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Eversource Energy 8-K Report, Financial Results (May 1, 2025)

Reports
Earnings & Results·Shareholder Matters·Corporate Changes+2
Filing Date
Filed May 1, 2025
Period End
May 1, 2025
Security
ES
In the record · 2016–202610-K1110-Q328-K126

ES filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 126 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’17Feb ’17
  2. Impairment8-K · Jul ’19Jul ’19
  3. Leadership change8-K · May ’21May ’21
  4. Material agreement8-K · Feb ’24Feb ’24

01—Abstract

Summary

Summary of the 8-K filed May 1, 2025. Cited figures are marked; the original filing is the authoritative source.

Eversource Energy (NYSE: ES) reported first-quarter 2025 GAAP earnings of $550.8 milliona, or $1.50 per diluted share, up from $521.8 million, or $1.49 per share, in the first quarter of 2024.

Growth was led by the Natural Gas Distribution segment ($0.60b per share, up $0.06), Electric Transmission ($0.54, up $0.04), and Electric Distribution ($0.51, up $0.03). These gains were partly offset by a $0.12 per share increase in losses at the parent and other companies, driven mainly by higher interest expense after the sale of its offshore wind investments eliminated capitalized interest. Management reaffirmed its 2025 EPS guidance of $4.67 to $4.82 and its 5% to 7% cumulative long-term EPS growth target through 2029 from a 2024 base of $4.57.

The board also approved a quarterly dividend of $0.7525c per share, payable June 30, 2025. The filing also covers the company's pending sale of its Aquarion water business, which management expects to close later in 2025 and which it says will support a pure-play regulated utility profile and balance-sheet strengthening. The company reiterated a $24.2 billion core capital plan for 2025 to 2029, with potential incremental investment of $1.5 billion to $2 billion, and a $1.2 billion at-the-market equity program to help fund it.

Credit metrics remain a focus: management cites FFO-to-debt improvement as a priority, with S&P and Moody's downgrade thresholds in view. At the May 1, 2025 annual meeting, shareholders re-elected all nine trustees and approved the advisory say-on-pay proposal, though the vote was narrower than in past years. They also approved amending the Declaration of Trust to remove supermajority voting requirements and permit virtual shareholder meetings.

A shareholder proposal for an independent board chairman was defeated. Investors should watch the Aquarion closing, New Hampshire and Connecticut rate decisions, and continued equity dilution.

02—Key points

Key Highlights

  1. Q1 2025 GAAP EPS of $1.50, up from $1.49 a year earlier, on net income attributable to common shareholders of $550.8 million (up from $521.8 million).
  2. Natural Gas Distribution led growth at $218.4 million in earnings ($0.60 per share), supported by Massachusetts gas base rate increases effective November 1, 2024.
  3. Electric Transmission earned $199.4 million ($0.54 per share), up from $176.7 million, reflecting continued grid investment.
  4. Parent and other companies loss widened to $59.0 million from $19.0 million, mainly due to higher interest expense after the offshore wind sale ended capitalized interest.
  5. 2025 EPS guidance of $4.67 to $4.82 and the 5% to 7% long-term EPS growth target through 2029 were reaffirmed; the quarterly dividend was set at $0.7525 per share.
  6. Pending Aquarion water business sale is expected to close later in 2025, with a $1.6 billion sale-proceeds contribution to cash flow cited in the company's presentation.
  7. Shareholders approved eliminating supermajority voting requirements and allowing virtual annual meetings, while a shareholder proposal for an independent board chairman failed.

03—Questions

Frequently Asked Questions

  1. Did Eversource's first-quarter 2025 earnings grow compared with last year?

    Yes, but only slightly. GAAP earnings rose to $550.8 million, or $1.50 per share, from $521.8 million, or $1.49 per share, in the first quarter of 2024. Gas distribution, transmission, and electric distribution gains were largely offset by higher parent-company interest costs.

  2. Is Eversource maintaining its 2025 earnings and growth guidance?

    Yes. The company reaffirmed 2025 EPS guidance of $4.67 to $4.82 and its cumulative 5% to 7% EPS growth rate through 2029 from a 2024 base of $4.57 per share.

  3. What is the status of the Aquarion water business sale?

    The divestiture is pending and management expects it to close later in 2025. The company views the sale as a key step toward a pure-play regulated utility and a stronger balance sheet.

  4. Will Eversource's share count and dilution change?

    Likely yes. Eversource plans about $1.2 billion of new equity through 2029, mostly in the back half of the forecast period, and has a $1.2 billion at-the-market program plus about $600 million from dividend reinvestment. Weighted diluted shares were about 367.7 million in Q1 2025, up from about 351.0 million a year earlier.

  5. Did shareholders approve the governance changes?

    Shareholders approved amending the Declaration of Trust to remove supermajority voting requirements and allow virtual annual meetings. The shareholder proposal for an independent board chairman was not approved, receiving 138.1 million for and 153.4 million against.

04—Continue

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