Summary
Eversource Energy's (ES) third-quarter 2024 10-Q filing indicates a stable operational and risk management environment. The company continues to mitigate market risks, particularly commodity price fluctuations, by passing associated costs to customers through regulated entities, thereby shielding future earnings and fair values from such volatility. Interest rate risk is also effectively managed, with all long-term debt as of September 30, 2024, being at fixed rates, minimizing exposure to rate changes.
Financial Highlights
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Financial Statements
Beta
| Revenue | $3.07B |
| Operating Expenses | $2.45B |
| Operating Income | $612.40M |
| Interest Expense | $300.60M |
| Net Income | -$116.18M |
| EPS (Basic) | $-0.33 |
| EPS (Diluted) | $-0.33 |
| Shares Outstanding (Basic) | 359.52M |
| Shares Outstanding (Diluted) | 359.82M |
Key Highlights
- 1Regulated entities effectively pass through commodity price changes to customers, insulating the company from earnings risk.
- 2All outstanding long-term debt as of September 30, 2024, is at fixed interest rates, significantly reducing interest rate risk.
- 3Credit risk is managed through a diverse customer and supplier base and active monitoring of counterparties.
- 4Collateral of $5.5 million was held from counterparties, and $21.1 million in cash was posted with ISO-NE for energy transactions as of September 30, 2024.
- 5Disclosure controls and procedures were deemed effective by management, including the principal executive and financial officers.
- 6There have been no material changes to risk factors, legal proceedings, or internal controls over financial reporting compared to the 2023 10-K.
- 7The company repurchased 2,680 shares in September 2024 under its 401k plan at an average price of $67.96.
Frequently Asked Questions
Eversource's regulated companies manage commodity price risk by entering into energy contracts whose economic impacts are passed directly to customers. This ensures that the regulated entities are not exposed to losses in future earnings or fair values due to market-sensitive instruments.
Eversource has significantly reduced its exposure to interest rate risk. As of September 30, 2024, all of its long-term debt was at fixed interest rates, meaning changes in market interest rates will not affect the cost of servicing this debt.
No, the filing states that there have been no additional material risk factors identified and no material changes regarding previously disclosed legal proceedings compared to the company's 2023 Form 10-K. Previous disclosures are incorporated by reference.
No, the report indicates that there have been no changes in internal controls over financial reporting for Eversource, CL&P, NSTAR Electric, and PSNH during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, these controls.