expense increased modestly. The main near-term headwind is a regulatory penalty at CL&P related to its response to Tropical Storm Isaias. PURA's April 28, 2021 decision imposed a 90 basis point ROE reduction, estimated at roughly $21 million of lower annual earnings, and a $30 million assessment that was accrued in Q1 2021 as an O&M charge, equal to about $0.07 per share after tax. Management reaffirmed its long-term EPS growth target of 5 to 7 percent through 2025 for regulated operations, in the upper half of that range, but now expects 2021 results toward the low end of its $3.81 to $3.93 non-GAAP guidance range. Liquidity was tighter at quarter end. Cash fell to $34.1 million from $106.6 million, and commercial paper borrowings at the parent rose to $1.48 billion, leaving only about $731 million of combined commercial paper capacity. Operating cash flow was $411.4 million, roughly flat year over year, and capital investment was $689.0 million. Management expects its operating cash flow, borrowing capacity and capital market access to cover needs. Offshore wind timing also slipped: South Fork Wind is now expected in service by end-2023, and management does not believe the end-2023 and end-2024 dates for Revolution Wind and Sunrise Wind will be met.

    May 10, 2021
  19. 2020-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2020

    Eversource Energy's Q3 2020 10-Q shows solid operating momentum. Third-quarter GAAP net income attributable to common shareholders was $346.3 million, or $1.01 per diluted share, up from $318.9 million, or $0.98, a year earlier. For the first nine months, GAAP EPS was $2.76 versus $2.05 in 2019; the 2019 comparison is depressed by the roughly $204 million after-tax Northern Pass impairment. Excluding $12.8 million of after-tax acquisition costs tied to the Columbia Gas of Massachusetts (CMA) purchase, nine-month non-GAAP EPS was $2.80. The company reaffirmed 2020 non-GAAP EPS guidance of $3.60 to $3.70 and a 5 to 7 percent regulated utility EPS growth rate through 2024. Revenue rose to $6.67 billion for the nine months, and operating income reached $1.53 billion, up from $1.15 billion. Growth was driven mainly by base rate increases at CL&P, NSTAR Electric, PSNH and Yankee Gas, and by higher transmission rate base. Balance sheet and funding activity were significant. Eversource raised about $929 million of net equity through common share offerings and forward sale settlements, and issued $2.36 billion of long-term debt. Cash and equivalents rose to $730 million at quarter-end, ahead of the October 9, 2020 closing of the CMA acquisition for $1.1 billion in cash plus working capital. Commercial paper capacity was $2.04 billion available. Total assets grew to $43.5 billion, and common equity to $14.0 billion. Operating cash flow was roughly flat at $1.50 billion, while capital investment remained high at $2.10 billion year to date. Key risk items include COVID-19 effects on receivables and collections, which are being deferred for recovery. Tropical Storm Isaias (August 2020) created roughly $276 million of deferred storm costs, with PURA investigating CL&P's response and a possible civil penalty. Offshore wind in-service timelines have slipped, with Revolution Wind and Sunrise Wind now unlikely to meet end-2023 and end-2024. FERC ROE complaints remain unresolved and carry a reserve of $39.1 million.

    Nov 6, 2020
  20. 2020-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2020

    Eversource Energy's second-quarter 2020 10-Q shows a strong rebound in reported earnings, driven mainly by the absence of the prior-year $239.6 million pre-tax (about $204.4 million after-tax) Northern Pass Transmission impairment. Q2 2020 net income attributable to common shareholders was $252.2 million, or $0.75 per diluted share, versus $31.5 million, or $0.10, in Q2 2019. For the first half of 2020, earnings were $587.0 million, or $1.75 per share. Excluding acquisition costs in 2020 and the NPT impairment in 2019, non-GAAP earnings were $256.1 million ($0.76) in Q2 2020 versus $235.9 million ($0.74) a year earlier. Management reaffirmed 2020 EPS guidance of $3.60 to $3.70 and a 5% to 7% long-term regulated EPS growth rate through 2024. Growth came mainly from the electric transmission segment, where earnings rose on a higher rate base, and from base distribution rate increases at PSNH, CL&P and NSTAR Electric. Revenue was $1.95 billion in Q2 2020, up 3.6%, and operating income rose to $433.7 million from $151.0 million. Liquidity was solid: operating cash flow was $1.01 billion in the first half, Eversource raised $929 million of common equity through March and June 2020 offerings, and it issued $940 million of long-term debt. The company is pursuing a $1.1 billion acquisition of Columbia Gas of Massachusetts, expected to close shortly after Q3 2020. Management says COVID-19 has not had a significant financial impact to date, though it flags risks in receivables, collections, offshore wind timelines and pension funding. Key watch items include the pending CMA acquisition approvals, FERC ROE complaint exposure (a 10-basis-point change moves earnings by about $3 million per complaint period), the offshore wind development schedule, and the South Fork Wind in-service date, which management now expects to slip beyond 2022.

    Aug 7, 2020
  21. 2020-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2020

    Eversource Energy's first-quarter 2020 10-Q shows a solid start to the year despite the onset of COVID-19. Net income attributable to common shareholders rose to $334.8 million, or $1.01 per diluted share, versus $308.7 million, or $0.97, a year earlier. Excluding $3.5 million of after-tax acquisition costs tied to the planned Columbia Gas of Massachusetts purchase, non-GAAP EPS was $1.02. Growth came mainly from the regulated segments: electric distribution, electric transmission, natural gas distribution and water all improved, with regulated companies contributing $1.03 per share. Management reaffirmed 2020 EPS guidance of $3.60 to $3.70. Operating revenues fell 1.7% to $2.37 billion, largely because lower commodity supply costs were passed through to customers, but operating income rose 9% to $539.1 million. Management reports no significant operational or financial impact from COVID-19 to date, though it flags risks including uncollectible receivables, lost late-payment revenue, a disconnection moratorium in CT, MA and NH, commercial paper market stress and offshore wind permitting delays. Revenue decoupling mechanisms at most utilities are expected to limit the earnings effect of lower sales volumes. Balance sheet and liquidity moved in a few notable ways. Eversource issued $750 million of long-term debt and about $420 million of common equity, including settling its forward sale agreement, and total assets reached $41.6 billion. Capital spending remained heavy at $725.5 million in cash investments for the quarter, and the pending $1.1 billion Columbia Gas of Massachusetts acquisition is expected to close by the end of Q3 2020. Investors should weigh the growing rate base and a strong transmission pipeline against the financing needs that the acquisition and offshore wind development will add.

    May 8, 2020
  22. 2019-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2019

    Eversource Energy's Q3 2019 10-Q shows a quarter driven by steady regulated growth, offset by a large one-time charge earlier in the year. Third-quarter GAAP net income attributable to common shareholders was $318.9 million, or $0.98 per diluted share, up from $289.4 million, or $0.91, a year earlier. For the first nine months, GAAP EPS was $2.05, but that figure includes an after-tax $204.4 million ($0.64 per share) impairment of the Northern Pass Transmission (NPT) project, which followed the New Hampshire Supreme Court's July 2019 decision denying the siting application. Excluding that charge, nine-month non-GAAP EPS was $2.69 versus $2.52 in 2018, and management reiterated 2019 non-GAAP EPS guidance of $3.40 to $3.50. The core utility business continued to drive earnings. Electric distribution earned $197.3 million in the quarter, with base rate increases at CL&P, NSTAR Electric and PSNH supporting results, and electric transmission earnings excluding the NPT charge rose on a larger rate base. Capital spending remained heavy, with cash investments in property, plant and equipment of $2.13 billion in the first nine months, funded by operating cash flow of $1.49 billion, a $475 million third-quarter long-term debt issuance, and a June 2019 equity offering of about $427 million net plus a forward sale agreement. Net PP&E rose to $26.9 billion from $25.6 billion at year-end 2018, and total assets reached $39.7 billion. Investors should weigh several items beyond the headline numbers. Eversource's offshore wind investments reached a $637.2 million equity balance, with a Sunrise Wind 880 MW ORECs agreement announced after quarter-end. The company disclosed a pending FERC ROE complaint reserve of $39.1 million for the second complaint period, with the outcome of four complaints still uncertain. PSNH faces a Clean Water Act citizens suit at Merrimack with maximum civil penalties cited at $195 million, which management says it will vigorously contest. S&P downgraded Eversource and its subsidiaries in July 2019, although outlooks were revised to stable.

    Nov 7, 2019
  23. 2019-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2019

    Eversource Energy's Q2 2019 10-Q shows a quarter dominated by a one-time non-cash charge. Following the July 19, 2019 New Hampshire Supreme Court decision denying Northern Pass's appeal, Eversource recorded a pre-tax impairment of $239.6 million ($204.4 million after tax, or $0.64 per share) on the Northern Pass Transmission project. Reported Q2 2019 GAAP net income attributable to common shareholders fell to $31.5 million ($0.10 per share) from $242.8 million ($0.76 per share) a year earlier. Excluding the impairment, non-GAAP earnings were $235.9 million ($0.74 per share), roughly flat year over year, and the company reiterated its non-GAAP 2019 EPS guidance of $3.40 to $3.50. First-half non-GAAP EPS was $1.71, versus $1.61 in the first half of 2018. The regulated business continued to grow. Electric transmission revenues rose $32.2 million in the quarter and $67.7 million in the first half, driven by transmission rate base investment. Electric distribution earnings rose on CL&P and NSTAR Electric base rate increases. Capital spending remained heavy, with $1.38 billion of cash investment in property, plant and equipment in the first half and a consolidated capex total of $1.41 billion. Eversource also strengthened its balance sheet by issuing 5.98 million common shares for $426.9 million net in June, with a further 11.96 million shares under a forward sale agreement. Cash flow from operations rose to $924.6 million in the first half from $698.1 million, helped by lower pension contributions and $68.8 million of DOE Phase IV proceeds received by the Yankee companies. Key risks for investors include the pending FERC ROE complaint proceedings, for which Eversource carries a $39.1 million reserve on the second complaint period, and the company's Northern Pass write-off, which has no further expected significant cash outlays. Subsequent to the quarter, S&P downgraded Eversource parent and its subsidiaries on July 25, 2019, with outlooks moved to stable. Parent ratings are now Baa1/A-/BBB+, and the company holds a $1.45 billion commercial paper program supported by a revolver expiring in 2023.

    Aug 6, 2019
  24. 2019-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2019

    Eversource Energy's first-quarter 2019 10-Q shows steady earnings growth driven by its regulated utilities. Net income attributable to common shareholders rose to $308.7 million, or $0.97 per diluted share, versus $269.5 million, or $0.85, a year earlier. Regulated companies contributed $315.7 million ($0.99 per share), led by electric transmission (+$10.8 million), electric distribution (+$15.9 million) and natural gas distribution (+$18.7 million). Operating revenues increased 5.6% to $2.42 billion, and operating income rose about 12% to $494.7 million, supported by the CL&P base rate increase, a higher transmission rate base and the Yankee Gas decoupled rate structure. Cash flow from operations improved sharply to $428.0 million from $177.7 million, largely because pension and PBOP contributions fell by about $166.5 million and tax refunds were received. Capital investment remained heavy at $674.7 million in the quarter. Total debt rose meaningfully: notes payable increased to $1.48 billion from $910 million, and long-term debt reached about $12.3 billion. Eversource's parent commercial paper program was about $1.37 billion drawn. In February 2019 S&P moved the outlooks for all Eversource entities to negative, which bears watching given the funding needs. Investors should also weigh several contingent items. Northern Pass carries $311 million of capitalized costs that could be impaired if the New Hampshire Supreme Court or the state siting process goes against the project, with an oral argument on May 15, 2019. FERC ROE complaints remain unresolved, with a $39.1 million reserve for the second complaint period. The company also made a roughly $225 million investment in offshore wind through a 50-50 partnership with Ørsted, and it expects a multi-billion dollar Millstone zero-carbon contract. Management characterizes these as largely cost-recoverable, but their outcomes are uncertain.

    May 7, 2019
  25. 2018-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2018

    Eversource Energy's Q3 2018 10-Q shows a quarter with solid core utility earnings offset by a one-time impairment. Net income attributable to common shareholders was $289.4 million, or $0.91 per diluted share, up from $260.4 million, or $0.82, in Q3 2017. For the first nine months, earnings were $801.7 million, or $2.52 per share, versus $750.6 million, or $2.36, a year earlier. The quarter absorbed a $32.9 million pre-tax (about $26 million after-tax) other-than-temporary impairment of the Access Northeast pipeline investment, which was written down to zero. Partly offsetting it, an $18 million after-tax benefit from federal and Connecticut tax changes lifted results. Regulated segments drove the bulk of earnings: electric transmission grew on a higher rate base, and electric distribution benefited from the CL&P rate increase effective May 1, 2018. Operating revenues rose to $2.27 billion in Q3 (up 14%) and $6.41 billion for nine months (up 9.5%), largely from higher pass-through energy supply costs and the addition of Aquarion water operations. Reported operating income fell in both periods, to $466.0 million in Q3 and $1.30 billion year-to-date, because of higher amortization and depreciation and the lower federal tax rate's pass-back to customers. Income tax expense dropped sharply after the Tax Cuts and Jobs Act reduced the federal rate to 21%. Investment in property, plant and equipment reached $1.89 billion for the nine months, and operating cash flow was $1.41 billion, down from $1.48 billion, reflecting about $228 million of storm restoration payments. Balance sheet and risk items to watch include Northern Pass, with about $302 million of capitalized costs that could be substantially impaired if a new recoverability review were unfavorable, and the pending NHSEC appeal. The FERC ROE complaints remain open, with a $39.1 million reserve for the second complaint period and a preliminary FERC framework that points to a 10.41% base ROE, versus the 10.57% currently billed. Total long-term debt rose to roughly $12.2 billion, and the company issued $1.3 billion of new long-term debt in the nine months, with a $635.7 million rate reduction bond securitization at PSNH.

    Nov 6, 2018
  26. 2018-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2018

    Eversource Energy's second quarter 2018 10-Q shows a solid quarter and first half, with earnings driven by its regulated transmission and electric distribution businesses. Net income attributable to common shareholders was $242.8 million, or $0.76 per diluted share, in Q2 2018, up from $230.7 million, or $0.72, a year earlier. For the first half, earnings were $512.3 million, or $1.61 per share, versus $490.2 million, or $1.54, in 2017. Electric transmission was the clear growth engine, with segment earnings up $29.5 million in the first half on a higher rate base. Electric distribution earnings fell $30.5 million in the first half, reflecting the loss of PSNH's thermal generation earnings after its January 2018 sale, higher property taxes, and a seasonal effect from NSTAR Electric's new decoupled rate structure. Federal tax reform was a meaningful but partly offsetting factor: the lower 21% corporate rate reduced income tax expense sharply, but much of that benefit is being returned to customers through reserves and rate reductions. Cash generation weakened and the balance sheet grew. Operating cash flow fell to $698.1 million in the first half from $895.0 million, pressured by roughly $172 million of storm restoration payments and higher income tax and pension contributions. Capital investment remained heavy at $1.25 billion in the first half. Eversource financed this through $1.15 billion of parent and utility long-term debt issuance and the May 2018 issuance of $635.7 million of PSNH securitized rate reduction bonds, which were used to recover PSNH's stranded generation costs. Total assets rose to $37.2 billion. Management also raised its 2019 to 2021 capital expenditure outlook to about $7.1 billion from $6.5 billion. Key risks remain. The most significant is the Northern Pass transmission project, carried at about $297 million, which could be largely written off if future recoverability reviews fail after the NHSEC denial. Other exposures include a $39.1 million reserve tied to FERC base ROE complaints and the pending ROE litigation, which management cannot reasonably estimate in range. Storm cost recovery, the Tax Cuts and Jobs Act refund process, and the Bay State Wind offshore project are additional items to monitor.

    Aug 3, 2018
  27. 2018-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2018

    Eversource Energy's first-quarter 2018 results show a company that grew earnings and revenue while absorbing heavy cash and financing demands. Net income attributable to common shareholders rose to $269.5 million ($0.85 per diluted share) from $259.5 million ($0.82) a year earlier, helped by the Aquarion water acquisition (closed December 4, 2017), higher electric transmission earnings, and a lower federal tax rate under the Tax Cuts and Jobs Act. Operating revenues increased 8.7% to $2.29 billion, although the tax reform reduced income tax expense sharply ($83.8 million versus $157.8 million), which masked weaker operating income, down 11.7% to $442.5 million. Cash generation weakened materially. Operating cash flow fell to $177.7 million from $445.3 million, driven by $171 million of pension and PBOP contributions, roughly $70 million of storm restoration spending, and working capital timing. Capital investment rose to $607.3 million, and the company funded the gap with $1.15 billion of new long-term debt, with cash on hand rising to $303.8 million at quarter end. Long-term debt increased to about $13.1 billion, and the company recorded a $156 million storm cost deferral (March 2018) that it expects to recover from customers. Investors should weigh several legal and regulatory uncertainties. The most prominent is Northern Pass: after the New Hampshire Site Evaluation Committee denied its siting application and Massachusetts terminated its conditional clean energy contract, roughly $289 million of capitalized project costs remain on the balance sheet, which management says are recoverable. Separately, FERC transmission ROE complaints leave a $39.1 million reserve for the second complaint period, and the company cannot estimate a range of outcomes. Offsetting these risks, CL&P secured a rate settlement with a 9.25% authorized ROE and a 53% equity ratio, and PSNH is completing sale of its hydroelectric assets and planned about $636 million of securitized rate reduction bonds.

    May 3, 2018
  28. 2017-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2017

    Eversource Energy's Q3 2017 10-Q shows steady but mixed results. Net income attributable to common shareholders was $260.4 million ($0.82 per diluted share) for the third quarter, down from $265.3 million ($0.83) a year earlier, while nine-month earnings rose to $750.6 million ($2.36 per share) from $713.1 million ($2.24). Growth came mainly from the electric transmission segment, where a larger rate base lifted earnings, and from lower operations and maintenance expense. Mild summer weather reduced sales volumes and demand revenues at NSTAR Electric and PSNH, and higher depreciation and interest expense weighed on results. Operating revenues were roughly flat for the nine months at $5.86 billion. Liquidity improved meaningfully. Cash flow from operations fell to $1.49 billion from $1.65 billion, mainly because of a 2016 tax refund that did not recur and higher pension contributions. Capital spending rose to $1.64 billion, and the company issued $2.5 billion of long-term debt in 2017, using the proceeds to repay short-term borrowings. Several pending items could affect the outlook: the proposed $1.675 billion Aquarion acquisition (expected to close by year-end 2017), the sale of PSNH's generation assets for $258 million, and an FERC return-on-equity dispute that is still unresolved and could move transmission earnings. A major October 29, 2017 storm left more than 800,000 customers without power. Management expects restoration costs to be deferred and recovered from customers, so it does not expect a material impact on results. The filing is a combined report covering Eversource and its subsidiaries CL&P, NSTAR Electric, PSNH and WMECO. The Eversource parent figures are the focus here. Investors should watch the FERC ROE complaint outcome, regulatory decisions on Massachusetts and Connecticut rate cases, and integration of Aquarion.

    Nov 3, 2017
  29. 2017-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2017

    Eversource Energy's 10-Q for the quarter ended June 30, 2017 shows a solid second quarter. Net income attributable to common shareholders rose 13.3% to $230.7 million, or $0.72 per diluted share, versus $203.6 million ($0.64) a year earlier. For the first half, earnings reached $490.2 million, or $1.54 per share, up from $1.41. The regulated electric distribution, electric transmission, and natural gas distribution segments together earned $222.8 million in the quarter. Electric transmission was a key growth driver, supported by a rising rate base, while NSTAR Electric's heat-wave demand revenues and lower operations and maintenance costs helped distribution earnings. Equity earnings from a renewable energy fund also boosted the parent and other companies' results. The balance sheet expanded meaningfully. Total assets reached $32.7 billion, up from $32.1 billion at year-end 2016, driven by net property, plant and equipment growth of about $720 million to $22.1 billion. Capital spending was heavy, with first-half investments in property, plant and equipment of $1.15 billion (cash basis) versus $869 million a year earlier. Operating cash flow fell to $908 million from $978 million, mainly because of lower income tax refunds and higher pension contributions. Eversource funded the gap with debt: it issued $950 million of long-term debt in the first half and repaid $150 million, while notes payable declined $211 million. Current portion of long-term debt rose sharply to $1.48 billion, which investors should monitor as a refinancing need. The filing also highlights several strategic and regulatory items. Eversource agreed to acquire Aquarion Water Company for $1.675 billion (about $880 million cash plus $795 million of assumed debt), with closing expected by December 31, 2017. The FERC base return on equity (ROE) complaints remain unresolved after the D.C. Circuit vacated the prior FERC order in April 2017, and the company has not changed its reserves; the cost of a 10 basis point ROE change is roughly $3 million after tax. The Boston Harbor civil action settlement added a $4.9 million pre-tax charge. Pending items include the PSNH generation divestiture, the Northern Pass transmission project, and the Massachusetts clean energy RFPs. Management reports no material changes to risk factors beyond those in the 2016 Form 10-K.

    Aug 4, 2017
  30. 2017-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2017

    Eversource Energy's first-quarter 2017 results show steady growth in earnings and operations. Net income attributable to common shareholders rose 6.3% to $259.5 million, or $0.82 per diluted share, versus $244.2 million ($0.77) a year earlier. Regulated companies contributed $259.1 million, led by electric transmission (+$8.5 million), electric distribution (+$5.7 million), and flat natural gas distribution. Operating revenues grew 2.4% to $2,105.1 million, driven mainly by electric transmission and natural gas distribution, while electric distribution revenues fell 2.4% as lower energy supply costs were passed through to customers. Operating income rose 4.2% to $509.0 million. Liquidity and capital spending remain central to the story. Operating cash flow declined to $436.5 million from $500.0 million, mainly because of $211.9 million in lower income tax refunds tied to 2015 bonus depreciation legislation. Capital investment in property, plant and equipment reached $523.6 million, up from $431.5 million, and long-term debt rose to about $10.0 billion, funded by $600 million of new notes and bonds that repaid short-term borrowings and maturing debt. Commercial paper outstanding fell to $801 million at the parent. The board declared a quarterly dividend of $0.475 per share, and cash dividends paid rose to $150.5 million. The most significant risk disclosed is the April 14, 2017 D.C. Circuit decision vacating FERC's base ROE order on transmission. Management cannot yet predict the outcome for the roughly $39.1 million reserve on the second complaint period, and each 10 basis point change in base ROE affects after-tax earnings by roughly $3 million. Other items to monitor include the PSNH generation divestiture (expected by end-2017), the NSTAR Electric and WMECO rate case and merger, the Access Northeast pipeline, and the Northern Pass transmission project.

    May 5, 2017
  31. 2016-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2016

    Eversource Energy's Q3 2016 10-Q shows a steady quarter driven by its regulated utilities. Net income attributable to common shareholders rose 12.5% to $265.3 million ($0.83 per diluted share) versus $235.9 million ($0.74) a year earlier. For the first nine months, earnings were $713.1 million ($2.24 per share), up from $696.7 million ($2.19). Growth came mainly from the electric transmission segment, which earned $266.6 million year-to-date versus $225.0 million, supported by a rising rate base and the absence of a 2015 FERC ROE reserve charge. Operating revenues fell 6.4% for the nine months to $5.86 billion, largely because lower energy supply costs are passed through to customers. Those tracked costs have no earnings impact. Cash generation improved, with operating cash flow of $1.65 billion (up from $1.35 billion), while capital investment rose to $1.36 billion. The balance sheet grew to $31.1 billion in total assets, and long-term debt rose to $9.2 billion, partly funded by new senior notes. Liquidity remains ample, with $751.5 million of undrawn capacity under the parent's $1.45 billion commercial paper program, and the company's credit ratings were upgraded or outlook-improved by all three agencies during the year. The main risks are regulatory and project-related. The FERC base ROE complaints could affect earnings, with a 10 basis point change worth about $3 million after tax per complaint period. The Access Northeast gas pipeline and Northern Pass transmission projects face setbacks: the Massachusetts Supreme Judicial Court and NHPUC rulings and the loss of Clean Energy RFP selection cast doubt on their timing and cost. A Boston Harbor cable civil action also remains unresolved.

    Nov 4, 2016
  32. 2016-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2016

    Eversource Energy's (ES) Q2 2016 report indicates a slight decrease in net income attributable to common shareholders compared to the previous year, with earnings of $203.6 million ($0.64/share) for the quarter and $447.8 million ($1.41/share) for the first half, versus $207.5 million ($0.65/share) and $460.8 million ($1.45/share) respectively in 2015. The electric transmission segment saw earnings growth, driven by infrastructure investments and a higher rate base, while the electric distribution segment experienced a decline due to higher operating and maintenance expenses, and depreciation. The natural gas distribution segment showed modest earnings growth in the quarter but a year-over-year decline in the first half, primarily due to warmer weather impacting sales volumes. Cash flows from operating activities improved significantly in the first half of 2016, reaching $978.4 million compared to $865.3 million in the prior year, supporting increased capital expenditures of $869.2 million. The company also saw positive developments in its credit ratings from Moody's, S&P, and Fitch, with outlooks shifting to positive or stable. Key regulatory and legislative developments include ongoing FERC ROE complaint proceedings with potential impacts on future earnings, and a significant bill passed in Massachusetts requiring solicitation for offshore wind and hydropower contracts.

    Aug 5, 2016
  33. 2016-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2016

    Eversource Energy (ES) reported its first quarter 2016 financial results, showing a slight decrease in net income attributable to common shareholders to $244.2 million ($0.77 per share) from $253.3 million ($0.80 per share) in the prior year period. This decline was primarily driven by lower electric distribution segment earnings, influenced by warmer weather, reduced sales volumes, and the absence of certain one-time positive items from the prior year. Despite these headwinds, the electric transmission segment saw an increase in earnings due to higher rate base and the resolution of regulatory matters. The company's operating revenues declined by 18.2% to $2.06 billion, largely due to lower energy supply costs and reduced sales volumes across its electric and natural gas distribution segments, which are largely recovered through regulatory mechanisms and thus have a neutral impact on earnings. Operating cash flows remained robust, increasing to $500 million from $491.5 million year-over-year, supporting significant investments in property, plant, and equipment totaling $431.5 million. The company also maintained a strong liquidity position, with cash and cash equivalents increasing to $51 million. Eversource successfully issued $500 million in senior notes in March 2016 to repay short-term borrowings.

    May 6, 2016
  34. 2015-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2015

    Eversource Energy reported solid financial results for the nine months ended September 30, 2015, with net income attributable to common shareholders of $696.7 million, or $2.19 per diluted share, an increase from $597.9 million, or $1.89 per diluted share, in the same period of 2014. This growth was driven by improved performance across its regulated utility segments, particularly electric distribution, benefiting from rate increases and favorable regulatory settlements. The company's liquidity remained stable, with cash flows from operations supporting significant investments in property, plant, and equipment, totaling $1.2 billion for the nine-month period. Eversource also continued to return value to shareholders through dividends. Key strategic initiatives, such as the Northern Pass transmission project and the PSNH generation asset divestiture, are progressing, with the company actively managing regulatory processes and potential cost adjustments. Investors should note the ongoing FERC ROE complaint proceedings, which could impact future earnings, though the company has established reserves for these matters.

    Nov 6, 2015
  35. 2015-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2015

    Eversource Energy (ES) reported a significant increase in net income for the second quarter and first half of 2015 compared to the same periods in 2014. This improvement was driven by higher operating revenues across its segments, particularly electric distribution and transmission, bolstered by rate increases and favorable regulatory settlements. The company also saw a decrease in operations and maintenance expenses, contributing to improved profitability. Despite some headwinds like increased energy supply costs and the impact of integration initiatives, the company's strong performance was supported by strategic investments in infrastructure and effective cost management. Liquidity remained stable, with consistent operating cash flows and access to revolving credit facilities, allowing for continued capital investments and dividend payments.

    Aug 5, 2015
  36. 2015-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2015

    Eversource Energy (ES) reported strong first-quarter 2015 results, with net income attributable to controlling interest increasing by 7.3% to $253.3 million, or $0.80 per diluted share, compared to $236.0 million, or $0.74 per diluted share, in the prior year period. This growth was driven by favorable regulatory developments, including resolutions related to NSTAR Electric's basic service bad debt adder and comprehensive settlement agreement, as well as CL&P's base distribution rate increase. These positive impacts were partially offset by a reserve related to a FERC ROE order and increased operations and maintenance expenses. The company's liquidity position remains solid, with cash flows from operations totaling $481.8 million. Eversource successfully issued new senior notes and maintained significant borrowing capacity under its revolving credit facilities. Capital expenditures remain focused on infrastructure investments, with significant progress noted in transmission projects like NEEWS and GHCC, and natural gas expansion plans. The company also announced its name change from Northeast Utilities to Eversource Energy on April 29, 2015.

    May 6, 2015
  37. 2014-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2014

    Eversource Energy (ES), formerly Northeast Utilities, reported net income attributable to controlling interest of $234.6 million, or $0.74 per share, for the third quarter of 2014, an increase from $209.5 million, or $0.66 per share, in the same period of 2013. For the first nine months of 2014, net income was $597.9 million, or $1.89 per share, down from $608.6 million, or $1.93 per share, in the first nine months of 2013. The company's performance was impacted by various factors, including cooler summer weather affecting electric sales, but offset by improved natural gas volumes and lower operational costs. Key financial activities during the period included the issuance of new long-term debt totaling $650 million to repay existing debt and short-term borrowings. The company also continued to manage its credit facilities and commercial paper programs. Management highlights the ongoing investment in property, plant, and equipment, totaling $1.1 billion for the first nine months of 2014, supporting infrastructure improvements and reliability projects across its service territories. Regulatory matters, particularly concerning the FERC's decisions on base return on equity (ROE) for transmission services, are noted as a significant factor, leading to the establishment of reserves and potential impacts on future earnings.

    Nov 7, 2014
  38. 2014-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2014

    Eversource Energy (formerly Northeast Utilities) reported a decrease in net income attributable to controlling interest for the second quarter and first half of 2014 compared to the same periods in 2013. This decline was primarily driven by a significant after-tax reserve established due to unfavorable FERC orders concerning transmission rates, as well as higher depreciation and property taxes. Despite the net income decrease, operating revenues saw an increase, particularly in the natural gas distribution segment, driven by customer growth and colder weather. The company's liquidity remained stable, supported by strong operating cash flows, though investments in property, plant, and equipment continued to be substantial. Management anticipates meeting future operating requirements and capital investments through operating cash flows and access to financial markets.

    Aug 1, 2014
  39. 2014-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2014

    Eversource Energy (ES), formerly Northeast Utilities, reported solid financial results for the first quarter of 2014, with net income attributable to controlling interest rising to $236.0 million, or $0.74 per diluted share, compared to $228.1 million, or $0.72 per diluted share, in the same period of 2013. This growth was primarily driven by increased retail electric and firm natural gas sales, largely due to colder weather across its service territories. The company also saw improved operating cash flows. Significant regulatory developments included Connecticut PURA's approval for CL&P to recover $365 million in storm restoration costs over six years, starting December 1, 2014. While the company's transmission segment earnings saw a slight decrease due to the absence of a prior year tax audit benefit, the overall financial performance reflects stable operations and continued investment in infrastructure, with a focus on transmission projects like NEEWS and Northern Pass. The company also maintained strong liquidity and managed its debt effectively through new issuances and maturities.

    May 2, 2014
  40. 2013-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2013

    Eversource Energy (ES) reported solid financial results for the nine months ended September 30, 2013. The company saw a significant increase in net income attributable to controlling interest, reaching $608.6 million, a substantial rise from $351.2 million in the same period of 2012. This growth was largely driven by the inclusion of NSTAR's operations, acquired in April 2012, which contributed significantly to both revenue and earnings across the electric distribution, transmission, and natural gas segments. Operational highlights include improved earnings in the electric distribution and transmission segments, despite some weather-related impacts on electric sales. The company continues to invest heavily in infrastructure upgrades and reliability projects, with capital expenditures totaling $1.1 billion for the first nine months of 2013 across its utility operations. Liquidity remains stable, supported by strong operating cash flows and access to credit facilities, enabling the company to manage its debt obligations and fund ongoing capital investments.

    Nov 4, 2013
  41. 2013-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2013

    Eversource Energy (formerly Northeast Utilities) reported a significant increase in net income for the six months ended June 30, 2013, reaching $399.1 million ($1.26 per diluted share), a substantial jump from $143.6 million ($0.60 per diluted share) in the prior year's period. This improvement is largely attributable to the inclusion of NSTAR's operations following the merger completion in April 2012, alongside stronger performance in its transmission and natural gas segments. The company also saw improvements in operating income across its key segments, driven by increased investments in transmission infrastructure and higher energy sales. Liquidity remains a focus, with cash and cash equivalents decreasing to $36.1 million from $45.7 million year-over-year. However, operating cash flows improved significantly to $686.9 million for the first half of 2013, up from $284 million in the same period last year. This was supported by the inclusion of NSTAR, reduced storm restoration costs, lower pension contributions, and the absence of merger-related expenses. The company also successfully issued $750 million in senior notes and $200 million in debentures, strengthening its liquidity position and refinancing existing debt.

    Aug 2, 2013
  42. 2013-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2013

    Eversource Energy (ES), formerly Northeast Utilities, reported strong financial performance for the quarter ended March 31, 2013, with Net Income Attributable to Controlling Interest more than doubling to $228.1 million ($0.72 per share) from $99.3 million ($0.56 per share) in the prior year period. This significant improvement was driven by the inclusion of NSTAR's operations following the April 2012 merger, higher retail sales due to colder weather, increased transmission segment earnings from infrastructure investments, and lower operating expenses. The company also benefited from the favorable resolution of a state income tax audit. Liquidity remained solid, with cash and cash equivalents increasing to $60.8 million from $45.7 million. Operating cash flows significantly improved, driven by the NSTAR acquisition, reduced storm restoration costs, and proceeds from a DOE damages claim. The company continued to invest in its infrastructure, with capital expenditures totaling $389.0 million for the quarter, up from $304.3 million in the prior year, reflecting ongoing transmission and distribution projects. The company reiterated its expectation that future operating cash flows and access to financial markets will be sufficient to meet its obligations and capital investment needs.

    May 6, 2013
  43. 2012-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2012

    EVERSOURCE ENERGY (ES), formerly Northeast Utilities (NU), reported a significant increase in financial performance for the nine months ended September 30, 2012, largely driven by the acquisition of NSTAR on April 10, 2012. The company's net income attributable to controlling interest increased to $351.2 million from $281.4 million in the prior year period. This growth was fueled by contributions from NSTAR and higher earnings in the transmission segment due to increased infrastructure investments. Capital expenditures remain substantial, with approximately $7 billion projected from 2012-2015, primarily directed towards the distribution and transmission segments. The company's liquidity improved, with cash and cash equivalents increasing significantly, and robust access to financial markets for refinancing. However, the company is also facing regulatory scrutiny regarding its transmission ROE, with potential future impacts on earnings.

    Nov 7, 2012
  44. 2012-Q2-A

    Eversource Energy Quarterly Report (Amendment) for Q2 Ended Jun 30, 2012

    Eversource Energy, operating as Northeast Utilities (NU) and its subsidiaries, filed an amendment to its quarterly report for the period ending June 30, 2012. This amendment (10-Q/A) primarily serves to correct and resubmit the XBRL financial data, ensuring proper formatting for regulatory compliance. No substantive changes to the financial or operational disclosures from the original August 7, 2012 filing are made in this amendment. Investors should refer to the original 10-Q for detailed financial performance, strategic initiatives, and risk factors. The filing confirms that Northeast Utilities and its operating companies (The Connecticut Light and Power Company, NSTAR Electric Company, Public Service Company of New Hampshire, and Western Massachusetts Electric Company) are not shell companies and have met their filing requirements. The amendment's core purpose is technical, addressing the electronic submission of financial information without altering the underlying reported figures or narrative disclosures. Therefore, the financial health and operational insights remain as presented in the initial Form 10-Q.

    Aug 8, 2012
  45. 2012-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2012

    EVERSOURCE ENERGY (ES) filed its Form 10-Q for the quarterly period ended June 30, 2012. The report details significant financial performance and operational updates, heavily influenced by the recent merger with NSTAR, which closed on April 10, 2012. The merger has substantially increased the company's asset base and operational scope, providing energy delivery services to approximately 3.5 million electric and natural gas customers across Connecticut, Massachusetts, and New Hampshire. Financially, the second quarter and first half of 2012 showed reduced net income and EPS compared to the prior year, largely due to substantial merger-related costs and the dilutive impact of issuing new shares. However, excluding these one-time costs, earnings showed improvement driven by the inclusion of NSTAR's operations and increased investment in transmission infrastructure. Management is focused on integrating NSTAR's business and managing regulatory matters across its service territories.

    Aug 7, 2012
  46. 2012-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2012

    Eversource Energy (ES), operating as Northeast Utilities and subsidiaries (NU), reported a decrease in net income attributable to controlling interests to $99.3 million for the first quarter of 2012, down from $114.2 million in the same period of 2011. This decline was primarily attributed to milder weather conditions compared to the prior year, leading to lower energy sales, and increased pension and employee-related costs. Despite the year-over-year earnings decrease, the company highlighted significant progress on its merger with NSTAR, which was completed on April 10, 2012, creating a larger, integrated energy delivery company serving approximately 3.5 million customers across Connecticut, Massachusetts, and New Hampshire. The company also made substantial investments in infrastructure, with total capital expenditures increasing to $304.3 million. Liquidity remains adequate, with cash and cash equivalents significantly increasing to $283.4 million by the end of the quarter. Key regulatory developments include settlement agreements in Massachusetts and Connecticut regarding the NSTAR merger and ongoing proceedings with the FERC concerning transmission ROE. Financially, the company saw a notable increase in cash and cash equivalents, improved liquidity, and continued investment in regulated utility assets. The completion of the NSTAR merger marks a significant strategic milestone, positioning the combined entity for future growth and operational efficiencies. Investors should monitor the integration of NSTAR and the impact of ongoing regulatory proceedings, particularly the FERC transmission ROE complaint, which could affect future earnings.

    May 10, 2012
  47. 2011-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2011

    Eversource Energy (formerly Northeast Utilities) reported a decrease in net income for the third quarter of 2011 to $90 million ($0.51 per share) from $100.5 million ($0.57 per share) in the same period of 2010. This decline was primarily attributed to net losses on equity securities in its supplemental benefit trust and a charge related to a wholesale billing adjustment at WMECO. For the first nine months of 2011, net income increased to $281.4 million ($1.58 per share) from $258.7 million ($1.46 per share) in the prior year, driven by rate case decisions and colder weather. The company reaffirmed its full-year 2011 earnings guidance of $2.30 to $2.40 per share, excluding merger-related costs. Operating revenues saw a decline primarily due to lower energy and supply costs and customer migration to third-party electric suppliers, though this was partially offset by rate increases and higher investment in transmission infrastructure. The company is actively managing its capital expenditures, projecting approximately $5.7 billion for 2012-2016, which is expected to grow its rate base. Liquidity remains stable, with cash and cash equivalents at $16.7 million as of September 30, 2011. The company also provided an update on its pending merger with NSTAR, with the termination date extended to April 16, 2012, and noted that regulatory approvals are still being sought from relevant authorities. Significant weather events, Tropical Storm Irene and a subsequent snowstorm, caused damage but are not expected to have a material impact on financial results due to expected regulatory recovery of restoration costs.

    Nov 7, 2011
  48. 2011-Q2

    Eversource Energy Quarterly Report for Q2 Ended Jun 30, 2011

    Eversource Energy (ES), operating as Northeast Utilities and subsidiaries (NU), reported solid financial results for the second quarter and first half of 2011. The company saw an increase in earnings per share compared to the prior year, driven primarily by positive impacts from recent electric distribution rate case decisions and colder weather in the first quarter. The merger with NSTAR is progressing, with several regulatory approvals already secured and the remaining approvals anticipated in the fourth quarter of 2011. The company is also actively managing its capital expenditures, with significant investments in transmission infrastructure and ongoing updates on projects like NEEWS and Northern Pass. Financially, NU demonstrated improved operating income in its regulated segments, with distribution and transmission businesses contributing positively. The company maintained compliance with debt covenants and provided updated earnings guidance for the full year 2011, reflecting these positive operational trends and the anticipated benefits of the NSTAR merger. Investors can look forward to a potential dividend increase post-merger, indicating management's confidence in future financial performance.

    Aug 5, 2011
  49. 2011-Q1

    Eversource Energy Quarterly Report for Q1 Ended Mar 31, 2011

    Eversource Energy (ES), formerly Northeast Utilities, filed its first quarter 2011 10-Q report on May 6, 2011. The report highlights a significant increase in net income attributable to controlling interests, rising to $114.2 million ($0.64 per share) from $86.2 million ($0.49 per share) in the prior year's quarter. This improvement was driven by favorable rate case decisions across its regulated utility subsidiaries (CL&P, PSNH, WMECO), colder weather conditions boosting energy sales, and increased earnings from the transmission segment. The company also affirmed its full-year 2011 earnings guidance, signaling continued operational strength. A major development discussed is the proposed merger with NSTAR, which shareholders of both companies approved by March 2011. The transaction is structured as a merger of equals, with Eversource Energy shareholders expected to own approximately 56% of the combined entity post-merger. Regulatory approvals remain a key hurdle, with various state commissions in Massachusetts, Connecticut, New Hampshire, and Maine providing differing opinions on jurisdiction and approving the merger. The integration of NSTAR is anticipated to lead to substantial cost savings and potential dividend increases.

    May 6, 2011
  50. 2010-Q3

    Eversource Energy Quarterly Report for Q3 Ended Sep 30, 2010

    Eversource Energy (ES), formerly Northeast Utilities, reported solid financial results for the nine months ended September 30, 2010. The company saw an increase in net income to $258.7 million, or $1.46 per share, up from $245.3 million, or $1.43 per share, in the same period of 2009. This improvement was driven by higher retail electric sales due to warmer weather, effective cost management, and the impact of recent rate case decisions. The company also announced a significant development: a proposed merger of equals with NSTAR, expected to close in the third quarter of 2011. This merger aims to create a combined entity serving approximately 3.5 million customers across New England.

    Nov 8, 2010