Summary
Eversource Energy's (ES) Form 10-Q for the quarter ended March 31, 2024, indicates a stable operational and risk management framework, with no material changes to previously disclosed risks or legal proceedings. The company's regulated entities have effectively passed on commodity price risks to customers, eliminating exposure to losses from these contracts. Furthermore, Eversource's debt is entirely fixed-rate, significantly mitigating interest rate risk. The company also actively manages credit risk through collateral and monitoring of counterparties. The disclosures confirm the effectiveness of internal controls and procedures, with no changes impacting financial reporting. Investors can find comfort in the consistent approach to risk management and the absence of new material risks or significant legal challenges. The filing also notes minor share repurchases related to employee 401k plans.
Financial Highlights
47 data points| Revenue | $3.28B |
| Operating Expenses | $2.49B |
| Operating Income | $845.97M |
| Interest Expense | $250.75M |
| Net Income | $523.73M |
| EPS (Basic) | $1.49 |
| EPS (Diluted) | $1.49 |
| Shares Outstanding (Basic) | 350.72M |
| Shares Outstanding (Diluted) | 351.00M |
Key Highlights
- 1No new material risks or changes to previously disclosed risk factors identified in the 10-K.
- 2Regulated companies have no exposure to commodity price risk as impacts are passed to customers.
- 3Interest rate risk is significantly reduced with all long-term debt at fixed rates as of March 31, 2024.
- 4Credit risk is actively managed through collateral ( $10.0 million from counterparties) and monitoring.
- 5Disclosure controls and procedures are deemed effective by management, with no material changes to internal controls over financial reporting.
- 6No material legal proceedings have been identified or changed from previous disclosures.
- 7Minor share repurchases (1,039 shares) occurred in March 2024, related to 401k plan contributions.