Summary
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.
Financial Highlights
44 data points| Revenue | $1.89B |
| Operating Expenses | $1.49B |
| Operating Income | $399.30M |
| Interest Expense | $87.48M |
| Net Income | $211.40M |
| EPS (Basic) | $0.66 |
| EPS (Diluted) | $0.66 |
| Shares Outstanding (Basic) | 315.29M |
| Shares Outstanding (Diluted) | 316.22M |
Key Highlights
- 1Net income attributable to controlling interest for the first nine months of 2013 was $608.6 million, a significant increase from $351.2 million in the prior year, largely due to the NSTAR acquisition.
- 2Operating revenues for the nine months ended September 30, 2013, increased to $5.52 billion, up from $4.59 billion in the same period of 2012, reflecting the full inclusion of NSTAR's operations.
- 3The company invested approximately $1.1 billion in property, plant, and equipment during the first nine months of 2013, primarily in transmission and electric distribution infrastructure.
- 4Eversource Energy's consolidated cash flows from operating activities were $1.1 billion for the first nine months of 2013, demonstrating robust operational cash generation.
- 5A significant regulatory development was the FERC ALJ's initial decision on August 6, 2013, regarding base ROE for transmission owners, which led Eversource to record a $14.3 million after-tax reserve for potential financial impacts.
- 6The company amended and extended its revolving credit facilities, increasing overall borrowing capacity to $1.45 billion, supporting its liquidity and capital expenditure plans.
- 7Natural gas distribution segment revenues showed strong growth, with a 13.3% increase in sales for the first nine months of 2013, driven by colder weather and customer growth.